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1、c01AccountinginAction.inddPage221/07/116:29PMuser-F391/Users/user-F391/DesktopChapter1AccountinginActionFeatureStoryKnowingtheInbusiness,accountingandfinancialstatementsarethemeansforcommu-Numbersnicatingthenumbers.IfyoudontManystudentswhotakethiscoursedok
2、nowhowtoreadfinancialstatements,notplantobeaccountants.Ifyouareyoucantreallyknowyourbusiness.inthatgroup,youmightbethinking,ManycompaniesspendsignificantIfImnotgoingtobeanaccountant,resourcesteachingtheiremployeeswhydoIneedtoknowaccounting?basicaccountingso
3、thattheycanreadInresponse,considerthequotefromfinancialstatementsandunderstandHaroldGeneen,theformerchairmanofhowtheiractionsaffectthecompanysIT&T:Tobegoodatyourbusiness,youfinancialresults.Onesuchcompanyishavetoknowthenumberscold.SpringfieldReManufacturingC
4、orpora-Successinanybusinesscomesbacktotion(SRC).WhenJackStackand11thenumbers.YouwillrelyonthemtoothermanagerspurchasedSRCformakedecisions,andmanagerswilluse10centsashare,itwasafailingthemtoevaluateyourperformance.divisionofInternationalHarvester.Thatistru
5、ewhetheryourjobinvolvesJacks119employees,however,weremarketing,production,management,countingonhimfortheirlivelihood.orinformationsystems.HedecidedthatforthecompanytoTheNavigatorisalearningsystemdesignedtopromptyoutousethelearningaidsintheLearningObjectiv
6、esgiveyouaframeworkforlearningthechapterandsetprioritiesasyoustudy.specificconceptscoveredinthechapter.✔TheNavigatorLearningObjectivesScanLearningObjectivesAfterstudyingthischapter,youshouldbeableto:ReadFeatureStory1Explainwhataccountingis.ReadPreview2Iden
7、tifytheusersandusesofaccounting.3Understandwhyethicsisafundamentalbusinessconcept.ReadtextandanswerDOIT!p.11p.14p.21p.254Explaingenerallyacceptedaccountingprinciples.5ExplainthemonetaryunitassumptionandtheeconomicWorkComprehensiveDOIT!p.26entityassumption
8、.ReviewSummaryofLearningObjectives6Statetheaccountingequation,anddefineitscomponents.7AnalyzetheeffectsofbusinesstransactionsontheAnswerSelf-TestQuestionsaccountingequation.CompleteAssignments8Understandthefourfinanc
