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Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. Due to the comprehensive nature of the material, we are offering the book in two volumes.
The text begins by explaining the role of financial accounting in society, and then describes the underlying structure of double entry accounting systems and the process of recording economic events that impact the value of the organization through the journals and the ledger.
In short, financial accounting is the process of summarising financial data, which is taken from an organisation's accounting records and publishing it in the form of annual or quarterly reports, for the benefit of people outside the organisation.
In this chapter, you will learn how to: LO1 – Define accounting. LO2 – Identify and describe the forms of business organization. LO3 – Identify and explain the Generally Accepted Accounting Principles (GAAP). LO4 – Identify, explain, and prepare the financial statements.
This textbook covers a very comprehensive view of financial accounting in just 7 chapters. That is great for schools that have 8 week online courses. Each chapter is broken into sections of content that help the material be a smoother and easier read.
One of the most widely used introductory accounting textbooks, Phillips, Fundamentals of Financial Accounting focuses on four key attributes: ∙ Engaging Writing and Illustrations ∙ Data-Driven Pedagogy ∙ Entrepreneurial Approach ∙ Video Asset Variety Engaging Writing and Illustrations Not all students learn financial accounting easily.
As a student of financial accounting you will be required to learn how to construct and read financial statements prepared in conformity with various accounting standards and other professional and statutory requirements.