ACC 290 Week 1 DQ Based on Chapter 1 Introduction to Financial Statements of Financial Accounting

Financial Accounting, Ch. 1: Introduction to Financial Statements

Read Ch. 1 of Financial Accounting.

Consider the following as you read:

Every industry has language and processes unique to its sector, and the business world is no different. Accounting is known as the language of business, and anyone seeking to understand how business works must become familiar with accounting. As you go through the lessons in this chapter consider the following:

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  • How does one determine which form of business is most suitable?
  • What is the purpose of accounting information?
  • Identify the forms of business organization and the uses of accounting information.
  • Explain the three principal types of business activity.
  • Describe the four financial statements and how they are prepared.

Financial Accounting, Ch. 2: A Further Look at Financial Statements

Course: ACC290 Principles of Accounting I
School: University of Phoenix

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