Financial and Managerial Accounting, 18th Edition, Williams

Match the terms on the left with the descriptions on the right. Each description should be used only once.

Term

Description

Financial accounting Management accounting Financial reporting Financial statements General-purpose information Integrity Internal control Public accounting Bookkeeping

Statement of financial position (balance sheet), income statement, statement of cash flows. The segment of the accounting profession that relates to providing audit, tax, and consulting services to clients. The area of accounting that refers to providing information to support external investment and credit decisions. The procedural aspect of accounting that involves keeping detailed records of business transactions, much of which is done today by computers. Procedures and processes within an organization that ensure the integrity of accounting information. A broad term that describes all information provided to external users, including but not limited to financial statements. The area of accounting that refers to providing information to support internal management decisions. The fact that the same information is provided to various external users, including investors and creditors. An important quality of accounting information that allows investors, creditors, management, and other users to rely on the information.