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Eastern Michigan University
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FAC1502: FINANCIAL ACCOUNTING CONCEPTS; PROCEDURES AND CONCEPTS
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FAC1502: FINANCIAL ACCOUNTING CONCEPTS; PROCEDURES AND CONCEPTS 
ACCOUNTING - Planning; Recording; Analyzing; Interpreting financial information. 
 
PLANNING DECISIONS - Financial information is used to determine future actions. Historical information provided by the accounting process serves as a basis for forecasting. 
 
CONTROL - Using financial information to evaluate the results of financial activities. 
 
THE FUNCTION OF ACCOUNTING - 1. The value added to the networth of a person/entity du...
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