{"id":50,"date":"2016-12-05T20:00:39","date_gmt":"2016-12-05T20:00:39","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/?post_type=chapter&#038;p=50"},"modified":"2016-12-05T20:00:39","modified_gmt":"2016-12-05T20:00:39","slug":"introduction-accounting-principles-and-practices","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/chapter\/introduction-accounting-principles-and-practices\/","title":{"raw":"Introduction: Accounting Principles and Practices","rendered":"Introduction: Accounting Principles and Practices"},"content":{"raw":"<h3\/>\n<div class=\"bcc-box bcc-highlight\">\n<h3>LEARNING OBJECTIVES<\/h3>\nBy the end of this section, you will be able to:\n<ul><li>Explain the meaning of the term Generally Accepted Accounting Principles (GAAP).<\/li>\n\t<li>Define assets, liabilities, and owner's equity.<\/li>\n\t<li>Describe the causes of change in owners' equity, specifically: Owner investments, Owner withdrawals, Net income, Net loss<\/li>\n\t<li>Explain the effect of various transactions on the accounting equation.<\/li>\n\t<li>Prepare a simple: Income Statement, Statement of Owner's Equity, Balance Sheet<\/li>\n<\/ul><\/div>","rendered":"<h3>\n<p>LEARNING OBJECTIVES<\/h3>\n<p>By the end of this section, you will be able to:<\/p>\n<ul>\n<li>Explain the meaning of the term Generally Accepted Accounting Principles (GAAP).<\/li>\n<li>Define assets, liabilities, and owner&#8217;s equity.<\/li>\n<li>Describe the causes of change in owners&#8217; equity, specifically: Owner investments, Owner withdrawals, Net income, Net loss<\/li>\n<li>Explain the effect of various transactions on the accounting equation.<\/li>\n<li>Prepare a simple: Income Statement, Statement of Owner&#8217;s Equity, Balance Sheet<\/li>\n<\/ul>\n","protected":false},"author":26,"menu_order":6,"template":"","meta":{"_candela_citation":"[]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-50","chapter","type-chapter","status-publish","hentry"],"part":44,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/wp-json\/pressbooks\/v2\/chapters\/50","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/wp-json\/wp\/v2\/users\/26"}],"version-history":[{"count":1,"href":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/wp-json\/pressbooks\/v2\/chapters\/50\/revisions"}],"predecessor-version":[{"id":387,"href":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/wp-json\/pressbooks\/v2\/chapters\/50\/revisions\/387"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/wp-json\/pressbooks\/v2\/parts\/44"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/wp-json\/pressbooks\/v2\/chapters\/50\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/wp-json\/wp\/v2\/media?parent=50"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/wp-json\/pressbooks\/v2\/chapter-type?post=50"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/wp-json\/wp\/v2\/contributor?post=50"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/wp-json\/wp\/v2\/license?post=50"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}