financial accounting quizlet chapter 1 - Chapters
Accounting is the process of recording the financial transactions of a company or other organization so that they can be reviewed by regulators and tax authorities. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used interchangeably.
Understanding the Context
[4] Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. [5] Businesses use five main types of accounting: managerial, cost, project, tax, and financial accounting. US public companies must use Generally Accepted Accounting Principles (GAAP). Accounting establishes a structured system for recording and monitoring a business’s financials.
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Key Insights
Accounting is the process of recording, classifying, and summarizing financial transactions to provide accurate and useful information for decision-making purposes. Key principles of accounting include the accounting equation, double-entry accounting, and the different types of accounts. The main goal of accounting is to accurately record and report an organization’s financial performance. Accounting can be classified into two categories: financial accounting and managerial accounting. At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial...
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