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1. Define the term accounting and explain the importance of accounting in a business.

1. Define the term accounting and explain the importance of accounting in a business.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Define the term accounting and explain the importance of accounting in a business. 2. mention five (5) professions or works related to accounting. 3. Indicate the ten (10) ethical principles of accounting and explain, in your own words, what the importance of each is and how they help in the integrity of the accounting profession. 4. Explain in your own words what generally accepted accounting principles (GAAP) are. 5.Analyze and explain in your own words who uses accounting information and how they use it.
Transcribed Image Text:1. Define the term accounting and explain the importance of accounting in a business. 2. mention five (5) professions or works related to accounting. 3. Indicate the ten (10) ethical principles of accounting and explain, in your own words, what the importance of each is and how they help in the integrity of the accounting profession. 4. Explain in your own words what generally accepted accounting principles (GAAP) are. 5.Analyze and explain in your own words who uses accounting information and how they use it.
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