Onbjectives - Page 1 of 1 Week 1: U.S. GAAP - Objectives...

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Key Concepts: c Explain the major financial statements and their role in financial reporting of for-profit businesses. c Identify the objectives of financial reporting as they pertain to financial statement readers. c Evaluate how accounting theory and practice is used in setting accounting standards. c Apply uses of Generally Accepted Accounting Principles in everyday accounting practice. c Evaluate the role of international standards (i-GAAP), in regard to financial reporting. c Describe the impact of user groups on the standard-setting process, both in the U.S. and internationally. c Understand issues related to ethics and financial reporting. Key Concepts: c Explain typical financial transactions to other accountants, managers and business people. c Prepare journal entries, adjusting entries, and closing entries of a for-profit business. c Analyze ledger accounts at the end of an accounting period to make the proper adjustments. c
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