Acc 290 Student Guide Week 1

Week One Student Guide

Accounting is a valuable service function designed to provide accurate and timely information to internal and external stakeholders. Those stakeholders rely on four primary financial statements: the income statement, the capital statement, the balance sheet, and the statement of cash flows. Naturally, you begin by studying those four financial statements and the accounting processes that lead to their creation. Those processes include recording financial transactions in journals and then posting to the general ledger.

In this first week, you learn the purpose of those four statements, what the financial statements include, and how the financial statements are constructed to provide valuable information to stakeholders. You also learn...