Financial Reporting Environment and GAAP

I really like the word stewardship because it implies the ethical, moral actions, and decisions that managers of money must undertake in the business setting. In making business decisions it is improtant to be a good steward of the funds you invest, save, raise, or borrow. I believe that accounting makes it possible to make those informed decisions and be a good steward of funds. A company without good accounting procedures is going to be making decisions without the proper analysis tools. It would become eaiser to lose money without identifing problems, recording trasanctions, classifying the proper information and understanding the economic activities of the company.