08 Accounting Intro

08 Accounting Intro - BCOR 1010 PART THREE: THE...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
BCOR 1010 PART THREE: THE INTERRELATED FUNCTIONS OF BUSINESS A. The Accounting Function: Keeping the Scorecard Accounting is the recording , measurement , and interpretation of financial information . (Ferrell, Hirt, & Ferrell, Business: A Changing World , 2006, p. 434) 1. Importance 2. Legal Climate 3. Uses and Users of Accounting Information: Internal versus External 4. Generally Accepted Accounting Principles (GAAP) Relevant, Reliable, Consistent, Comparable Current as of 12/14/2010 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
BCOR 1010 Basic accounting concepts - GAAP Measured in dollars Entity-based The business is a going concern Record at cost Dual-aspect (double-entry bookkeeping) Based on an accounting period (usually one year) Conservatism (prudent reporting, skepticism, reasonable certainty) Realization (amount, delivered, collectible) Matching (revenues and expenses in the same period) Consistency (use the same methods) Materiality (disregard insignificant events) Full disclosure and transparency Current as of 12/14/2010 2
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/13/2010 for the course BCOR 1010 at Colorado.

Page1 / 4

08 Accounting Intro - BCOR 1010 PART THREE: THE...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online