The Fundamentals Of Financial Accounting - 936 Words

1. You just got done spending 3  ½ months of your life taking a course called â€Å"Fundamentals of Financial Accounting†. In your own words, what was the course all about? What was the purpose? What’s financial accounting? The Fundamentals of Financial Accounting class was about learning the basic concepts of accounting and learning how to properly prepare and analyze financial transactions and statements following all the regulations. The purpose of this class was to understand the job of an accountant and to be able to comprehend the financial records. Financial accounting is the act of recording and keeping record of all of the transactions of a business and producing financial statement to provide investors, creditors, and other external users with information to see a company’s performance. 2. What (are/is) Generally Accepted Accounting Principles (GAAP)? Why are they needed? GAAP are specific procedures that business should follow when they prepare their financial statements. GAAP is needed because it makes accountants provided useful information to investors, creditor, and other external users. This helps investors see whether or not is convenient for them to invest in a company or to help the creditors see is they should provide a business with a loan. 3. Are ethics important in financial accounting? Yes or no and WHY. Give a SPECIFIC EXAMPLE of how this area is important to YOU as a member of society? Ethics are extremely important in financial accounting. ForShow MoreRelatedFundamental Financial Accounting Concepts13807 Words   |  56 PagesEighth Edition Fundamental Financial Accounting Concepts Thomas P. Edmonds University of Alabama–Birmingham Frances M. McNair Mississippi State University Philip R. Olds Virginia Commonwealth University Edward E. 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