Why do we call accounting “the language of business”? What does Generally Accepted Accounting Principles (GAAP) mean? What represents the results of the accounting process that are summarized in periodic reports? If you were a business owner, what would be your choice of business entity?

Accounting “the language of business”

Why do we call accounting “the language of business”?

Hint: Think in terms of the purpose of accounting.

What does Generally Accepted Accounting Principles (GAAP) mean?

What represents the results of the accounting process that are summarized in periodic reports?

If you were a business owner, what would be your choice of business entity?