Sample Term Paper
This is a term paper on financial accounting. Financial Accounting is the finding and presenting of financial information in a consistent manner so that the many users of this information can rely on it, knowing that a common set of rules lie beneath the data they are using to make decisions.
Financial Accounting is the finding and presenting of financial information in a consistent manner so that the many users of this information can rely on it, knowing that a common set of rules lie beneath the data they are using to make decisions.
Since I plan to major in finance with a minor in Marketing, Financial Accounting is one of the courses I plan to take to achieve my objective of getting a business degree. Financial Accounting forms the basis of all the financial reporting and analysis which is essential in understanding and evaluating financial statements like balance sheets, income statements and Cash flow statements. In addition it also is the foundation on which all the financial analysis is done.
It vital to understand the role of accounting in finance that is how it facilitates the reporting of all the financial activity that is conducted by an organization. Through Financial Accounting identification, examination, measurement and recording of financial information in business transactions is conducted.
Through this course I will be able to understand why this society needs the system of financial reporting, why it forms an essential part of any organization. The procedure which lead to generation of information in a systematic manner which allows managers to make informed decisions. The financial standards of accounting are very important they provide the framework on which accounting is done. Financial accounting principles shape the U.S. economy in many ways, both in the collective and in the allocation of income, wealth, and risk.
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