The Accounting Industry ICEV vocab

Process of retrieving, storing and summarizing financial transactions

maintaining accounting records by hand

person who has an interest in a company

amount earned is greater than the amount spent

form of accounting which produces information for external use through financial statements

produces information mainly for company/management use

accounting method used to record tax transactions

common set of accounting rules and procedures; needed in accounting to maintain accuracy and consistency of financial reports

actual cost of an item needs to be stated, not its current value

accountants must only record information which can be verified