Title: Describe accounting, including its purpose and importance.
Course: Accounting (12104-I) > Section: Understanding Businesses

Description should include

- a definition of accounting as a process for analyzing and classifying records and summarizing, reporting, and interpreting financial information for decision making
- the types of information conveyed by accounting records
- the reasons that record keeping and accounting are essential to business and stakeholders
- the elements of financial statements
- the concept of generally accepted accounting principles (GAAP)
- the concept of international financial reporting standards (IFRS).