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Chapter 1 - ⁃ Generally Accepted Accounting Principles...

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Accounting Notes 3/31 Chapter 1 Accounting is the summarization of the business totals that occurs over a business day Three types of accounting: Financial, Managerial, and Tax Basic Functions of an Accounting System Interpret Classify transactions Will Learn More About Balance Sheet Income Statment Statement of Cash Flows Characteristics of Externally Reported Info (this class) general purpose assumption means to an end broader than financial statements results from inexact and appropriate measures historical in nature (not market value) Accounting Information Institutional Features such as
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Unformatted text preview: ⁃ Generally Accepted Accounting Principles ⁃ Financial Accounting Standards Board ⁃ International Accounting Standards Board ⁃ Security and Exchange Commission ⁃ Public Company Accounting Oversight Board ⁃ Audits of Financial Statements ⁃ Legislation • Accounting Information Professional Organization ⁃ i really dont feel like listing these cause they prob dont matter • Careers in Accouting ⁃ Public Accounting ⁃ Management Accounting ⁃ Governmental Accounting ⁃ Accounting Education Homework DO IT BEFORE YOU GO TO CLASS WHICH MEANS GET THE BOOK HAHA...
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