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Accounting in Action: Principles, Users, and the Basic Equation

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This content introduces the fundamentals of accounting, defining it as an information system that identifies, records, and communicates an organization's economic events to interested users. It covers the major users of accounting information, such as management, investors, and creditors. Essential building blocks are explained, including ethical standards and Generally Accepted Accounting Principles (GAAP). A core concept is the basic accounting equation: Assets = Liabilities + Owner's Equity , with definitions provided for its components and the expanded equation, which includes Revenues and Expenses

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Connected book
 image
Lal Jawahar & Seema Srivastava Financial Accounting (Principles and Practices)
Publisher: Unknown ISBN: 9788121923064 Edition: Unknown

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