ACCT205 Unit 3 DB

ACCT205 Unit 3 DB - guide, rule and/or procedure which...

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ACCT205 Unit 3 DB Cheri Bolin June 22, 2011 Accounting data is used to make business related decisions in the market. Every individual within the market must possess skills of accounting concepts, standards and measurement systems. Knowledge, expertise and experience in accounting are crucial in any organization because management must be able to interpret and comprehend accounting data and its processes to determine the best decision. Management may decide to create their budgets based on performance evaluations such as their income. Management may also utilize financial data to secure external finances within its operations. Some terms used in accounting may be as follows; Generally accepted accounting principles (GAAP) is used by organizations sometimes as a
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Unformatted text preview: guide, rule and/or procedure which assist in recording and reporting data within audited financial statements. Security and Exchange Commission (SEC) is a federal government agency. Lastly, Income statements which are summarized data results within an organizations reporting period time frame. References Accounting Basics . (1995-2011). Retrieved June 17, 2011, from Business Owners Toolkit: Advameg. INC. (2011). Encyclopedia of Small Business . Retrieved June 13, 2011, from Reference for Business: Godwin, N. (2010). Financial Accounting (2010 ed.). Mason, Ohio: Cengage....
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This note was uploaded on 12/10/2011 for the course ACCT 205 taught by Professor Shanakoh during the Spring '10 term at AIU Online.

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