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Understanding Business, 6/e
William G. Nickels
James M. McHugh
Susan M. McHugh
Chapter 18: Understanding Financial Information and Accounting
Learning Objectives
After you have read and studied this chapter, you should be able to:
Understand the importance of financial information and accounting.
Define and explain the different areas of the accounting profession.
Distinguish between accounting and bookkeeping, and list the steps in the accounting cycle.
Explain the differences between the major financial statements.
Describe the role of depreciation, LIFO, and FIFO in reporting financial information.
Detail how computers are used to record and apply accounting information in business.
Explain the importance of ratio analysis in reporting financial information.
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