• GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)
• THE ACCOUNTING SYSTEM
• FINANCIAL STATEMENTS
• ACCOUNTING PROFESSION
• CHOOSING AN ACCOUNTANT
• FURTHER READING:

Accounting has been defined as "the language of business" because it is the basic tool for recording, reporting, and evaluating economic events and transactions that affect business enterprises. Accounting processes document all aspects of a business's financial performance, from payroll costs, capital expenditures, and other obligations to sales revenue and owners' equity. An understanding of the financial data contained in accounting documents, then, is regarded as essential to reaching an accurate...