Chapter 1 and 2

Chapter 1 and 2 - C hapte r 1: Technology is increasingly...

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Chapter 1: Technology is increasingly used to process accounting data. Why then must we study and understand accounting? Even though technology is a great tool and it makes it easy for us to do our jobs as accountants we just can’t rely on technology by itself because technology its not always accurate and it can always be manipulated that is why we must study and understand accounting to check for errors and make sure that the information is accurate and fair. What ethical issues might accounting professionals face in dealing with confidential information? The main ethical issue is maintaining confidential information, since misleading information can lead to a wrongful closing of division that harms workers, customers and suppliers. What information is reported on the balance sheet? The information that is reported in the balance sheet are: 1- Assets 2- Liabilities 3- Equity Assets = Liabilities + Equity Chapter 2: Describe the steps in processing business transactions. The steps in processing business transactions are:
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This note was uploaded on 11/15/2010 for the course AC 201 taught by Professor Leland during the Fall '10 term at Park.

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Chapter 1 and 2 - C hapte r 1: Technology is increasingly...

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