The Accounting Industry ICEV vocab

Front

Retrieving, storing, and summarizing financial transactions

Back

accounting

Front

Maintaining accounting records by hand

Back

Manual accounting system

Front

Interest in a company

Back

all of the above

Front

Amount earned > Amount spent

Back

Profit

Front

Form of accounting for external use via financial statements.

Back

Financial accounting

Front

Produces info for company/management use

Back

Managerial accounting

Front

Accounting method for tax transactions

Back

Tax accounting

Front

Common accounting rules and procedures for accurate financial reporting.

Back

Generally accepted accounting practices (GAAP)

Front

Actual cost of an item must be stated, not its current value.

Back

cost principle

Front

Accountants must record only verifiable information.

Back

Reliability principle