Chapter+1

Chapter+1 - Accounting Information System identifies...

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Accounting Information System identifies records communicates Economic Events Interested Parties
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Primary Forms of Business Organization Sole Proprietorship – a business owned by ___ person 1. 2. 3. Partnership – a business owned by ___ or more people 1. 2. 3. Corporation – a __________________ owned by _______________ 1. 2. 3. 4.
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The Primary function of accounting is to provide financial information for decision making BUT You Need Rules: 1. _____________________________________(GAAP) are guidelines that govern how accountants _______________, ____________, and ________________ financial information . 2. These rules increase the _____________ of financial reporting. Useful information is ____________, ___________, and __________________ . 3. Rule-setting bodies are: _________________________________ (private sector) (FASB) __________________________________ (public sector) (SEC) __________________________________________ (private sector) (AICPA)
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Chapter+1 - Accounting Information System identifies...

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