Unit 1 Individual Project - Unit 1 Individual Project 1...

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Unit 1 Individual Project 1 Unit 1 Individual Project Warren Synecky ACCT205-1004B-14 Principles of Accounting I October 10th, 2010
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Unit 1 Individual Project 2 Abstract This paper will be used as a draft for a speech to students about accounting. It will cover the principles of accounting, some general terminology, how accounting has changed with the use of modern technology, and how accounting has affected my life.
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Unit 1 Individual Project 3 Unit 1 Individual Project Accounting really is the “language of business”. Without accounting, it would be very difficult to gauge the success and make informed decisions about a business. According to Goodwin et al (2010) accounting is used to identify, measure, and communicate economic information about a business. Accountants make four assumptions to achieve this purpose; economic entity, time period, monetary unit, and going concern. The economic entity assumption simply states that a business’ and its owner’s financial activities are separate from one another. The time period assumption means that economic information can be communicated over short periods of time. The assumption that the dollar is the operative way of communicating a business’ economic activity is known as the monetary unit assumption. And the going concern assumption states that a company will not close in the foreseeable future. Some common terms you will need to know in the world of accounting are balance
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Unit 1 Individual Project - Unit 1 Individual Project 1...

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