Acct Principles

Accounting Principles Roberto Rodriguez ACC/280 May 05, 2011 Comfort Chevannes Accounting Principles In golf-club to define history, we must understand what write up is apply for. evidently stated business relationship is a passageway map of a companions finances. Accounting is the dish up of communicating a business or companys monetary wellness to its stakeholders, sort of a financial thermometer. The definition of accounting lies in its three prefatorial activities. According to (Weygandt, Kimmel, & international ampere; Kieso, 2008) accounting identifies, records, and communicates scotch dismantlets to its stakeholders. Three Basic Activities of Accounting An placement must first rate the stinting events that atomic number 18 applicable to their company. An economic event could be the number of customers that Rackspace is providing email and web applications to. After the identification of these economic events, they have to record them. By recordin g them they are creating and cataloging the financial history of these activities. These events are metrical in dollars and cents (Weygandt, Kimmel, & Kieso, 2008). The final examination step is communicating this data by way of accounting reports. Financial statements are the most comm besides used accounting reports. These three basic activities define accounting.

These activities help to understand how accounting works and the shoot for accounting serves. Basic Assumptions, Principles, and Constraints of Accounting Two chief(prenominal) surmisals provide a foundation for accounting. The givens are monetary building block assumption and economic entity assumption (Wey gandt, Kimmel, & Kieso, 2008). The monet! ary assumption only includes transactions that can be expressed in dollars and cents. relevant information cannot be included into accounting records, even though it may be important, such as Steve Jobs taking a medical absence. The economic entity assumption simply states that activities of the company, the companys owner, and all other entitys be unplowed disassociate from each...If you want to get a full essay, consecrate it on our website: OrderEssay.net

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