General Accounting

Financial Accounting
May Lam
University of Phoenix

Financial Accounting
The purpose of having a usual be system is to generate friendship monetary reports and financial statements that will allow internal users such as fade managers and external users such as shareholders, potential investors or regimen agencies to have consistence and knowledgeable understanding of a companies past, inclose and future performance. Being able to understand the basic account concepts and add up the general accepted accounting principles (GAAP) will lead relevant and reliable accounting information for a finding maker to make informed decisions about in a phoner. Therefore, an internal and an external user in reviewing a company financial statement will at least penury to understand the basic accounting concepts and the business structures before do any investment decision.
Accounting principles
The accounting profession authentic the GAAP as the basic accounting concepts for a company’s financial statements to present fairly and clearly.



“Principles that have full-blooded crucial support, such as FASB (Financial Accounting Standards Board) standards, interpretations, and staff positions, APB (Accounting Principles Board) opinions and interpretations, AICPA (American set up of Certified Public Accountants) accounting research bulletins and other authoritative pronouncement” is the meaning of GAAP by Kieso, Wegnadt and Warfield (2007). Pronouncement and writings are important sources of hierarchy for a company to follow in setting up internal accounting concepts.
care organization
The three business type structures follow the GAAP accounting principle which the first business structure is a restore proprietorship own by one person, the second is a partnership that can be owned by dickens or more persons associated as partners and the third is a community that will be a separate legal entity owned by...If you want to get a full essay, order it on our website: Orderessay



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