by Saleh S. Abu-keshek on 12:01 PM
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| CH 1 : ACCOUNTING IN ACTION |
After studying this chapter, you should be able to:
- Explain what accounting is.
- Identify users and uses of accounting.
- Understand why ethics is a fundamental business concept.
- Explain the meaning of generally accepted accounting principles and the cost principle.
- Explain the meaning of the monetary unit assumption and the economic entity assumption.
- State the basic accounting equation and explain the meaning of assets, liabilities, and owner’s equity.
- Analyze the effect of business transactions on the basic accounting equation.
- Understand what the four financial statements are and how they are prepared.
