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Acc week 1

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Shu Shin
Shu Shin
Business
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Topic 1 Conceptual Framework
In Your Textbook... ,[object Object],[object Object],[object Object]
“ WHAT & WHY ” Financial Reporting?
What is Accounting? ,[object Object],[object Object],[object Object],UTAR/FBAF1023/Topic1
What does Accounting record? ,[object Object],[object Object],[object Object],[object Object]
Purpose of Accounting ,[object Object],[object Object],[object Object],[object Object],Looking at the examples above, how do you think we differentiate external users from internal users?
A business stakeholder is a person or entity having an interest in the economic performance of the business. Business Stakeholders Users ??
Business Stakeholders ,[object Object],[object Object],[object Object]
Business Stakeholders ,[object Object],[object Object]
The Process of Providing Information 2 Assess stakeholders’ informational needs. STAKEHOLDERS Internal: Owners, managers, employees External: Customers, creditors, government 1 Identify stake-holders.
The Process of Providing Information Accounting Information System Design the accounting information system to meet stakeholders’ needs. 3 4 Record economic data about business activities and events.
Accounting Information System The Process of Providing Information 5 Prepare accounting reports for stakeholders. STAKEHOLDERS Internal: Owners, managers, employees External: Customers, creditors, government
“ WHOM ” do we report for?
Nature of a Business ,[object Object],[object Object],[object Object]
Manufacturing Business Types of Businesses Product Proton Cars, automotive parts Intel Computer chips Boeing Jet aircraft Nike Athletic shoes and apparel Coca-Cola Beverages Sony Stereos and television
Merchandising Business Types of Businesses Product Jusco General merchandise Toys “R” Us Toys Tower Records Music & video records Guardian Beauty & health products Amazon.com Internet books, music, video retailer
Service Business Types of Businesses Product Disney Entertainment Malaysia Airline Transportation Hilton Hotels Hospitality and lodging A Cut Above Hairdressing services Maxis Telecommunication
There are three types of business organizations ,[object Object],[object Object],[object Object]
A proprietorship is owned by one individual. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Joe’s
A partnership is owned by two or more individuals. ,[object Object],[object Object],[object Object],[object Object],[object Object],Joe and Marty’s
A corporation is organized under Company Law as a separate legal entity. ,[object Object],[object Object],[object Object],[object Object],J & M, Bhd.
Sample Organisation Chart
Take A Break!
“ HOW ” to record?
General Accepted Accounting Principles ,[object Object],[object Object],[object Object],[object Object]
Basic Accounting Concepts ,[object Object],[object Object]
[object Object],[object Object],[object Object],Basic Accounting Concepts
[object Object],[object Object],[object Object],Basic Accounting Concepts
[object Object],[object Object],[object Object],Basic Accounting Concepts
[object Object],[object Object],[object Object],[object Object],Basic Accounting Concepts
[object Object],[object Object],[object Object],[object Object],Basic Accounting Concepts
[object Object],[object Object],[object Object],Basic Accounting Concepts
[object Object],[object Object],[object Object],[object Object],[object Object],Basic Accounting Concepts
[object Object],[object Object],[object Object],Basic Accounting Concepts
Basic Accounting Concepts ,[object Object],[object Object],[object Object],[object Object],9. Accrual Concept
[object Object],[object Object],Basic Accounting Concepts Sales made during 1/1/06 – 31/12/06 Bills incurred during 1/1/06 – 31/12/06 “ Matched”
Accounting reports, called financial statements , provide summarized information to the owner.
Financial Statements ,[object Object],[object Object],[object Object]
Cycle of Accounting Record Process Source Documents Journal Ledger Trial Balance Income Statement Balance Sheet Transactions take place
The End

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Acc week 1

  • 1. Topic 1 Conceptual Framework
  • 2.
  • 3. “ WHAT & WHY ” Financial Reporting?
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  • 7. A business stakeholder is a person or entity having an interest in the economic performance of the business. Business Stakeholders Users ??
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  • 10. The Process of Providing Information 2 Assess stakeholders’ informational needs. STAKEHOLDERS Internal: Owners, managers, employees External: Customers, creditors, government 1 Identify stake-holders.
  • 11. The Process of Providing Information Accounting Information System Design the accounting information system to meet stakeholders’ needs. 3 4 Record economic data about business activities and events.
  • 12. Accounting Information System The Process of Providing Information 5 Prepare accounting reports for stakeholders. STAKEHOLDERS Internal: Owners, managers, employees External: Customers, creditors, government
  • 13. “ WHOM ” do we report for?
  • 14.
  • 15. Manufacturing Business Types of Businesses Product Proton Cars, automotive parts Intel Computer chips Boeing Jet aircraft Nike Athletic shoes and apparel Coca-Cola Beverages Sony Stereos and television
  • 16. Merchandising Business Types of Businesses Product Jusco General merchandise Toys “R” Us Toys Tower Records Music & video records Guardian Beauty & health products Amazon.com Internet books, music, video retailer
  • 17. Service Business Types of Businesses Product Disney Entertainment Malaysia Airline Transportation Hilton Hotels Hospitality and lodging A Cut Above Hairdressing services Maxis Telecommunication
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  • 24. “ HOW ” to record?
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  • 37. Accounting reports, called financial statements , provide summarized information to the owner.
  • 38.
  • 39. Cycle of Accounting Record Process Source Documents Journal Ledger Trial Balance Income Statement Balance Sheet Transactions take place