Answers
1/ Profit and Loss Statement (also called Income Statement, Operating Statement, Statement of Income and Expense, etc.) and Balance Sheet (also called Statement of Financial Position).
2/ The primary purpose of accounting is to provide information regarding the financial condition of a business enterprise at any given date and also to reveal the financial changes which take place from time to time.
3/ Private Accounting may be referred to as that phase of accounting in which accounting services are rendered by an individual for one particular firm – a going business. The title given to such a person may be accountant, director or finance, controller, or even treasurer. Public Accounting, on the other hand, is that phase of the profession in which the accountant hires out his skilled services to a number of various clients. An extremely trustworthy relationship is part of this arrangement; so much so, in fact, that state laws require certain standards to be met by all who wish to practice in this field. These requirements vary from state to state, but generally speaking the law stipulates the passing of comprehensive examinations covering all subject matter, together with experience perquisites (usually three years). The stamp of approval which the governing bodies bestow upon those whose qualify is the title of Certified Public Accountant, commonly referred to as the C.P.A.
4/ Assets = Liabilities + Proprietorship
5/ Auditing and Investigations
Cost Accounting
Income-Tax Accounting
Budgetary Accounting
Governmental Accounting
Accounting Systems
Managerial Accounting
6/ Bookkeeping is the systematic recording of business data; accounting comprises the more advanced state of analysis, control, and business reports. Accounting is a comprehensive procedure of which bookkeeping is an integral part.
