| Chapter 1: Uses of Accounting Information and the Financial Statements
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Chapter 1: Uses of Accounting Information and the Financial Statements

Learning Objectives

  1. Define accounting and describe its role in making informed decisions, identify business goals and activities, and explain the importance of ethics in accounting.
  2. Identify the users of accounting information.
  3. Explain the importance of business transactions, money measure, and separate entity.
  4. Describe the characteristics of a corporation.
  5. Define financial position, and state the accounting equation.
  6. Identify the four basic financial statements.
  7. Explain how generally accepted accounting principles (GAAP) relate to financial statements and the independent CPA's report, and identify the organizations that influence GAAP.
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