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1. What is bookkeeping?

Bookkeeping is the task of analyzing and recording financial transactions of a specific type (e.g. sales and payroll).

 

2. What is Financial Accounting?

Financial Accounting is the process of developing and using accounting information to make business decisions, which involves organizing and presenting financial information in financial statements. The major focus in on the past.

 

3. What is Managerial Accounting?

Managerial Accounting is the process of using historical and estimated information to help managers plan for the future. The major focus is the future.

 

4. What is Tax Accounting?

Tax accounting is the accounting specialty that involves planning and preparing for taxes and filing tax-related information with governmental agencies.

 

5. What is Financial Management?

Financial Management is the process of organizing, analyzing, interpreting, recording, summarizing, and reporting financial information in ways that are meaningful for owners, managers, and other internal users and for lenders, governmental agencies and other external users. Also referred to as accounting.

 

6. What is Auditing?

Auditing is the accounting specialty that involves studying a company's internal controls and analyzing the basic accounting system to assure that all financial information is properly recorded and reported.