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Accounting Essay

384 words - 2 pages

Media Summary Paper
Irene Chumo
ACC/300- Principles of Accounting
January 26, 2015
September Foster

Media Summary Paper
The media that i used was the video on financial statements, “financial statements are records that outline the financial activities of a business, an individual or any other entity. Financial statements are meant to present the financial information of the entity in question as clearly and concisely as possible for both the entity and for readers. Financial statements for businesses usually include: income statements, balance sheet, statements of retained earnings and cash flows, as well as other possible ...view middle of the document...

to ensure accuracy and for tax, financing or investing purposes. Financial statements are integral to ensuring accurate and honest accounting for businesses and individuals alike. GAAP being the rule book of accounting, it lays down strict regulation for consistency purpose and the financial accounting standard board (FASB) updates GAAP as needed.
The two types of accounting are the Certified Public Accounting (CPA) who does income, taxes and offers finical advices and the Certified Management Accounting (CMA) who works for one or single business and the non profit organization. The transaction and the accounting equation is so important is that is always true - and it forms the basis for all accounting transactions. At a general level, this means that whenever there is a recordable transaction, the choices for recording it all involve keeping the accounting equation in balance. The accounting equation concept is built into all accounting software packages, so that all transactions that do not meet the requirements of the equation are automatically rejected. The chart of accounts is the index of companies assets and liabilities where they are recorded in the journal of which are posted in a ledger.

References
Introductions and Definitions. Films On Demand. Films Media Group, 2002. Web. 26 Jan. 2015. <http://digital.films.com/PortalPlaylists.aspx?aid=7967&xtid=29652>…
http://www.investopedia.com/terms/f/financial-statements.asp

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