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Introduction to Financial Accounting
Accounng involves a process of collecng, recording, and reporng a business’s economic acvies to users. It is oen called the language of business because it uses a unique vocabulary to communicate informaon to decision makers. To understand accounng, we first look at the
basic forms of business organizaons. The concepts and principles that provide the foundaon for financial accounng are then discussed. With an emphasis on the corporate form of business organizaon, we will examine how we communicate to users of financial informaon using financial statements. Finally, we will review how financial transacons are analyzed and then reported
on financial statements.
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