Accounting Industry

process of retrieving, recording, storing and summarizing financial transactions for a business

• profit

• accounting

• creditor

• bookeeping

process of recording daily business transactions; only one part of the accounting process

• bookkeeping

• loss

• accounting

• management accounting

maintaining accounting records by hand

• financial reporting

• tax accounting

• manual accounting system

• stakeholder

maintaining accounting records with the help of computer software

• computer accounting system

• cost principle

• social cost

• matching principle

person who has an interest in a company

• social responsibility

• accountants

• bookkeeping

• stakeholder

amount earned is greater than the amount spent

• cost principle

• profit

• creditor

• loss

amount earned is less than amount spent; a loss occurs when there is no profit

• loss

• creditor

• profit

• shareholder

person or company which lends money to another person or company

• creditor

• APR

• interest rate

• debtor

form of accounting which produces information for external use through financial statements

• GAAP

• financial accounting

• social cost

• tax accounting

produces information mainly for company/management use

• disclosure

• GAAP

• reliability principle

• management accounting