After developing an understanding of the purpose of a business and the
considerations involved in starting a business, Maria and Stan officially began Favorite Cookie Company in January
of 2007. Their first task was to obtain financial resources for the business. Then, they acquired equipment and other
resources for the business, and they began to produce and sell their products. In addition, they needed an
accounting system to record their business activities and to report how the business was performing.
The PCPS Technical Issues Committee has compiled a list of acronyms and definitions which are frequently used in the accounting profession. This quick-reference resources will be provided below
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