introduction to accounting

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Presentation transcript:

introduction to accounting Chapter 1

What is the purpose of accounting? Answer: Accounting provides financial information about the current operations and financial condition of a business to individuals, agencies, and organizations. Who uses this information? 1. Owners 2. Managers 3. Creditors 4. Government agencies

Gaap GAAP stands for: Generally Accepted Accounting Principles Created and maintained by FASB (Financial Accounting Standards Board)

What are the three types of businesses? Three types of businesses are: Service business Merchandising business Manufacturing business