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Principles of Accounting
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ccounting is an information system that measures, processes, and communicates financial information about an economic entity.1 An economic entity is a unit that exists independently, such as a business, a hospital, or a governmental body. Although the central focus of this book is on business entities, we include other economic units at appropriate points in the text and end-of-chapter assignments.
Accountants focus on the needs of decision makers who use financial informa- tion, whether those decision makers are inside or outside a business or other economic entity. Accountants provide a vital service by supplying the information decision mak- ers need to make “reasoned choices among alternative uses of scarce resources in the conduct of business and economic activities.”2 As shown in Figure 1-1, accounting is a link between business activities and decision makers.
Belverd E. Needles - Personal Name
1st Edtion
13: 978-0-538-75519-
NONE
Principles of Accounting
Management
English
South-Western Cengage Learning
2011
USA
1-1331
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