Understanding Financial Statements
By the end of this chapter, you should be able to:
• Identify the two major users of accounting information and explain their specific needs.
• List the various entities that influence the development of Generally Accepted Accounting Principles (GAAP).
• Describe the basic principles of accounting and financial statement preparation.
• Explain the differences between financial statements that have been audited as opposed to those that are only reviewed or compiled.
• Identify and explain the limitations of financial statements.
The goal of this course is to help you ...