📝 One-liners · 65 cards
AFM
What is the primary objective of Accounting and Financial Management for Bankers?
The primary objective is to equip banking professionals with the knowledge of accounting principles and financial management tools needed to analyze financial statements, manage funds, and make informed decisions in a banking environment.
What is the accrual basis of accounting?
Revenue and expenses recorded when earned or incurred, not when cash flows.
What does the term 'going concern concept' mean in accounting?
The going concern concept assumes that a business will continue to operate indefinitely in the foreseeable future, meaning assets are valued at cost rather than liquidation value and liabilities are settled in the normal course of business.
What is the difference between gross profit and net profit?
Gross profit excludes operating expenses; net profit deducts all expenses including tax.
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