Slide 1-1
Chapter   1          Accounting in Action                  Financial Accounting, IFRS Edition                     Weygandt...
Study Objectives                             Study Objectives        1.   Explain what accounting is.        2.   Identify...
Accounting in Action                          Accounting in Action                     The Building                      T...
What is Accounting?        What is Accounting?        The purpose of accounting:        (1)   to identify, record, and com...
What is Accounting?        What is Accounting?                                     Illustration 1-1                       ...
What is Accounting?        What is Accounting?        Who Uses Accounting Data                                            ...
What is Accounting?        What is Accounting?    Common Questions Asked                                       User    1. ...
The Building Blocks of Accounting        The Building Blocks of Accounting        Ethics In Financial Reporting        Sta...
The Building Blocks of Accounting        The Building Blocks of Accounting        Ethics In Financial ReportingSlide1-10  ...
The Building Blocks of Accounting        The Building Blocks of Accounting        Review Question         Ethics are the s...
The Building Blocks of Accounting        The Building Blocks of Accounting        Accounting Standards            Internat...
The Building Blocks of Accounting        The Building Blocks of Accounting        Measurement Principles        Cost Princ...
The Building Blocks of Accounting        The Building Blocks of Accounting        Measurement Principles        Fair Value...
The Building Blocks of Accounting        The Building Blocks of Accounting        Assumptions        Monetary Unit Assumpt...
The Building Blocks of Accounting        The Building Blocks of Accounting        Proprietorship             Partnership  ...
The Building Blocks of Accounting        The Building Blocks of Accounting        Review Question         Combining the ac...
The Building Blocks of Accounting        The Building Blocks of Accounting        Review Question         A business organ...
The Building Blocks of Accounting        The Building Blocks of Accounting                           Indicate whether each...
The Building Blocks of Accounting        The Building Blocks of Accounting                           Indicate whether each...
Answer on notes pageSlide1-21    SO 5 Explain the monetary unit assumption and the economic entity assumption.
The Basic Accounting Equation        The Basic Accounting Equation            Assets        =       Liabilities         + ...
The Basic Accounting Equation        The Basic Accounting Equation            Assets      =       Liabilities         +   ...
The Basic Accounting Equation        The Basic Accounting Equation            Assets       =       Liabilities         +  ...
The Basic Accounting Equation        The Basic Accounting Equation            Assets      =       Liabilities         +   ...
The Basic Accounting Equation        The Basic Accounting Equation                                                        ...
The Basic Accounting Equation        The Basic Accounting Equation                                                        ...
The Basic Accounting Equation        The Basic Accounting Equation                                                        ...
The Basic Accounting Equation        The Basic Accounting Equation                          Classify the following items a...
Using The Accounting Equation        Using The Accounting Equation        Transactions are a business’s economic events   ...
Using The Accounting Equation        Using The Accounting Equation        Illustration: Are the following events recorded ...
Using The Accounting Equation        Using The Accounting Equation        Transaction AnalysisSlide1-32       SO 7   Analy...
Transactions Analysis        Transactions Analysis        Transaction (1). Investment by Shareholders. Ray and        Barb...
Transactions Analysis        Transactions Analysis        Transaction (2). Purchase of Equipment for Cash. Softbyte       ...
Transactions Analysis        Transactions Analysis        Transaction (3). Purchase of Supplies on Credit. Softbyte       ...
Transactions Analysis        Transactions Analysis        Transaction (4). Services Provided for Cash. Softbyte        rec...
Transactions Analysis        Transactions Analysis        Transaction (5). Purchase of Advertising on Credit. Softbyte    ...
Transactions Analysis        Transactions Analysis        Transaction (6). Services Provided for Cash and Credit.        S...
Transactions Analysis        Transactions Analysis        Transaction (7). Payment of Expenses. Softbyte pays the        f...
Transactions Analysis        Transactions Analysis        Transaction (8). Payment of Accounts Payable. Softbyte        pa...
Transactions Analysis        Transactions Analysis        Transaction (9). Receipt of Cash on Account. Softbyte        rec...
Transactions Analysis        Transactions Analysis        Transaction (10). Dividends. The corporation pays a dividend    ...
Transactions Analysis        Transactions Analysis                                                                      Il...
Financial Statements        Financial Statements        Companies prepare four financial statements from the         Compa...
Financial Statements         Financial Statements          Review Question              Net income will result during a ti...
Financial Statements        Financial Statements                                  Income Statement         Reports the rev...
Net income is needed to determine the        Financial Statements        Financial Statements    ending balance in retaine...
Retained Earnings        Financial Statements        Financial Statements                               Statement         ...
Financial Financial Statements Statements  The ending  balance in  retained  earnings is  needed in  preparing the  statem...
Financial Statements        Financial Statements                                Balance Sheet                             ...
Financial  Financial  Statements  Statements        Illustration 1-11        Financial statements and        their interre...
Financial Statements        Financial Statements        Statement of Cash Flows           Information for a specific perio...
Financial Statements        Financial Statements                  Statement of Cash Flows                                 ...
Answer on                                                                  notes pageSlide1-54    SO 8 Understand the four...
Financial Statements         Financial Statements          Review Question              Which of the following financial s...
Understanding U.S. GAAP        Understanding U.S. GAAP            Key Differences                   Accounting in Action  ...
Understanding U.S. GAAP        Understanding U.S. GAAP            Key Differences                    Accounting in Action ...
Understanding U.S. GAAP        Understanding U.S. GAAP            Key Differences                     Accounting in Action...
Understanding U.S. GAAP        Understanding U.S. GAAP            Looking to the Future               Accounting in Action...
Career Opportunities        Career Opportunities                         APPENDIX            Public accounting            ...
Copyright                                 Copyright        Copyright © 2011 John Wiley & Sons, Inc. All rights reserved.  ...
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  • p. 11 How Will Accounting Help Me? Q: How might accounting help you? A: You will need to understand financial reports in any enterprise with which you are associated. Whether you become a business manager, doctor, lawyer, social worker, teacher, engineer, architect, or entrepreneur, a working knowledge of accounting is relevant .
  • p. 24 What Do Vodafone, Walt Disney, and JJB Sports Have in Common? Q: What year-end would you likely use if you owned a ski resort and ski rental business? A: Probable choices for a ski resort would be between May 31 and August 31. Q: What if you owned a college bookstore? A: For a college bookstore, a likely year-end would be June 30. Q: Why choose those year-ends? A: The optimum accounting year-end, especially for seasonal businesses, is a point when inventory and activities are lowest.
  • Ch01

    1. 1. Slide 1-1
    2. 2. Chapter 1 Accounting in Action Financial Accounting, IFRS Edition Weygandt Kimmel KiesoSlide 1-2
    3. 3. Study Objectives Study Objectives 1. Explain what accounting is. 2. Identify the users and uses of accounting. 3. Understand why ethics is a fundamental business concept. 4. Explain accounting standards and the measurement principles. 5. Explain the monetary unit assumption and the economic entity assumption. 6. State the accounting equation, and define its components. 7. Analyze the effects of business transactions on the accounting equation. 8. Understand the four financial statements and how they are prepared.Slide 1-3
    4. 4. Accounting in Action Accounting in Action The Building The Building The Basic The Basic Using the Using the What is What is Financial Financial Blocks of Blocks of Accounting Accounting Accounting Accounting Accounting? Accounting? Equation Statements Statements Accounting Accounting Equation Equation Equation Three Ethics in Assets Transaction Income activities financial Liabilities analysis statement Who uses reporting Summary of Retained Equity accounting Accounting transactions earnings data? standards statement Assumptions Statement of financial position Statement of cash flowsSlide 1-4
    5. 5. What is Accounting? What is Accounting? The purpose of accounting: (1) to identify, record, and communicate the economic identify record events of an (2) organization to (3) interested users.Slide 1-5 SO 1 Explain what accounting is.
    6. 6. What is Accounting? What is Accounting? Illustration 1-1 The activities of the Three Activities accounting process The accounting process includes the bookkeeping function.Slide 1-6 SO 1 Explain what accounting is.
    7. 7. What is Accounting? What is Accounting? Who Uses Accounting Data External Internal Users Human Taxing Users Resources Authorities Labor Unions Finance Management Customers Creditors Marketing Regulatory Agencies InvestorsSlide 1-7 SO 2 Identify the users and uses of accounting.
    8. 8. What is Accounting? What is Accounting? Common Questions Asked User 1. Can we afford to give our employees a pay raise? Human Resources 2. Did the company earn a satisfactory income? Investors 3. Should any product lines be eliminated? Management 4. Is cash sufficient to pay dividends to shareholders? Finance 5. What price for our product will maximize net income? Marketing 6. Will the company be able to pay its debts? CreditorsSlide 1-8 SO 2 Identify the users and uses of accounting.
    9. 9. The Building Blocks of Accounting The Building Blocks of Accounting Ethics In Financial Reporting Standards of conduct by which one’s actions are judged as right or wrong, honest or dishonest, fair or not fair, are Ethics. Recent financial scandals include: Enron (USA), Parmalat (ITA), Satyam Computer Services (IND), AIG (USA), and others. Effective financial reporting depends on sound ethical behavior.Slide 1-9 SO 3 Understand why ethics is a fundamental business concept.
    10. 10. The Building Blocks of Accounting The Building Blocks of Accounting Ethics In Financial ReportingSlide1-10 SO 3 Understand why ethics is a fundamental business concept.
    11. 11. The Building Blocks of Accounting The Building Blocks of Accounting Review Question Ethics are the standards of conduct by which ones actions are judged as: a. right or wrong. b. honest or dishonest. c. fair or not fair. d. all of these options. Solution onSlide1-11 notes page SO 3 Understand why ethics is a fundamental business concept.
    12. 12. The Building Blocks of Accounting The Building Blocks of Accounting Accounting Standards International Accounting Standards Board (IASB) http://www.iasb.org/ International Financial Reporting Standards (IFRS) Financial Accounting Standards Board (FASB) http://www.fasb.org/ Generally Accepted Accounting Principles (GAAP)Slide1-12 SO 4 Explain accounting standards and the measurement principles.
    13. 13. The Building Blocks of Accounting The Building Blocks of Accounting Measurement Principles Cost Principle (Historical) – dictates that companies record assets at their cost. Issues: Reported at cost when purchased and also over the time the asset is held. Cost easily verified, market value is often subjective. Fair value information may be more useful.Slide1-13 SO 4 Explain accounting standards and the measurement principles.
    14. 14. The Building Blocks of Accounting The Building Blocks of Accounting Measurement Principles Fair Value Principle – indicates that assets and liabilities should be reported at fair value. In determining which measurement principle to use, companies weigh the factual nature of cost figures versus the relevance of fair value. Only in situations where assets are actively traded, such as investment securities, is the fair value principle applied.Slide1-14 SO 4 Explain accounting standards and the measurement principles.
    15. 15. The Building Blocks of Accounting The Building Blocks of Accounting Assumptions Monetary Unit Assumption – include in the accounting records only transaction data that can be expressed in terms of money. Economic Entity Assumption – requires that activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities. Proprietorship. Forms of Business Partnership. Ownership Corporation.Slide1-15 SO 5 Explain the monetary unit assumption and the economic entity assumption.
    16. 16. The Building Blocks of Accounting The Building Blocks of Accounting Proprietorship Partnership Corporation Generally owned Owned by two or Ownership divided by one person. more persons. into shares Often small Often retail and Separate legal service-type service-type entity organized businesses businesses under state Owner receives corporation law Generally unlimited any profits, suffers personal liability Limited liability any losses, and is Partnership personally liable for agreement all debts.Slide1-16 SO 5 Explain the monetary unit assumption and the economic entity assumption.
    17. 17. The Building Blocks of Accounting The Building Blocks of Accounting Review Question Combining the activities of Kellogg and General Mills would violate the a. cost principle. b. economic entity assumption. c. monetary unit assumption. d. ethics principle. Solution on SO 5 Explain the monetary unit assumptionSlide notes page1-17 and the economic entity assumption.
    18. 18. The Building Blocks of Accounting The Building Blocks of Accounting Review Question A business organized as a separate legal entity under state law having ownership divided into shares is a a. proprietorship. b. partnership. c. corporation. d. sole proprietorship. Solution on SO 5 Explain the monetary unit assumptionSlide notes page1-18 and the economic entity assumption.
    19. 19. The Building Blocks of Accounting The Building Blocks of Accounting Indicate whether each of the following statements presented below is true or false. 1. The three steps in the accounting process are True identification, recording, and communication. 2. The two most common types of external users False are investors and company officers. 3. Shareholders in a corporation enjoy limited legal True liability as compared to partners in a partnership. Solution on SO 5 Explain the monetary unit assumptionSlide notes page1-19 and the economic entity assumption.
    20. 20. The Building Blocks of Accounting The Building Blocks of Accounting Indicate whether each of the following statements presented below is true or false. 4. The primary accounting standard-setting body outside the United States is the International True Accounting Standards Board (IASB). 5. The cost principle dictates that companies record assets at their cost. In later periods, False however, the fair value of the asset must be used if fair value is higher than its cost. Solution on SO 5 Explain the monetary unit assumptionSlide notes page1-20 and the economic entity assumption.
    21. 21. Answer on notes pageSlide1-21 SO 5 Explain the monetary unit assumption and the economic entity assumption.
    22. 22. The Basic Accounting Equation The Basic Accounting Equation Assets = Liabilities + Equity Provides the underlying framework for recording and summarizing economic events. Applies to all economic entities regardless of size.Slide1-22 SO 6 State the accounting equation, and define its components.
    23. 23. The Basic Accounting Equation The Basic Accounting Equation Assets = Liabilities + Equity Provides the underlying framework for recording and summarizing economic events. Assets Resources a business owns. Provide future services or benefits. Cash, Inventory, Equipment, etc.Slide1-23 SO 6 State the accounting equation, and define its components.
    24. 24. The Basic Accounting Equation The Basic Accounting Equation Assets = Liabilities + Equity Provides the underlying framework for recording and summarizing economic events. Liabilities Claims against assets (debts and obligations). Creditors - party to whom money is owed. Accounts payable, Notes payable, etc.Slide1-24 SO 6 State the accounting equation, and define its components.
    25. 25. The Basic Accounting Equation The Basic Accounting Equation Assets = Liabilities + Equity Provides the underlying framework for recording and summarizing economic events. Equity Ownership claim on total assets. Referred to as residual equity. Share capital and retained earnings.Slide1-25 SO 6 State the accounting equation, and define its components.
    26. 26. The Basic Accounting Equation The Basic Accounting Equation Illustration 1-7 Revenues result from business activities entered into for the purpose of earning income. Generally results from selling merchandise, performing services, renting property, and lending money.Slide1-26 SO 6 State the accounting equation, and define its components.
    27. 27. The Basic Accounting Equation The Basic Accounting Equation Illustration 1-7 Expenses are the cost of assets consumed or services used in the process of earning revenue. Common expenses are salaries expense, rent expense, utilities expense, tax expense, etc.Slide1-27 SO 6 State the accounting equation, and define its components.
    28. 28. The Basic Accounting Equation The Basic Accounting Equation Illustration 1-7 Dividends are the distribution of cash or other assets to shareholders.  Reduce retained earnings  Not an expenseSlide1-28 SO 6 State the accounting equation, and define its components.
    29. 29. The Basic Accounting Equation The Basic Accounting Equation Classify the following items as issuance of shares, dividends, revenues, or expenses. Then indicate whether each item increases or decreases equity. Classification Effect on Equity 1. Rent expense Expense Decrease 2. Service revenue Revenue Increase 3. Dividends Dividends Decrease 4. Salaries expense Expense Decrease Solution onSlide1-29 notes page SO 6 State the accounting equation, and define its components.
    30. 30. Using The Accounting Equation Using The Accounting Equation Transactions are a business’s economic events recorded by accountants. May be external or internal. Not all activities represent transactions. Each transaction has a dual effect on the accounting equation.Slide1-30 SO 7 Analyze the effects of business transactions on the accounting equation.
    31. 31. Using The Accounting Equation Using The Accounting Equation Illustration: Are the following events recorded in the accounting records? Discuss Illustration 1-8 Purchase product Event Pay rent. computer. design with customer. Criterion Is the financial position (assets, liabilities, or equity) of the company changed? Record/ Don’t RecordSlide1-31 SO 7 Analyze the effects of business transactions on the accounting equation.
    32. 32. Using The Accounting Equation Using The Accounting Equation Transaction AnalysisSlide1-32 SO 7 Analyze the effects of business transactions on the accounting equation.
    33. 33. Transactions Analysis Transactions Analysis Transaction (1). Investment by Shareholders. Ray and Barbara Neal decides to open a computer programming service which he names Softbyte. On September 1, 2011, they invest $15,000 cash in exchange for capital shares. The effect of this transaction on the basic equation is: Solution on SO 7 Analyze the effects of business transactionsSlide notes page1-33 on the accounting equation.
    34. 34. Transactions Analysis Transactions Analysis Transaction (2). Purchase of Equipment for Cash. Softbyte purchases computer equipment for $7,000 cash. Solution on SO 7 Analyze the effects of business transactionsSlide notes page1-34 on the accounting equation.
    35. 35. Transactions Analysis Transactions Analysis Transaction (3). Purchase of Supplies on Credit. Softbyte purchases for $1,600 from Acme Supply Company computer paper and other supplies expected to last several months. Solution on SO 7 Analyze the effects of business transactionsSlide notes page1-35 on the accounting equation.
    36. 36. Transactions Analysis Transactions Analysis Transaction (4). Services Provided for Cash. Softbyte receives $1,200 cash from customers for programming services it has provided. Solution on SO 7 Analyze the effects of business transactionsSlide notes page1-36 on the accounting equation.
    37. 37. Transactions Analysis Transactions Analysis Transaction (5). Purchase of Advertising on Credit. Softbyte receives a bill for $250 from the Daily News for advertising but postpones payment until a later date. Solution on SO 7 Analyze the effects of business transactionsSlide notes page1-37 on the accounting equation.
    38. 38. Transactions Analysis Transactions Analysis Transaction (6). Services Provided for Cash and Credit. Softbyte provides $3,500 of programming services for customers. The company receives cash of $1,500 from customers, and it bills the balance of $2,000 on account. Solution on SO 7 Analyze the effects of business transactionsSlide notes page1-38 on the accounting equation.
    39. 39. Transactions Analysis Transactions Analysis Transaction (7). Payment of Expenses. Softbyte pays the following Expenses in cash for September: store rent $600, salaries of employees $900, and utilities $200. Solution on SO 7 Analyze the effects of business transactionsSlide notes page1-39 on the accounting equation.
    40. 40. Transactions Analysis Transactions Analysis Transaction (8). Payment of Accounts Payable. Softbyte pays its $250 Daily News bill in cash. Solution on SO 7 Analyze the effects of business transactionsSlide notes page1-40 on the accounting equation.
    41. 41. Transactions Analysis Transactions Analysis Transaction (9). Receipt of Cash on Account. Softbyte receives $600 in cash from customers who had been billed for services [in Transaction (6)]. Solution on SO 7 Analyze the effects of business transactionsSlide notes page1-41 on the accounting equation.
    42. 42. Transactions Analysis Transactions Analysis Transaction (10). Dividends. The corporation pays a dividend of $1,300 in cash. Solution on SO 7 Analyze the effects of business transactionsSlide notes page1-42 on the accounting equation.
    43. 43. Transactions Analysis Transactions Analysis Illustration 1-10 Summary of Transactions Tabular summary of Softbyte transactionsSlide1-43 SO 7 Analyze the effects of business transactions on the accounting equation.
    44. 44. Financial Statements Financial Statements Companies prepare four financial statements from the Companies prepare four financial statements from the summarized accounting data: summarized accounting data: Retained Statement Statement Income Earnings of Financial of Cash Statement Statement Position FlowsSlide1-44 SO 8 Understand the four financial statements and how they are prepared.
    45. 45. Financial Statements Financial Statements Review Question Net income will result during a time period when: a. assets exceed liabilities. b. assets exceed revenues. c. expenses exceed revenues. d. revenues exceed expenses. Solution on notes pageSlide1-45 SO 8 Understand the four financial statements and how they are prepared.
    46. 46. Financial Statements Financial Statements Income Statement Reports the revenues and expenses for a specific period of time. Net income – revenues exceed expenses. Illustration 1-11 Financial statements and Net loss – expenses exceed revenues. their interrelationshipsSlide1-46 SO 8 Understand the four financial statements and how they are prepared.
    47. 47. Net income is needed to determine the Financial Statements Financial Statements ending balance in retained earnings. Illustration 1-11 Financial statements and their interrelationshipsSlide1-47 SO 8
    48. 48. Retained Earnings Financial Statements Financial Statements Statement Statement indicates the reasons why Illustration 1-11 Financial statements and retained earnings has increased or their interrelationships decreased during the period.Slide1-48 SO 8 Understand the four financial statements and how they are prepared.
    49. 49. Financial Financial Statements Statements The ending balance in retained earnings is needed in preparing the statement of financial position Illustration 1-11 Financial statements and their interrelationshipsSlide1-49 SO 8 Understand the four financial statements and how they are prepared.
    50. 50. Financial Statements Financial Statements Balance Sheet Illustration 1-11 Financial statements and their interrelationshipsSlide1-50 SO 8 Understand the four financial statements and how they are prepared.
    51. 51. Financial Financial Statements Statements Illustration 1-11 Financial statements and their interrelationshipsSlide1-51
    52. 52. Financial Statements Financial Statements Statement of Cash Flows Information for a specific period of time. Answers the following: 1. Where did cash come from? 2. What was cash used for? 3. What was the change in the cash balance?Slide1-52 SO 8 Understand the four financial statements and how they are prepared.
    53. 53. Financial Statements Financial Statements Statement of Cash Flows Illustration 1-11 Financial statements and their interrelationshipsSlide1-53 SO 8 Understand the four financial statements and how they are prepared.
    54. 54. Answer on notes pageSlide1-54 SO 8 Understand the four financial statements and how they are prepared.
    55. 55. Financial Statements Financial Statements Review Question Which of the following financial statements is prepared as of a specific date? a. Balance sheet. b. Income statement. c. Retained earnings statement. d. Statement of cash flows. Solution on notes page.Slide1-55 SO 8 Understand the four financial statements and how they are prepared.
    56. 56. Understanding U.S. GAAP Understanding U.S. GAAP Key Differences Accounting in Action In 2002, the U.S. Congress issued the Sarbanes-Oxley Act (SOX), which mandated certain internal controls for large public companies listed on U.S. exchanges. Debate about international companies (non-U.S.) adopting SOX-type standards centers on whether the benefits exceed the costs. The concern is that the higher costs of SOX compliance are making the U.S. securities markets less competitive. Financial frauds have occurred at companies such as Satyam Computer Services (IND), Parmalat (ITA), and Royal Ahold (NLD). They have also occurred at large U.S. companies such as Enron, WorldCom, and AIG.Slide1-56
    57. 57. Understanding U.S. GAAP Understanding U.S. GAAP Key Differences Accounting in Action IFRS tends to be less detailed in its accounting and disclosure requirements than GAAP. This difference in approach has resulted in a debate about the merits of “principles-based” (IFRS) versus “rules-based” (GAAP) standards. U.S. regulators have recently eliminated the need for foreign companies that trade shares in U.S. markets to reconcile their accounting with GAAP. GAAP is based on a conceptual framework that is similar to that used to develop IFRS.Slide1-57
    58. 58. Understanding U.S. GAAP Understanding U.S. GAAP Key Differences Accounting in Action The three common forms of business organization that are presented in the chapter, proprietorships, partnerships, and corporations, are also found in the United States. Because the choice of business organization is influenced by factors such as legal environment, tax rates and regulations, and degree of entrepreneurism, the relative use of each form will vary across countries. Transaction analysis is basically the same under IFRS and GAAP but, as you will see in later chapters, the different standards may impact how transactions are recorded.Slide1-58
    59. 59. Understanding U.S. GAAP Understanding U.S. GAAP Looking to the Future Accounting in Action Both the IASB and the FASB are hard at work developing standards that will lead to the elimination of major differences in the way certain transactions are accounted for and reported. Consider, for example, that as a result of a joint project on the conceptual framework, the definitions of the most fundamental elements (assets, liabilities, equity, revenues, and expenses) may actually change. However, whether the IASB adopts internal control provisions similar to those in SOX remains to be seen.Slide1-59
    60. 60. Career Opportunities Career Opportunities APPENDIX Public accounting Government Private accounting Forensic accounting “Show me the Money”Slide1-60 SO 9 Explain the career opportunities in accounting.
    61. 61. Copyright Copyright Copyright © 2011 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make back-up copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein.Slide1-61
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