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  • Introduction To Accounting

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    Accounting provides financial information to both internal and external users of a business. It differs from bookkeeping by analyzing and interpreting financial data to make informed business decisions. There are three main types of accounting information - operating, financial, and managerial. Accounting reports required by Generally Accepted Accounting Principles (GAAP) include financial statements, tax returns, and internal reports used by managers.

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    Accounting provides financial information to both internal and external users of a business. It differs from bookkeeping by analyzing and interpreting financial data to make informed business decisions. There are three main types of accounting information - operating, financial, and managerial. Accounting reports required by Generally Accepted Accounting Principles (GAAP) include financial statements, tax returns, and internal reports used by managers.

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    23 views1 page

    Introduction To Accounting

    Uploaded by

    ShekinahJewel
    Accounting provides financial information to both internal and external users of a business. It differs from bookkeeping by analyzing and interpreting financial data to make informed business decisions. There are three main types of accounting information - operating, financial, and managerial. Accounting reports required by Generally Accepted Accounting Principles (GAAP) include financial statements, tax returns, and internal reports used by managers.

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    © All Rights Reserved
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    INTRODUCTION TO ACCOUNTING

    Objective:

    1. The students will differentiate accounting from bookkeeping.


    2. The students will understand the three main types of accounting information.
    3. The students will be introduced to the principles of accounting and GAAP.
    4. The students will be introduced to the three types of accounting reports required by GAAP.

    Definition of Accounting

    What is the difference between accounting and bookkeeping?

    Three main types of Accounting Information

    Operating Information –

    Financial Information-

    Managerial Information-

    Accounting Principles

    What is GENERAL ACCEPTED ACCOUNTIING PRINCIPLE (GAAP)?

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