Chapter 1 Comments 8th ed

Chapter 1 Comments 8th ed - Instructor Comments Chapter One...

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Instructor Comments Chapter One This chapter introduces you to the profession of accounting. The first part of the textbook focuses on “Financial Accounting” (pgs. 5 & 6); the last part focuses on “Managerial Accounting” (pgs. 6 & 7). Managerial accounting will be the most important part for you. However, you must have a firm foundation in financial accounting in order to do well in managerial accounting. Ethics and the Accounting Profession and the concepts of integrity, objectivity, and independence (pg.14) are important because they set high standards for the profession. The most important idea in this chapter is your introduction to the “Accrual Accounting” concept (pg. 19) . Make sure you know and understand this idea before moving on. You should review and answer Exercises 1-5 and 1-6 for your own knowledge. I simply want you to think about these issues. Announcement: Once again, you should note that there are additional resources available for each chapter that should enhance your
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This note was uploaded on 04/23/2011 for the course ACC 490 taught by Professor Johnthompson during the Spring '10 term at Murray State KY.

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Chapter 1 Comments 8th ed - Instructor Comments Chapter One...

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