Browse Items (9 total)

Answer: Financial accounting1 focuses on providing historical financial information to external users. External users are those outside the company,
including owners (e.g., shareholders) and creditors (e.g., banks or bondholders). Financial…

The development of accounting concepts and principles is closely related to the
economic growth of the United States, as businesses grew in size, and outsiders
increased their demand for financial information. Accounting principles focus on…

The purpose of accounting is to provide a means of recording, reporting, summarizing, and interpreting economic data. In order to do this, an accounting
system must be designed. A system design serves the needs of users of accounting
information.…

Accounting Principles: A Business Perspective uses annual reports of real companies to illustrate many of the accounting concepts in use in business today. Gaining an understanding of accounting terminology and concepts, however, is not enough to…

Process: Cost systems
Learning objectives
After studying this chapter, you should be able to:
• Describe the types of operations that require a process cost system.
• Distinguish between process and job costing systems.
• Discuss the…

Preface from the eight edition:
Philosophy and purpose
Imagine that you have graduated from college without taking an accounting course. You are
employed by a company as a sales person, and you eventually become the sales manager of a…

Accounng involves a process of collecng, recording, and reporng a business’s economic acvies to users. It is oen called the language of business because it uses a unique vocabulary to communicate informaon to decision makers. To understand…

Accounting is often called “the language of business” because it communicates so much of the information that owners, managers, and investors need to evaluate a company’s financial performance. These people are stakeholders in the…

Creative accounting is a euphemism referring to accounting practices that may follow the letter of the rules of standard accounting practices, but deviate from the spirit of those rules. They are characterized by excessive complication and the use of…