The document provides an introduction to accounting, including: 1. The purpose of accounting is to provide financial information to individuals and organizations like owners, managers, creditors, and government agencies. 2. The accounting process involves gathering financial information, analyzing events, recording data, classifying similar items, summarizing information, reporting results, and interpreting reports. 3. Generally Accepted Accounting Principles (GAAP) are standards developed by the Financial Accounting Standards Board (FASB) through research and public hearings.

8. Step One Looking at events that have taken place and thinking about how they affect the business. ANALYZING

9. Step Two Entering financial information about events into the accounting system. RECORDING

10. Step Three Sorting and grouping similar items together rather than merely keeping a simple, diary-like record of numerous events. CLASSIFYING

11. Step Four The aggregation of many similar events to provide information that is easy to understand. SUMMARIZING

12. Step Five Telling the results. Use of numbered tables in accounting is common. REPORTING

13. Step Six Deciding the meaning and importance of the information in various reports. INTERPRETING

24. Service Business A business that provides a service. Travel Agency Physician Computer Consultant

25. Merchandising Business A business that buys a product from another business to sell to customers. Department Store Jewelry Store Pharmacy

26. Manufacturing Business A business that makes a product to sell. Automobile Manufacturer Toy Factory Furniture Maker