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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…

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…

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…

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…

Accounting is often called the language of business because it uses a unique vocabulary to communicate information to decision makers. In this chapter, we will discuss what financial accounting is and briefly introduce how financial information is…

AccounƟng involves a process of collecƟng, recording, and reporƟng a business’s economic acƟviƟes to users. It is oŌen called the language of business because it uses a unique vocabulary
to communicate informaƟon to decision makers. To…

Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. Due to the comprehensive nature of the material, we are offering…

Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester
accounting course that covers the fundamentals of financial and managerial accounting. This book is
specifically designed to appeal to both…

Accounting may be defined as the process of analyzing, classifying, recording, summarizing, and interpreting business transactions. One of the key aspects of the
process is keeping “running totals” of “things.” Examples of items a business…

Digital accessibility skills are in high demand, as the world becomes more aware of barriers in digital content that prevent some people from participating in a digital society. These are essential skills for web developers, and essential knowledge…