By W. Steve Albrecht, Earl K. Stice, James D. Stice

ISBN-10: 0538746955

ISBN-13: 9780538746953

The 11th variation of monetary ACCOUNTING publications scholars in the course of the what, why and the way of accounting in contemporary company global. This textbook bargains a superb presentation of strategies and techniques mixed with a wealth of actual corporation examples and solved workouts to make sure pupil luck within the useful software of primary monetary accounting ideas. scholars will learn how to successfully use and get ready monetary accounting details for selection making with quite a few good points that motivate serious considering, spotlight moral issues, and view worldwide implications. Emphasizing the relevancy of accounting to the company global, this version is ideal for any scholar, despite destiny profession plans or objectives.

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6 Part 1 • Measuring and reporting. Accountants measure and communicate (report) the results of business activities—in other words, accountants keep score. To measure these results accurately, accountants follow a standard set of procedures referred to as the accounting cycle. The cycle includes several steps, which involve analyzing, recording, classifying, summarizing, and reporting the transactions of a business. Advising. Accountants advise managers on how to structure these activities so as to achieve the goals of the business, such as generating a profit, minimizing costs, providing efficient services, etc.

Accounting A system for providing quantitative, financial information about economic entities that is useful for making sound economic decisions. Accounting provides the means of recording and communicating business activities and the results of those activities. Making good decisions is critical for success in any business. When an important decision must be made, it is essential to use a rational decision-making process. The process is basically the same no matter how complex the issue. First, the issue or question must be clearly identified.

Rudimentary bookkeeping is ancient, probably predating both language and money. The modern system of double-entry bookkeeping still in use today (described in Chapter 3) was developed in the 1300s–1400s in Italy. The key development in accounting in the last 500 years has been the use of the bookkeeping data not just to keep track of things, but to evaluate the performance and health of a business. This use of bookkeeping data as an evaluation tool may seem obvious to you, but it is a step that is often not taken.

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Financial Accounting, Eleventh Edition by W. Steve Albrecht, Earl K. Stice, James D. Stice


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