AC 101 Fall 2007 Ch 3

AC 101 Fall 2007 Ch 3 - Hughes Ayers Hoskin John Wiley Sons...

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The Accounting Process Chapter Three Prepared by: Sarita Sheth Santa Monica College Hughes • Ayers • Hoskin Hughes • Ayers • Hoskin John Wiley & Sons, Inc. 2004
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Why study accounting? Investors want to make decisions based on good information. Financial Statements are a company’s representation of its past performance, present position, and future goals. Accounting is the process of recording the transactions that are represented in the financial statements.
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Chapter Three Objectives 1. Recognize business transactions and their impact of financial statements. 2. Understand the dual nature of accounting transactions as reflected in the accounting equation. 3. Explain the construction of the Statement of Financial Position, the Statement of Earnings, and the Statement of Cash Flows. 4. Distinguish between economic events that are commonly recognized in accounting as transactions and those that are not. 5.
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