Chapter 1- Accounting in Action

Question 0

What is a question asked by an internal user?

Answer 0

Is the company earning satisfactory income?

Question 1

What are the steps of the accounting process?

Answer 1

Identification, Recording, Communication

Question 2

What is the difference between accounting and bookkeeping?

Answer 2

Bookkeeping only records economic events

Question 3

What are the three types of accounting?

Answer 3

Public accountant, Private accountant, Not-for profit accountant

Question 4

What are ethics?

Answer 4

Standards of conduct

Question 5

What are the steps when solving ethical dillemmas?

Answer 5

1. Recognize situation and ethical issues involved
2. Identify and analyze elements
3. Identify alternatives and weigh effects of stakeholders