accouting chapter 1.docx - Chapter 1 Accounting and the Business Environment Directed Reading Guide Brylee Hixson May 30th 2018 LO1 Why is Accounting

accouting chapter 1.docx - Chapter 1 Accounting and the...

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Chapter 1 Accounting and the Business Environment Directed Reading Guide Brylee Hixson May 30 th , 2018 LO1. Why is Accounting important? - It helps a person better understand a business and it makes for a better business owner and/or investor a) In your own words, what is Accounting ? - A system that overlooks business activities makes reports from information and then communicates the results to decision makers. i) Who are the typical users of Financial Accounting information? - External decision makers such as customers, lenders, investors, and the federal government ii) Who are the typical users of Managerial Accounting information? - Internal decision makers such as managers and employees In MyAccountingLab, complete Try It! 1-1 and S1-1. LO2. What are the organizations and rules that govern accounting? - FASB, SEC, and GAAP a) Briefly describe the purpose of each of the following: i) Financial Accounting Standards Board (FASB) - Oversees creation and governance of accounting standards ii)
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