An Introduction To Accounting

An Introduction to Accounting Fung Wah Chan Acc 537 October 31, 2011 Caryn Callahan An Introduction to Accounting The biggest farewell of a business is the exercise of financial bill. It has individuals, businesses and nonprofit organizations when recording the financial transactions, preparing reports that reflects performance and play-day(prenominal) financial positions, and when making important decisions about users. there are different types of business structures, such as proprietorship and federation. a proprietor is the sole owner and a disruptnership is having manifold owners. Proprietors are solely responsible for success and blow of the company, age partnership is distributed amongst them. There is also a pot which is possess by stockholders. Each is different but suave follows the same(p) set of guidelines set by the Financial Accounting Standards measure (FASB). The FASB is an organization that created the outline of available sources for t he generally accepted accounting principles (GGAP) (Keiso et al., 2007, p. 12). The outline is based on a hierarchy, determining how accountants would grip in recording and preparing the companys financial statements.

The mention of the hierarchy has the FASBs statements and The American Institute of Certified rabble Accountants (AICPA) opinions. The bottom consists of the FASBs questions and answers and interpretations from AICPA. Top sources come first so down the hierarchy if there are no pronouncements at the top level (Keiso et al., 2007, p. 13). Accountants are a vital part of companies since they provi de financial statements. These statements co! ntain income statements, balance sheet, and statement of currency flows. These are all key information for the company. In specify in for companies to pick the right accounting method to gift the information, the FASB has identify the best qualities in accounting information to supporter companies present their information (Kieso et al., 2007, p. 31). The accounting...If you want to get a total essay, erect it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper