After reading this chapter, you should be able to answer the following questions:
How is a business event recorded in the financial statements?
How are the four basic types of accounts presented in the financial statements?
For common business transactions, what source documents are used, which accounts are influenced, and do these transactions lead to an increase or decrease in these accounts?
What basic accounting principles underlie financial statements and how do these principles influence financial statements?
How are accounting data collected, stored, and controlled by the information systems of an organization?
What types of controls should be in place within organizations to ensure that financial information is accurate and secure?
In order to understand the accounting scorekeeping ...