Nabeel Jiwani

ISM- Period 1

"How to Use This Book." A Treatment Manual for Parenting the Anxious Child From Timid to
Tiger (2010): 17-25. Saylor.org. The Saylor Foundation. Web. 29 Oct. 2015.
Financial accounting provides the rules and structure for the conveyance
of financial information about businesses.
Individuals who attain a proper level of knowledge of financial accounting
can utilize this information to make decisions based on the organizations
perceived financial health and outlook.
Incorporation allows an organization to be viewed as a separate entity
apart from its ownership.
Investors all over the world buy and sell the capital stock of businesses
while others choose to loan money.
Reported accounting information is intended to provide a likeness of an
organization and its operations.
U.S. GAAP is constantly evolving as accountants seek better methods of
providing financial information in an ever-changing business world.
Basic accounting terminology is needed for successful communication to
take place in the reporting of financial information.
An unearned revenue is recorded as a liability to indicate the companys
obligation to its customers.
Financial statements of the independent auditors report is provided for the
benefit of external decision makers.
Since many businesses and corporations make buy and sell services and
products internationally, foreign currency balances are common.
Financial reporting and the preparation of income tax returns are unrelated
because two sets of rules are used with radically differing objectives.
This source was very in depth about the aspects of financial accounting and how the
government and businesses intertwine together to keep records.