Accounting Terms

These tweets are not originally mine. These came from different accounting books.

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Intangible asset is an identifiable non-monetary asset without physical substance.

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Recognition is a term which means process of reporting an asset, liability, income or expense on the face of the financial statements.

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Why do we need Accountants?

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Asset-resource controlled by an entity as a result of past events & from which future economic benefits are expected to flow to the entity.

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Managerial Accounting is needed by management in planning, controlling, and evaluating the entity's operation.

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Managerial Accounting is the accumulation and preparation of financial reports for internal users only.

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Financial statements are intended for internal and external users.

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Financial Accounting is primarily concerned with the recording of business transactions and the eventual preparation of financial statements

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Accounting's primary need is logical thinking. Calculation is only secondary.

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Accounting is the universal language of business.

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You should love accountancy!

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Bookkeeping is procedural and largely concerned with development and maintenance of accounting records.

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The work of an auditor begins when the work of the accountant ends.

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Accounting is essentially constructive in nature. Accounting ceases when financial statements are already prepared.

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Government accounting focuses on the custody and administration of public funds.

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Government accounting involves the receipt and disposition of government funds and property and interpreting the results thereof.

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Controller, the highest accounting officer in an entity.

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..Of certain proposed business endeavors.

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Taxation service includes the preparation of annual income tax returns and determination of tax consequences..

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Auditing has traditionally been the primary service offered by most public accounting practitioners.