Problem

Accounting TerminologyMatch the terms on the left with the descriptions on the right. Each...

Accounting Terminology

Match the terms on the left with the descriptions on the right. Each description should be used only once.

Term

Description

__________ Financial accounting

a. Statement of financial position (balance sheet), income statement, statement of cash flows.

__________ Management accounting

b. The segment of the accounting profession that relates to providing audit, tax, and consulting services to clients.

__________ Financial reporting

c. The area of accounting that refers to providing information to support external investment and credit decisions.

__________ Financial statements

d. The procedural aspect of accounting that involves keeping detailed records of business transactions, much of which is done today by computers.

__________ General-purpose assumption

e. Procedures and processes within an organization that ensure the integrity of accounting information.

__________ Integrity

f. A broad term that describes all information provided to external users, including but not limited to financial statements.

__________ Internal control

g. The area of accounting that refers to providing information to support internal management decisions.

__________ Public accounting

h. The fact that the same information is provided to various external users, including investors and creditors.

__________ Bookkeeping

i. An important quality of accounting information that allows investors, creditors, management, and other users to rely on the information.

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