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introduction to accounting

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Presentation on theme: "introduction to accounting"— Presentation transcript:

1 introduction to accounting
Chapter 1

2 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

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

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

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