Chapter 1 Presentation-Spring 10

Chapter 1 Presentation-Spring 10 - Accounting203 Chapter1...

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 2/2/11 Accounting 203   Chapter 1 
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 2/2/11 Accounting  An information and measurement system that identifies , records , and  communicates   relevant reliable , and  comparable  information about an  organization’s business activities. The “language of business” What do some of these terms mean? Relevant  – affects the decisions of its users, timely Reliable  – trusted by users Comparable  – helpful in contrasting performance over different time  periods, and between different companies Some Key Terms
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 2/2/11 CPA Certified Public Accountant Meet education and experience requirements, pass an examination, and exhibit ethical  character. Generally Accepted Accounting Principles (GAAP) Goal is to make information in financial statements  relevant reliable , and  comparable Groups that establish GAAP:
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Chapter 1 Presentation-Spring 10 - Accounting203 Chapter1...

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