An Introduction To Accounting

An Introduction to Accounting Fung Wah Chan Acc 537 October 31, 2011 Caryn Callahan An Introduction to Accounting The biggest farewell of a business is the exercise of pecuniary history. It has individuals, businesses and nonprofit organizations when recording the financial transactions, preparing reports that reflects performance and play-day(prenominal) financial positions, and when making important decisions about users. there are different types of business structures, such as proprietary and union. a proprietor is the sole owner and a incitenership is having manifold owners. Proprietors are solely responsible for success and calamity of the company, age partnership is distributed amongst them. There is also a tummy which is possess by stockholders. Each is different but up to now follows the same(p) set of guidelines set by the Financial Accounting Standards government note (FASB). The FASB is an organization that created the outline of available so urces for the generally accepted accounting principles (GGAP) (Keiso et al., 2007, p. 12). The outline is based on a hierarchy, determining how accountants would discern in recording and preparing the companys financial statements.

The breath of the hierarchy has the FASBs statements and The American Institute of Certified humanity Accountants (AICPA) opinions. The bottom consists of the FASBs questions and answers and interpretations from AICPA. Top sources come first so down the hierarchy if there are no pronouncements at the top level (Keiso et al., 2007, p. 13). Accountants are a vital part of companies since they provide financial statements. These statemen! ts contain income statements, balance sheet, and statement of silver flows. These are all key information for the company. In shed in for companies to pick the right accounting method to expose the information, the FASB has identify the best qualities in accounting information to wait on companies present their information (Kieso et al., 2007, p. 31). The accounting...If you want to get a good essay, erect it on our website: OrderCustomPaper.com

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