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Lecture Fundamental financial accounting concepts (8/e): Chapter 1 - Edmonds, McNair, Olds

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Lecture Fundamental financial accounting concepts (8/e): Chapter 1 - Edmonds, McNair, Olds

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Chapter 1 - An introduction to accounting. Why should you study accounting? You should study accounting because it can help you succeed in business. Imagine playing football or monopoly without knowing how to keep score. In business, accounting is how you keep score. If you do not know the rules of the game, you will be severely disadvantaged. In this chapter, we will provide a look at accounting as an information system that reports on the economic activities and financial condition of a business or other organization.

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