Financial accounting is often called the language of business it is the language that managers use to communicate the firms financial and economic information to external parties such as shareholders and creditors nobody working in business can afford financial illiteracy. Reliability principle the reliability principle is used as a guideline in determining which financial information should be presented in the accounts of a business revenue recognition principle companies should record their revenues when it is recognised or in the same time period of when it was accrued rather than when it was received. Well written and straightforward principles of financial accounting is a needed contribution to open source pedagogy in the business education world written in order to directly meet the needs of her students this textbook developed from dr christine jonicks years of teaching and commitment to effective pedagogy. Why it matters 31 describe principles assumptions and concepts of accounting and their relationship to financial statements 32 define and describe the expanded accounting equation and its relationship to analyzing transactions 33 define and describe the initial steps in the accounting cycle 34 analyze business transactions using the accounting equation and show the impact of business
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