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The following questions are addressed: What does a balance sheet  \ntry to show? Why does it balance? How is it that any one transaction has two accounting  \neffects? Which costs lead to assets and which lead to expenses? How do cash flows fit in?  \nHow can a profitable company go bust because of a lack of cash?  \nThis book introduces the students to the accounting principles, the accounting cycle  \nincluding the accounting adjustments, accounting for long-term assets and closing the  \naccounts. Each chapter ends with a list of key-terms that have been discussed in the  \nchapter, as well as, solved questions and self-evaluation exercises.  \nThis book reflects the efforts of the authors and the reviewer. In spite of the significant  \neffort that has been expended by many individuals on this book, it is safe to say that  \nsome errors exist. In an attempt to create the most error-free and useful book possible, I  \nstrongly encourage both instructors and students to write or email me at  \n[t.hassaneen@foc.cu.edu.eg](t.hassaneen@foc.cu.edu.eg with)[ with](t.hassaneen@foc.cu.edu.eg with) comments and suggestions for improving the book. I  \ncertainly welcome your input.  \nProf. Tarek Mohamed Hassanain  \nProfessor and Head of the Accounting Department Faculty of Commerce, Cairo University  \nAugust 26th, 2018  \n2  \n\n| Brief Contents |  |  |\n| --- | --- | --- |\n| Chapters\u003Cbr>CHAPTER ONE\u003Cbr>CHAPTER TWO\u003Cbr>CHAPTER THREE\u003Cbr>CHAPTER Four\u003Cbr>CHAPTER Five\u003Cbr>CHAPTER SIX\u003Cbr>CHAPTER SEVEN\u003Cbr>CHAPTER EIGHT | Title\u003Cbr>Overview of Financial Accounting\u003Cbr>The Accounting Equation and Introduction to Financial Statements\u003Cbr>The Accounting Process: Journalize Transactions\u003Cbr>The Accounting Process: Posting and Preparing the Trial Balance Financial Accounting and Adjusting Entries\u003Cbr>Financial Statements\u003Cbr>Accounting for Long-Term Assets\u003Cbr>Completing the Accounting Cycle The Closing Process | Pages\u003Cbr>4-20\u003Cbr>21-45\u003Cbr>46-67\u003Cbr>68-92\u003Cbr>93-114\u003Cbr>115-142\u003Cbr>143-174\u003Cbr>175-194 |\n| 3 |  |  |\n\nCHAPTER ONE Overview of Financial Accounting  \nLearning Objectives  \nAfter studying this chapter, you should be able to:  \n1. Explain what Accounting is.  \n2. Identify the types of business organizations.  \n3. Identify the users of Accounting Information.  \n4. Understand why ethical considerations are important to accounting.  \n5. Explain Generally Accepted Accounting Principles (GAAP) .  \n4  \n\n| 1. What is Accounting?\u003Cbr>Accounting is an information system. It measures business activities, processes data into reports, and communicates results to people. Accounting is “the language of business.”The better you understand the language, the better you can manage your finances.\u003Cbr>Accounting consists of three basic activities- it identifies, records, and communicates the economic events (transactions) of an organization to interested users.\u003Cbr>As a starting point to the accounting process, a company identifies the economic events relevant to its business. To identify economic events, a company selects the economic events relevant to its business. Examples of economic events are the sales transactions by a business organization (for example a company), and payment of wages and salaries to its employees. Once the company identifies economic events, it records those events in order to provide a history of its financial activitie","cbCaioSYOUBKmAJh","https://ap.wps.com/l/cbCaioSYOUBKmAJh","pdf",3455301,194,"English","# Preface\n# Brief Contents\n# Chapter One: Overview of Financial Accounting\n## Learning Objectives\n## What is Accounting?\n## Organizing a Business","[{\"question\":\"What is accounting, according to the chapter?\",\"answer\":\"Accounting is an information system that measures business activities, processes data into reports, and communicates results. It is described as “the language of business.”\"},{\"question\":\"What are the three main activities in the accounting process?\",\"answer\":\"The process includes identifying, recording, and communicating economic events (transactions). Identification selects relevant economic events, recording classifies and summarizes them, and communication prepares financial statements.\"},{\"question\":\"Which business organization forms are discussed in this chapter?\",\"answer\":\"The chapter lists proprietorship, partnership, and corporation as common business organization forms, and it explains proprietorships and partnerships in basic terms.\"}]","Introduction to Financial Accounting - Part 2 - Accounting Basics and Financial Statements | PDF",489]