Reflection Paper on Precore Paper Accounting, Finance, SPSS Essay

Student Name
Course
Instructor
Date
Reflection on Precore Paper
The Precore paper is very informative. It provides in-depth information and material on Introductory Accounting Principles. These are basically rules and principles that guide and govern entities in pursuit of their objectives. The book offers insights on various categories of businesses including sole proprietorship, partnership and corporations. They are all governed by the same rules and principles. Businesses and organizations worldwide are established with the primary objectives of realizing profits. Also, the founders need to realize substantial returns on their investments. On this breadth, they engage on the formulation of different strategies and measures that would see them minimize their costs and enjoy even greater profits. They also ensure they put their records in order and in a manner that incomes and expenditures can be distinguished easily. The book delves further and shares on four distinct factors of production: natural resources, human resources, physical capital and financial capital (Hayes 4). These factors all play different but important roles to the success of any business entity that wants immense profitability and productivity for the foreseeable future.
Additionally, it highlights on the important concept of decision-making. Through accounting internal and external stakeholders are provided with detailed and easy to understand data and information that allows them to make informed decisions. Nonetheless, it is required that all accounting reports prepared to show not only performance but also financial position of entities. These reports must adhere to generally accepted accounting principles (GAAP). According to Hayes, “GAAP is a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information” (12). GAAP aims to ensure...