ACC 240 Chapter 1 Notes

ACC 240 Chapter 1 - Accounting 240 Chapter 1 notes I Accounting Statements A Terms 1 Accounting is a system that collects and processes(analyzes

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Accounting 240 Chapter 1 notes I. Accounting Statements A.        Terms     1.         Accounting:      is a system that collects and processes (analyzes, measures, and records)  financial information about an organization and reports that information to decision  makers 2.         Accounting entity:      is the organization for which financial data are to be collected 3.         Accounting Period     : is the time period covered by the financial statements. 4.         Notes     (footnotes) provide supplemental information about the financial condition of a  company without which the financial statements cannot be fully understood 5.         Generally Accepted Accounting Principles:      are the measurement rules used to develop the  information in financial statements 6.         Securities And Exchange Commission:      is the U.S. government agency that determines the 
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This note was uploaded on 04/02/2008 for the course ACC 240 taught by Professor Lewis during the Winter '08 term at Eastern Michigan University.

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ACC 240 Chapter 1 - Accounting 240 Chapter 1 notes I Accounting Statements A Terms 1 Accounting is a system that collects and processes(analyzes

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