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| | | | | Financial & Managerial Accounting , 2002 Edition
Belverd E. Needles, Jr., DePaul University
Marian Powers, Northwestern University
Susan Crosson, Santa Fe Community College
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| | Learning Objectives
Chapter 1: Uses of Accounting Information and the Financial Statements
- Define accounting, identify business goals and activities, and describe the role of accounting in making informed decisions.
- Identify the many users of accounting information in society.
- Explain the importance of business transactions, money measure, and separate entity to accounting measurement.
- Describe the corporate form of business organization.
- Define financial position, state the accounting equation, and show how they are affected by simple transactions.
- Identify the four financial statements.
- State the relationship of generally accepted accounting principles (GAAP) to financial statements and the independent CPA's report, and identify the organizations that influence GAAP.
- Define ethics and describe the ethical responsibilities of accountants.
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