Principles of Accounting Volume 1 Financial Accounting by OpenStaxISBN: 9781947172678
Publication Date: 2019
Franklin, M. et al. (2019). Principles of Accounting, Volume 1: Financial Accounting. OpenStax.
Read the first chapter “Role of Accounting in Society” (pg. 12 to 32).
Coverage this week works to define accounting and explain its purpose. Accounting is governed by the Financial Accounting Standards Board (FASB) which creates Generally Accepted Accounting Principles (GAAP). Accounting is referred to as the language of business as it communicates the financial health of the organization. Accounting is required for all business types as defined in this section. Career paths for the accounting professional are discussed.
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