- •What is the main task of accountants?
- •What changes have taken place in accountings? What does the modern accountant look like?
- •4. What should modern accountant be like?
- •5.What is the difference between book-keeping and accounting,book-keeper and accountant?
- •6.What kind of information permits users to make informed judgments and decisions?
- •7.Why do so many users are in need of accounting information?
- •8.What kind of information permits users to make informed judgments and decisions? Why do so many users are in need of accounting information?
- •9.What kind of accounting information does suppliers of goods and services need?
- •10.What kind of accounting information do managers require?
- •11.What kind of accounting information do customers and employees need?
- •12. For what reasons governments may require information concerning a business?
- •13 For what reasons competitors may require information concerning a business?
- •17. What does timeliness of accounting information suggest?
- •18. Why do users compare accounting information produced by different businesses?
- •27. Auditing.
- •28. Internal and external auditors .
- •30. Valuation and measurement.
- •31.Consistency principle of accounting policies.
- •32.What does mean “historical cost principle” ?
- •33. What does mean “current replacement cost”?
- •34.In what way can accounting be defined?
- •35. Why has accounting developed over time? What are the most important conventions of accounting?
- •38. Going concern as the one of the basic accounting concept.
- •39. Materiality and aggregation as the basic accounting concepts.
- •40. Notion of “Assumption”
- •41. The separate entity or business entity assumption and the time-period assumption.
- •42. The continuity or going concern, the unit-of-measure assumption.
- •43. The full-disclosure and the principle of conservatism.
- •44. The objective principle, the revenue recognition and the matching principles.
- •45. Fixed assets and valuation.
- •49. The corporate income tax. Individual income tax
- •Value added tax (vat)
- •51. Social tax . Property tax
7.Why do so many users are in need of accounting information?
You can see that, essentially, accounting is a form of service. By measuring economic events and presenting this information to users, accounting acts as a valuable aid to economic decision- making. For accounting to serve its intended purpose, it is necessary to establish clearly who the major users of financial information are and what their needs are. As is known, in the world of business it is possible to classify users of accounting information into major groups. Users within each group are considered to have very similar, or the same, information needs. Some of the major users of accounting information are: 1) owners of business, 2) lenders of money, such as banks, 3)suppliers of goods and services, 4) managers of businesses, 5) customers of a business, 6) employees, 7) governments, 8) the public, 9) competitors.
8.What kind of information permits users to make informed judgments and decisions? Why do so many users are in need of accounting information?
The purpose of accounting is to provide economic information which permits users of that information to make informed judgments and decisions. Users of economic information require this knowledge to help them decide how best to allocate available resources. As a rule, resources are generally scarce in relation to needs, and so users rely on accounting reports to ensure the efficient and effective allocation of suppliers.
You can see that, essentially, accounting is a form of service. By measuring economic events and presenting this information to users, accounting acts as a valuable aid to economic decision- making.
For accounting to serve its intended purpose, it is necessary to establish clearly who the major users of financial information are and what their needs are.
As is known, in the world of business it is possible to classify users of accounting information into major groups. Users within each group are considered to have very similar, or the same, information needs.
Some of the major users of accounting information are: 1) owners of business, 2) lenders of money, such as banks, 3)suppliers of goods and services, 4) managers of businesses, 5) customers of a business, 6) employees, 7) governments, 8) the public, 9) competitors.
9.What kind of accounting information does suppliers of goods and services need?
Suppliers of goods and services need to ensure that a business is able to pay for the goods and services provided. They will, therefore, be concerned with the liquidity of a business. It is quite common to find that some suppliers provide a business with a substantial and continuous flow of goods and services. For suppliers in this position, the long-term prospects of the business may be of great interest.
10.What kind of accounting information do managers require?
Managers exercise a day-to-day control of the business. In carrying out their duties they must make different kinds of economic decisions and will, therefore, require different kinds of accounting information.