 unit one of sailor.org's introduction to financial accounting. This unit will more or less set the table for the rest of the course. We'll learn what accounting is in general terms and why it's crucial for companies and the business decisions that they make. We'll learn some key terms and concepts that you'll use throughout the course including financial statements and what accountants call GAAP. GAAP stands for Generally Accepted Accounting Principles. This is the standard set of financial accounting rules used in almost any company you might work in. They identify, for example, the information that companies need to record. They help us know what information matters. Let's focus on really grasping the terms accounting, financial statements, and GAAP. By the end of the unit you should be able to define or describe all three of them in your own words. Now one housekeeping note. This unit consists of five subunits and should take about three hours to complete. Good luck!