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Principles of Accounting,
Volume 1: Financial
Accounting
SENIOR CONTRIBUTING AUTHORS
MITCHELL FRANKLIN, LE MOYNE COLLEGE (FINANCIAL ACCOUNTING)
PATTY GRAYBEAL, UNIVERSITY OF MICHIGAN-DEARBORN (MANAGERIAL ACCOUNTING)
DIXON COOPER, OUACHITA BAPTIST UNIVERSITY
OpenStax
Rice University
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TABLE OF CONTENTS
Preface 1
1 Role of Accounting in Society 11
1.1 Explain the Importance of Accounting and Distinguish between Financial and Managerial... | {"batch_upload": true, "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.16752... |
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62
2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and
Noncurrent Liabilities, Equity, Revenues, and Expenses
77
2.3 Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet
81
3 Analyzing and Recording Trans... | {"total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:0... |
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Business Transactions on Financial Statements
135
3.5 Use Journal Entries to Record Transactions and Post to T-Accounts
3.6 Prepare a Trial Balance
165
140
4
The Adjustment Process 211
4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries
4.2 Discuss the Adjustment Process and Illustrate Commo... | {"moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "creationda... |
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5.4 Appendix: Complete a Comprehensive Accounting Cycle for a Business
300
313
6 Merchandising Transactions 365
6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
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6.7 Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the
Periodic Inventory System 408
7 Accounting Information Systems 451
7.1 Define and Describe the Components of an Accounting Information System 452
7.2 Describe and Explain the Purpose of Special Journals and Th... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": ... |
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542
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Entries
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8.5 Discuss Management Responsibilities for Maintaining Internal Controls within an
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551
8.6 Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its
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552
8.7 Describe Fraud in Financial Statements and Sarbanes-Oxley ... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\Finan... |
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578
9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement
Approaches
584
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
9.3 Determine the Efficiency of Receivables Management Using Financial Ratios
9.4 Discuss the Role of Acc... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:... |
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663
Statement and Balance Sheet
672
10.5 Examine the Efficiency of Inventory Management Using Financial Ratios
674
11 Long-Term Assets 699
11.1 Distinguish between Tangible and Intangible Assets
11.2 Analyze and Classify Capitalized Costs versus Expenses
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13 Long-Term Liabilities 809
13.1 Explain the Pricing of Long-Term Liabilities
13.2 Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method
13.3 Prepare Journal Entries to Reflect the Life Cycle of Bonds
13.4 Appendix: Special Topics Related to Long-Term Liabilities
... | {"creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP... |
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897
15 Partnership Accounting 925
15.1 Describe the Advantages and Disadvantages of Organizing as a Partnership
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15.3 Compute and Allocate Partners’ Share of Income and Loss
15.4 Prepare Journal Entries to Record the Admi... | {"file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:2... |
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957
971
959
and Solvency
974
16.6 Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method
979
A
Financial Statement Analysis 1009
B Time Value of Money 1021
C
Suggested Resources 1025
Index 1041
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
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Instructors also have the optio... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "creator"... |
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To maximize readability and content flow, some art does not include attribution in the text. If you reuse art
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openstax.org.
2
Format
Preface
You can access this textbook for free in web view or PDF through openstax.org, and for a low cost in print.
About Principles of Accounting
Principles of Accounting is designed to... | {"file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "t... |
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knowledge. Concepts are further reinforced through applicable connections to more detailed business
processes. Students are immersed in the “why” as well as the “how” aspects of accounting in order to
reinforce concepts... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": true, "creator":... |
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Chapter 4: The Adjustment Process
Chapter 5: Completing the Accounting Cycle
Chapter 6: Merchandising Transactions
Chapter 7: Accounting Information Systems
Chapter 8: Fraud, Internal Controls, and Cash
Chapter 9: Accounting for Receivables
Chapter 10: Inventory
C... | {"creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounti... |
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Chapter 5: Process Costing
Chapter 6: Activity-Based, Variable, and Absorption Costing
Chapter 7: Budgeting
Chapter 8: Standard Costs and Variances
Chapter 9: Responsibility Accounting and Decentralization
Chapter 10: Short-Term Decision-Making
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their in-class lectures and assessments to provide easily relatable applications.
• Think It Through. This scenario-based feature puts students in the role of decision-maker. With topics
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stakeholders.
•
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• Summaries. Designed to support both students and instructors, section summaries distill the information
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• Problems (Sets A and B) are advanced Advanced activities that allow students to demonstrate learning
and application of multiple learning objectives and skills concurrently in one set ... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "t... |
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Preface
5
Figure 3
Income Statement.
Figure 4 Organizational Chart.
6
Preface
Figure 5
Cash Interest Payment.
Figure 6 General Ledger.
Additional resources
Student and instructor resources
We’ve compiled additional resources fo... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "creator": "DocBook XSL Styleshe... |
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Community Hubs
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Community Hubs on OER Commons—a platform for instructors to share community-created resources that
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To reach the Community Hubs, visit www.oercommons.org/hubs/OpenStax.
Technology partners
As allies in making high-quality learning materials accessible, our technology partners offer optional low-cost
tools that are integrated with OpenStax books. To access the technology options for your text, visit... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "source": "downloads\\business\\accou... |
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individual and corporate taxation as well as financial accounting. Prior to joining Le Moyne College, he served
on the faculty at Syracuse University.
Patty Graybeal, University of Michigan-Dearborn (Managerial ... | {"creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_t... |
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the classroom from her prior work in healthcare administration and her current work with the auto industry.
Dixon Cooper, Ouachita Baptist University
Dixon Cooper received his BBA in Accounting and MS in Ta... | {"batch_upload": true, "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "so... |
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of Arkansas.
Contributing authors
LuAnn Bean, Florida Institute of Technology
Ian Burt, Niagara University
Shana Carr, San Diego City College
David T. Collins, Bellarmine University
Shawna Coram, Florid... | {"creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "batch_upload": true, "source_file": "downloads\\business\\accountin... |
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Bill Nantz, Houston Community College
Tatyana Pashnyak, Bainbridge State College
Brian Pusateri, University of Scranton
Ellen Rackas, Muhlenberg College
Marianne Rexer, Wilkes University
Roslyn Roberts, California State University, Sacramento
Rebecca Rosner, Long Island Universit... | {"moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": tru... |
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Debra Benson, Kennesaw State University
Amy Bourne, Oregon State University
Stacy Boyer-Davis, Northern Michigan University
Dena Breece, Methodist University
Lawrence Chui, University of St. Thomas, Minnesota
Sandra Cohen, Columbia College Chicago
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Alan Glazer, Franklin & Marshall College
Marina Grau, Houston Community College
Amber Gray, Adrian College
Jeffry Haber, Iona College
Michelle Hagadorn, Roanoke College
Regina Ivory Butts, Fort Valley State University
Simone Keize, Broward College
Christine Kloezeman, Californ... | {"uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "title": "Principles of Accounting,... |
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Tammy Metzke, Milwaukee Area Technical College
Stacey Mirinaviciene, Keuka College
Eleonor Moore, Kirtland Community College
Hassan Niazi, Northern State University
10
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Zivia Sweeney, University of Southern California
Tim Swenson, Sullivan University
Hai Ta, Niagara University
Andress Walker, Ventura County Community College District
Teresa Walker, Greensboro College
Roland Warfield, Seton Hill University
Michael Wiggins, Georgia So... | {"uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "c... |
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by unknown/Pixabay, CC0)
Chapter Outline
1.1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting
1.2 Identify Users of Accounting Information and How They Apply... | {"uploaded_via": "batch_uploader", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf",... |
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currently serves as the director of an organization that provides mentoring services to local youth.
Looking back on her career in the social work field, Jennifer indicates that there are two things that surprised
h... | {"file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9... |
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directors to have an understanding of accounting. She notes, “The best advice I received in college was when
my advisor suggested I take an accounting course. As a social work student, I was reluctant to do so because I
did not see the relevance. I didn’t realize so much of an... | {"batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d... |
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agency better prepares me to plan for the future.”
1.1 Explain the Importance of Accounting and Distinguish between Financial
and Managerial Accounting
Accounting is the process of organizing, analyzing, and commu... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pd... |
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fact, it is hard to think of a profession where a foundation in the principles of accounting would not be
beneficial. Therefore, one of the goals of this course is to provide a solid understanding of how finan... | {"creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAc... |
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effectively diagnose and treat the various medical conditions they spent so many years learning about.
Figure 1.2
College Graduation. (credit: modification of “140501-A-XA877-046” by Fort Wainwright
Public Affairs... | {"creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "total_pages": 1055, "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccountin... |
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accounting fields the potential accountant chooses to enter. To familiarize you with some potential
opportunities, Describe the Varied Career Paths Open to Individuals with an Accounting Education
examines many of thes... | {"total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_hash": "89738e550d63820f... |
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A traditional adage states that “accounting is the language of business.” While that is true, you can also say
that “accounting is the language of life.” At some point, most people will make a decision that relies on
accounting information. ... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate":... |
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information plays a vital role in all of these decisions.
You may have noticed that the decisions in these scenarios would be based on factors that include both
financial and nonfinancial information. For instance, ... | {"file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e... |
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factors such as competing events during the time of the play. All of these factors, both financial and
nonfinancial, are relevant to the financial performance of the play. In addition to the additional cost of havi... | {"producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "to... |
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financial reports. Financial accounting is used to generate information for stakeholders outside of an
organization, such as owners, stockholders, lenders, and governmental entities such as the Securities and
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costs. Since the information is generally used internally, you do not see the same need for financial oversight
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For now, it is not necessary to go into greater detail about the mechanics of these organizations or other
accounting and financial legislation. You just need to have a basic understanding that they function to provide
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effective and to make adjustments in areas in which the company has underperformed. Managerial
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This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 1 Role of Accounting in Society
15
Characteristics, Users, and Sources of Financial Accounting Information
Organizations measure financial performance in monetar... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "producer": ... |
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information. You learn in Introduction to Financial Statements that financial information is primarily
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of these transactions, including their impact on the financial position of the entity.
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and the QuickBooks skills that accountants developed at previous employers tend to be applicable to the
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Financial information has limitations, however, as a predictive tool. Business involves a large amount of
16
Chapter 1 Role of Accounting in Society
uncertainty, and accountants cannot predict how the organization will perform in the future. However, by
observing historical financial informat... | {"file_type": ".pdf", "file_size_mb": 156.7, "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "creationdate": "2019-04-24T10:32:5... |
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of years of financial statements and other financial information from the organization. The bank will assess the
historical performance in order to make an informed decision about the organization’s ability to rep... | {"uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "... |
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rate greater than the alternate uses of the money.
Characteristics, Users, and Sources of Managerial Accounting Information
As you’ve learned, managerial accounting information is different from financial ... | {"moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "cre... |
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accounting methods and practices, reports, and other documents.
Since most managerial accounting activities are conducted for internal uses and applications, managerial
accounting is not prepared using a com... | {"total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738... |
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Accountants must be adaptable and flexible in their ability to generate the necessary information
management decision-making. For examp... | {"moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "total_pages": 1055, "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "source_file": "downloads\\business\\accountin... |
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Chapter 1 Role of Accounting in Society
17
upcoming year or years and plan for adjustments to scale operations according to the projections.
Accountants often lead the budgeting process by gathering information from internal (estimates ... | {"creator": "DocBook XSL Stylesheets V1.79.1", "file_type": ".pdf", "batch_upload": true, "file_size_mb": 156.7, "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820... |
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As you have learned, management accounting information uses both financial and nonfinancial information.
This is important because there are situations in which a purely financial analysis might lead to one decision,
while considering nonfinancial information m... | {"file_size_mb": 156.7, "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.... |
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cases, the elimination of one component, such as printers, led to customers switching to a different producer
for its computers and other peripheral hardware. In the end, an organization needs to consider both... | {"producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14... |
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1.3 Describe Typical Accounting Activities and the Role Accountants Play in
Identifying, Recording, and Reporting Financial Activities
We can classify organizations into three categories: for profit, governmental, and not for profit. These
organizations are simil... | {"file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "source_file": "downlo... |
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accountants to provide that information.
There are also several differences. The main difference that distinguishes these organizations is the primary
purpose or mission of the organization, discussed in the foll... | {"creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "batc... |
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to create value in the form of research and development, equipment upgrades, facilities expansions, and many
other activities that make the business more competitive. Many companies also engage in charitabl... | {"uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financ... |
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For-profit businesses ca... | {"batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "file_has... |
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As you think about the products you use every day, you are probably already familiar with products made by
manufacturing firms. Examples of products made by manufacturing firms include automobiles, clothes, cell
phones, computers, and many other products that are used every day by millions of consumers.
... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"... |
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the items you use. Do you think the items were made by machines or by hand?
If you are in a classroom with other students, see who has used the greatest number of items today. Or,
see who used the item that would be t... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "sourc... |
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Retail Businesses
Manufacturing businesses and retail (or merchandising) businesses are similar in that both are for-profit
businesses that sell products to consumers. In the case of manufacturing firms, by adding direct labor,
manufacturing overhead ... | {"producer": "Prince 11 (www.princexml.com)", "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "fi... |
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manufacturing firm from a retail firm is that in a retail firm, the products are sold in the same condition as
when the products were purchased—no further alterations were made on the products.
Did you happen to notice th... | {"creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a... |
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serves as the retail firm (Dell computers, for example), it is often the case that products will be manufactured
and sold by separate firms.
C O N C E P T S I N P R A C T I C E
NIKEiD
NIKEiD is a program th... | {"moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate... |
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Chapter 1 Role of Accounting in Society
21
Figure 1.4 NIKEiD Launch Store in Shanghai. (credit: “Nike-id-shanghai-launch” by
“All.watson”/Wikimedia Commons, CC BY 2.0)
Assume you are the manager of a sporting goods store that sells Nik... | {"batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "uploaded_via": "batch_upload... |
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ensure this program is also beneficial to its existing distribution partners.
In Merchandising Transactions you will learn about merchandising transactions, which include concepts and
specific accounting practices for... | {"uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "source": ... |
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profit business. Figure 1.5 illustrates the distinction between manufacturing, retail, and service businesses.
Examples of service-oriented businesses include hotels, cab services, entertainment, and tax ... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "897... |
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timely manner. Hiring a tax preparer is efficient for the taxpayer because it allows the taxpayer to file the
required forms without having to invest numerous hours researching and preparing the forms.
The account... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833... |
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0.0113839469... | represent three types of businesses: manufacturing, retail, and service. (credit left: modification of
“Maquiladora” by “Guldhammer”/Wikimedia Commons, CC0; credit center: modification of “Mercedes Benz
Parked” by unknown/Pixabay, CC0; credit right: modification of “Taxi Overtaking Bus” by “Kai Pilger”/Pixabay,
CC0)... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "moddate": "2020-08-05T15:26:11-05... |
2aaaded4-3cb4-4900-9088-b4dfa1769842 | [
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-0.041837964206933975,
0.047010283917188644,
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Solution
Answers will vary. Responses may initially consider a restaurant to be only a service provider. Students
may also recognize that a restaurant possesses aspects of a manufacturer (by preparing the meals),
retailer (by selling merchandise and/or gift cards), and service provider (by waiting on cu... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "creationdate": "2019-0... |
fc5178cb-62cd-483e-946c-eb608497755d | [
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-0.0... | businesses. Accountants help to serve the public interest by providing to the public an accounting for the
receipts and disbursements of taxpayer dollars. Governmental leaders are accountable to taxpayers, and
accountants help assure the public that tax dollars are being utilized in an efficient manner.
Examples of ... | {"creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_size_mb": 156.7, "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00",... |
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0.... | remains the same, regardless of the type of entity. Government accounting standards are governed by the
Governmental Accounting Standards Board (GASB). This organization creates standards that are specifically
appropriate for state and local governments in the United States.
Not-for-Profit Entities
To be fair, the ... | {"file_size_mb": 156.7, "uploaded_via": "batch_uploader", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounti... |
add021d0-563e-4c67-8c41-9907f9b0876b | [
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0.005... | particular interest or need in the community. A not-for-profit entity tends to depend on financial longevity
based on donations, grants, and revenues generated. It may be helpful to think of not-for-profit entities as
“mission-based” entities. It is important to note that not-for-profit entities, while having a prima... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "total_pages": 1055, "title": "Principles of Accounting, Volume 1: F... |
8eb6727e-34d2-45c9-bac0-ec7707ff6c9f | [
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Examples of not-for-profit entities are numerous. Food banks have as a primary purpose the collection,
storage, and distribution of food to those in need. Charitable foundations have as a primary purpose the
provision of funding to local agencies that support specific community needs, such as readi... | {"creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "total_pages": 1055, "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.1... |
01b9d4cc-ab07-43d1-8ecd-a16a3b8513dc | [
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0.0... | unbiased financial information useful for decision-making is vitally important. Some of the governmental and
regulatory entities involved in maintaining the rules and principles in accounting are discussed in Explain Why
24
Chapter 1 Role of Accounting in Society
Accounting Is Important to Business Stakeholders.
Y... | {"moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator":... |
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0.... | do. Find out about the positive and negative aspects of the work. Find out what advice they have relating
to education. Try to gain as much information as you can to determine whether that is a career you can
envision yourself pursuing. Also, ask about opportunities for job shadowing, co-ops, or internships
Solution... | {"file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloa... |
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0.0625481829047203,
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0.0123582... | advice given from those you talk with).
1.4 Explain Why Accounting Is Important to Business Stakeholders
The number of decisions we make in a single day is staggering. For example, think about what you had for
breakfast this morning. What pieces of information factored into that decision? A short list might include ... | {"file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_size_mb"... |
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Y O U R T U R N
Daily Decisions
Many academic studies have been conducted on the topic of consumer behavior and decision-making. It
is a fascinating topic of study that attempts to learn what type of advertising works best, the best place
to locate a business, and many other business-related ac... | {"file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "file_hash": "89738... |
c54e9521-b677-415a-b824-7e25b539ca95 | [
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0.00... | to us, such as what to wear and how to get from point A to point B. For this exercise, provide and discuss
some of the food-related decisions that you recently made.
Solution
In consideration of food-related decisions, there are many options you can consider. For example, what
types, in terms of ethnic groups or st... | {"producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "batch_upload": true, "fi... |
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-0.0... | economic viability of an organization or business. Stakeholders may be stockholders, creditors, governmental
and regulatory agencies, customers, management and other employees, and various other parties and
entities.
Stockholders
A stockholder is an owner of stock in a business. Owners are called stockholders becau... | {"file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "source": "do... |
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-0.06482112407684326,
0.018021728843450546,
0.03971925005316734,
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-0.0550... | stock as well as the accounting related to stock transactions.
Recall that organizations can be classified as for-profit, governmental, or not-for-profit entities. Stockholders
are associated with for-profit businesses. While governmental and not-for-profit entities have constituents,
there is no direct ownership as... | {"file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesh... |
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-0.10035... | stock is available for sale on these exchanges. A privately held company, in contrast, is one whose stock is
not available to the general public. Privately held companies, while accounting for the largest number of
businesses and employment in the United States, are often smaller (based on value) than publicly traded... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fb... |
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B. Wansink and J. Sobal. “Mindless Eating: The 200 Daily Food Decisions We Overlook.” 2007. Environment & Behavior, 39[1], 106–123.
26
Chapter 1 Role of Accounting in Society
Publicly Held versus Privately Held Companies
Publicly Held Company
Privately Held Company
• Stock available to general public
• Stock ... | {"file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "file_size_mb": 156.7, "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79... |
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Other decisions stockholders make may be influenced by the type of company. For example, stockholders of
privately held companies often are also employees of the company, and the decisions they make may be
related to day-to-day activities as well as longer-term strategic decisions. ... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "producer": "Prince 11 (www.princ... |
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-0... | These purchases come in the form of materials used to make finished goods or resell, office equipment such
as copiers and telephones, utility services such as heating and cooling, and many other products and services
that are vital to run the business efficiently and effectively.
It is rare that payment is required ... | {"creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", ... |
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periods are common.
When businesses need to borrow larger amounts of money and/or for longer periods of time, they will often
borrow money from a lender, a bank or other institution that has the primary... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true, "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "moddate":... |
abd25f21-b9b1-4baf-9eac-d8482bc752ef | [
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-0.0011156108230352402,... | addition, since the borrowing is for a long period of time, lending institutions require the borrower to pay a fee
(called interest) for the use of borrowing. These concepts and the related accounting practices are covered in
Long-Term Liabilities. Table 1.2 Summarizes the differences between creditors and lenders.
... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "total_pages": 1055, "file_hash"... |
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