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Summary of Thomas Ittelson's Financial Statements, EPUB eBook

Summary of Thomas Ittelson's Financial Statements EPUB

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Please note: This is a companion version & not the original book.

Book Preview: #1 The first principle is that there is a business entity separate from its owners; this entity is referred to as a company. The second principle is that all transactions must be recorded, regardless of importance, in the books.

#2 The accountant’s job is to translate the business’s financial data into a form that is suitable for management and investors. The process of doing this is called accounting.

#3 The generally accepted accounting principles, or GAAP, are the set of rules and guidelines that govern how companies prepare their financial statements.

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