ACCT 209 Lecture Notes - Lecture 1: Sole Proprietorship, Bookkeeping, Infor
19 Jan 2017
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Introduction to accounting and its use in business decisions. Accounting: a process of identifying, measuring, organizing and recording financial information and communicating that information to decision makers. Bookkeeping - subset of accounting: recording part of accounting. Internal users - management: managerial accounting, more detailed. Business: activities that provide goods and services to economic groups: a business (single) is just an organization or entity that serves as an economic unit to provide goods and/or services, profitability, solvency. Function (types of business activity): service business, (cid:498)does something(cid:499, e. x. Architect, doctor, dentist, lawyer, baby sitters, dry cleaners, etc: merchandising business, buy goods for resale, e. x. Amazon, aggie outfitters, target, dillards, etc: manufacturing business, create new products, buy raw materials, e. x. In the united states, who is responsible for developing accounting standards and practices? markets. Internationally - iasb (international financial reporting status) Gaap generally accepted accounting principles (guidelines; created by.
