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You will rely on them to make decisions, and managers will use them to evaluate your performance. That is true whether your job involves marketing, production, management, or information systems.  \nIn business, accounting and financial statements are the means for communicating the numbers. If you don’t know how to read financial statements, you can’t really know your business.  \nWhen Jack Stack and 11 other managers purchased Springfield ReManufacturing Corporation (SRC) ([www.srcreman.com](www.srcreman.com)) for 10 cents a share, it was a failing  \n2  \ndivision of International Harvester. Stack had  \n119 employees who were counting on him for their livelihood, and he knew that the company was on the verge of financial failure.  \nStack decided that the company’s only chance of survival was to encourage every employee to think like a businessperson and to act like an owner. To accomplish this, all employees at SRC took basic accounting courses and participated in weekly reviews of the company’s financial statements. SRC survived, and eventually thrived. To this day, every employee (now numbering more than 1,000) undergoes this same training.  \nMany other companies have adopted this approach, which is called “openbook management.” Even in companies that do not practice open-book management, employers generally assume that managers in all areas of the company are “financially literate.”  \nTaking this course will go a long way to making you financially literate. In this book you will learn how to read and prepare financial statements, and how to use basic tools to evaluate financial results. Appendixes A and B provide real financial statements of two well-known companies, PepsiCo, Inc. and The Coca-Cola Company. Throughout this textbook we attempt to increase your familiarity with financial reporting by providing numerous references, questions, and exercises that encourage you to explore these financial statements.  \nThe Feature Story helps you picture how the chapter topic relates to the real world of accounting and business. You will find references to the story throughout the chapter.  \n~~ ✓ ~~The~~ ~~Navigator~~  ~~  \nInside Chapter 1…  \n• How Will Accounting Help Me? (p. 11)  \n• What Do General Mills, Walt Disney, and Dunkin’Donuts Have in Common? (p. 23)  \n• All About You: Ethics: Managing Personal Financial Reporting (p. 25)  \n“Inside Chapter x” lists boxes in the chapter that should be of special interest to you.  \n3  \nPreview of Chapter 1  \nThe opening story about Springfield ReManufacturing Corporation highlights the import","cbCaiuS6kca4pBze","https://ap.wps.com/l/cbCaiuS6kca4pBze","pdf",3663644,46,"English","# Accounting in Action\n## Study Objectives\n## Feature Story: Knowing the Numbers\n## Preview of Chapter 1\n## What Is Accounting?","[{\"question\":\"What are the main goals of the Chapter 1 study objectives?\",\"answer\":\"They focus on explaining what accounting is, identifying accounting users and uses, and understanding why ethics is fundamental to financial reporting. They also cover GAAP and core assumptions, the accounting equation, transaction impacts, and the four financial statements and their preparation.\"},{\"question\":\"How does accounting support business decision-making?\",\"answer\":\"Accounting provides useful financial information that managers and other users rely on to evaluate performance and make decisions. Without the ability to read financial statements, it is difficult to truly understand the business.\"},{\"question\":\"What does the “Knowing the Numbers” feature story emphasize?\",\"answer\":\"It shows that success depends on understanding and using financial information. Through openbook management and basic accounting training, employees learn to think like business owners and participate in reviewing the company’s financial statements.\"}]","Chapter 1 - Accounting in Action - Study Objectives | PDF",116]