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AC300-03_Unit10_ Writing Assignment_Marjorie Bowden

AC300-03_Unit10_ Writing Assignment_Marjorie Bowden - The...

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AC300-03 Unit 10 Writing Assignment Marjorie Bowden The key concepts that have made me a stronger candidate to enter the business world would be financial reporting, GAAP, and the framework and characteristics of financial information. During this course I have learned that financial reporting is used by external users to make investment and credit decisions. Financial reporting includes the financial statements (balance sheet, income statement, statement of cash flow, and sometimes statement of changes in stockholders’ equity), and any noted related to the statement. The accepted guidelines, practices, and procedures of reporting accounting information in financial statements is defined by Generally Accepted Accounting Principles (GAAP). In financial reporting one must follow GAAP; these are like laws. AS an accountant it is important to be able to determine the correct procedure for reporting financial information.
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Unformatted text preview: The conceptual framework is expected to provide useful and efficient financial information by companies. The Financial Accounting Standards Board (FASB) has developed seven (7) statements of financial accounting concepts. These concepts, among other things, define and identify the elements to be reported, when to report them, and how they are measured. The elements include assets, liabilities, revenues, and expenses. By taking this course and the courses to follow, I feel that I am better prepared to enter into the professional accounting world. It has helped me as a student by giving me a better understanding of accounting and the principles and procedures used in accounting. As a person it has enabled me to construct a better budget for my family, as well as, prepared me with some of the information needed for investing....
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AC300-03_Unit10_ Writing Assignment_Marjorie Bowden - The...

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