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 financial accounting. 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 proprietorship and partnership. a proprietor is the sole owner and a partnership is having manifold owners. Proprietors are solely responsible for success and failure of the company, age partnership is distributed amongst them. There is also a corporation which is possess by stockholders. Each is different but still follows the same(p) set of guidelines set by the Financial Accounting Standards card (FASB).
The FASB is an organization that created the outline of available sources for the generally accepted accounting principles (GGAP) (Keiso et al., 2007, p. 12). The outline is based on a hierarchy, determining how accountants would deal in recording and preparing the companys financial statements.



The hint of the hierarchy has the FASBs statements and The American Institute of Certified populace 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 statements contain income statements, balance sheet, and statement of money flows. These are all key information for the company. In put in for companies to pick the right accounting method to present the information, the FASB has identify the best qualities in accounting information to help companies present their information (Kieso et al., 2007, p. 31). The accounting...If you want to get a full essay, erect it on our website: Orderessay



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