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Accounting

ACC 280 Understanding Accounting and Financial Statements

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Purpose of Accounting
Running head: Accounting
Understanding Accounting and Financial Statements
ACC 280
Understanding Accounting and Financial Statements
Businesses can be impressive institutions. There are many factors that
are combined to make a successful business. These businesses usually
have strict code of conducts and ethics that guide the company in its
daily practices. Some areas of the business receive more attention than
others. One department that receives constant attention is the
accounting or finance department. This is a department that is
responsible for many aspects of the business. This department gives
managers and employees the monetary status of the company enabling
them to make important decisions to guide the company. It is important
that individuals are able to understand basics of accounting and the four
basic financial statements.
Purpose of Accounting
Accounting serves many important functions in a business. First an
individual needs to have a basic understand of accounting. Accounting
consists of three very basic activities which are identifies, records, and
communicates financial information within a given period. The first
activity is to identify events relevant to the company during that time
period. Accounting also records events in order to provide history of its
financial activities. This activity of records must be systematic and in
chronologically. The last major activity that accounting demonstrates is
the ability to communicate information of accounting reports. With
accounting giving this vital information to an individual it is important that
the individual is able to analyze and interpret the information that is
given. To be able to interpret the information the individual will have to be
capable to explain the uses, meaning, and limitations of the data. When
analyzing the information the individual uses ratios, percentages,
graphs, and charts. Another important part of accounting is bookkeeping

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