November 2012
Beginner to intermediate
414 pages
9h 26m
English
book
Problem Solving Survival Guide Volume I: Chapters 1-12 to accompany Accounting Principles, 11th Edition
by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Content preview from Problem Solving Survival Guide Volume I: Chapters 1-12 to accompany Accounting Principles, 11th EditionBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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CHAPTER 1
ACCOUNTING IN ACTION
OVERVIEW
You and every other member of society depend on information to function efficiently and effectively. For example, people who invest in business enterprises use economic information to guide their decisions about future financial possibilities. Information about the effects of past actions is accumulated to serve as an aid in making better decisions in the future.
As a financial information system, accounting is the process of identifying, recording, and communicating the economic events of an organization. In this chapter, we: (1) introduce the subject of accounting and GAAP (generally accepted accounting principles), (2) discuss the basic accounting equation and the effects of transactions on its elements, and (3) examine the composition of the four general purpose financial statements required for business enterprises.
SUMMARY OF LEARNING OBJECTIVES
- Explain what accounting is. Accounting is an information system that identifies, records, and communicates the economic events of an organization (business or nonbusiness) to interested users.
- Identify the users and uses of accounting. The major users and uses of accounting are as follows: (a) Management uses accounting information in planning, controlling, and evaluating business operations. (b) Investors (owners) decide whether to buy, hold, or sell their financial interests on the basis of ...
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O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.