Introduction

Question	Answer
What are the four main branches of accounting?	1. Financial Accounting 2. Management Accounting 3. Auditing 4. Taxation
What is the purpose of 'Financial Accounting'?	To provide information for decision making but mainly for external stakeholders.
What is the purpose of 'Management Accounting'?	To provide information for decision making for internal stakeholders (managers etc prepared through a BUDGET)
What is 'Auditing'?	Is the process of making sure that the financial statements the business prepares reflect the true and fair view of economic transactions undertaken in an organisation.
What is 'Taxation'?	When accountants prepare information for taxation purposes. Includes GST, Corporate Tax and adjustments of tax.
What are the five branches of Information Systems?	1. People 2. Hardware 3. Software 4. Data 5. Processes

Resource summary

	Created by Sophia Lynch over 4 years ago