VOCABULARY

is concerned with the timing of the recognition of transactions in the accounts. Items are recorded when the income or expense arises, and are not dependent on the movement of cash

• The matching principle
• Financial accounting
• Management accounting
• Cost accounting

deals with the preparation of financial statements for the basic purpose of providing information to various interested groups like creditors, banks, shareholders, financial institutions, government, consumers, etc

• Financial accounting
• Management accounting
• Cost accounting
• IFRS

is “tailor-made” accounting.

• Management accounting
• Cost accounting
• IFRS
• The consistency principle

It is the process of determining and accumulating the cost of a particular product or activity

• Cost accounting
• IFRS
• The consistency principle
• The going concern principle

represent the most significant shift in financial reporting and the biggest accounting change in a generation.

• Cost accounting
• IFRS
• The consistency principle
• The going concern principle

Accounts should be produced using the same principles from one year to the next. Deviations from this principle must be noted, and the effects on the accounts shown.

• Cost accounting
• IFRS
• The consistency principle
• The going concern principle

When preparing accounts, one must assume that the enterprise will still be viable in the years to come.

• Cost accounting
• IFRS
• The consistency principle
• The going concern principle

They record everything the organization earns or spends.

• Bookkeepers
• Tax Accountants
• Internal Auditors
• Budget Analysts

help their clients fill out tax returns

• Tax Accountants
• Internal Auditors
• Budget Analysts
• Management Accountants

check their employer’s records for accuracy

• Bookkeepers
• Tax Accountants
• Internal Auditors
• Budget Analysts