Summary of Thomas Ittelson's Financial Statements

Please note: This is a companion version & not the original book. Sample Book Insights: #1 The first principle is that there is a business entity separate from its owners; this entity is referred to as a company. The second principle is that all transactions must be recorded, regardless of importance, in the books. #2 The accountant’s job is to translate the business’s financial data into a form that is suitable for management and investors. The process of doing this is called accounting. #3 The generally accepted accounting principles, or GAAP, are the set of rules and guidelines that govern how companies prepare their financial statements.