The document provides an introduction to financial statements. It discusses the primary forms of business organization, users and uses of accounting information, the three principal types of business activity, and the four main financial statements and their purpose. It also describes the components that supplement the financial statements in an annual report, such as management discussion and analysis, notes to the financial statements, and the auditor's report.
This document provides an introduction to financial statements and accounting. It begins with an introduction by the instructor, including their qualifications. It then outlines the key objectives to be covered, which are the primary forms of business organization, users and uses of accounting information, the three types of business activities, the four main financial statements and their purpose, and the components that supplement financial statements in an annual report. The document then proceeds to cover each of these topics in detail over multiple pages with examples and illustrations. It concludes with some key points about international accounting standards.
The document describes the key components of financial statements and annual reports. It explains that financial statements include the income statement, balance sheet, statement of cash flows, and retained earnings statement. It also discusses the three types of business activities - financing, investing, and operating. The annual report contains financial statements, management discussion and analysis, notes to the financial statements, and the auditor's report.
1. The document introduces key concepts related to financial statements, including the three main forms of business organization (sole proprietorships, partnerships, corporations), the main users and uses of accounting information (internal vs external), the three principal types of business activity (investing, operating, financing), and the four main financial statements (income statement, retained earnings statement, balance sheet, statement of cash flows).
2. It also describes the purpose of each financial statement and provides examples. Additional components of an annual report are discussed such as management discussion and analysis, notes to the financial statements, and the auditor's report.
3. International Financial Reporting Standards are introduced and compared to US GAAP requirements.
This document introduces key concepts related to financial statements. It discusses the primary forms of business organization including sole proprietorships, partnerships, and corporations. It identifies the major internal and external users of accounting information and their different information needs. It also explains the three principal types of business activity - financing, investing, and operating - and how the accounting system tracks results for each. Finally, it describes the four main financial statements used to communicate accounting information to users: the income statement, balance sheet, statement of cash flows, and retained earnings statement.
The document discusses accounting principles and concepts including:
1) Accounting is used to identify, record, and communicate the economic events of an organization to interested users.
2) Generally Accepted Accounting Principles (GAAP) provide standards for financial reporting and include principles like historical cost and fair value.
3) The basic accounting equation is Assets = Liabilities + Owner's Equity, and transactions affect at least two of these components.
The document provides an introduction to financial accounting. It defines accounting and describes the four main branches: financial accounting, managerial accounting, auditing, and tax accounting. It identifies the main users and uses of accounting information, both internal and external. It also describes the three primary forms of business organization - proprietorship, partnership, and corporation - and explains the basic accounting equation relating assets, liabilities, and owner's equity.
1. Accounting involves identifying, recording, and communicating the economic events of an organization to interested users both internal and external.
2. It explains key concepts like ethics, principles, assumptions, and the accounting equation which balances assets, liabilities, and owner's equity.
3. The accounting equation forms the framework for analyzing how transactions affect financial records by increasing or decreasing at least two components of the equation.
This document provides an introduction to financial statements and accounting. It begins with an introduction by the instructor, including their qualifications. It then outlines the key objectives to be covered, which are the primary forms of business organization, users and uses of accounting information, the three types of business activities, the four main financial statements and their purpose, and the components that supplement financial statements in an annual report. The document then proceeds to cover each of these topics in detail over multiple pages with examples and illustrations. It concludes with some key points about international accounting standards.
The document describes the key components of financial statements and annual reports. It explains that financial statements include the income statement, balance sheet, statement of cash flows, and retained earnings statement. It also discusses the three types of business activities - financing, investing, and operating. The annual report contains financial statements, management discussion and analysis, notes to the financial statements, and the auditor's report.
1. The document introduces key concepts related to financial statements, including the three main forms of business organization (sole proprietorships, partnerships, corporations), the main users and uses of accounting information (internal vs external), the three principal types of business activity (investing, operating, financing), and the four main financial statements (income statement, retained earnings statement, balance sheet, statement of cash flows).
2. It also describes the purpose of each financial statement and provides examples. Additional components of an annual report are discussed such as management discussion and analysis, notes to the financial statements, and the auditor's report.
3. International Financial Reporting Standards are introduced and compared to US GAAP requirements.
This document introduces key concepts related to financial statements. It discusses the primary forms of business organization including sole proprietorships, partnerships, and corporations. It identifies the major internal and external users of accounting information and their different information needs. It also explains the three principal types of business activity - financing, investing, and operating - and how the accounting system tracks results for each. Finally, it describes the four main financial statements used to communicate accounting information to users: the income statement, balance sheet, statement of cash flows, and retained earnings statement.
The document discusses accounting principles and concepts including:
1) Accounting is used to identify, record, and communicate the economic events of an organization to interested users.
2) Generally Accepted Accounting Principles (GAAP) provide standards for financial reporting and include principles like historical cost and fair value.
3) The basic accounting equation is Assets = Liabilities + Owner's Equity, and transactions affect at least two of these components.
The document provides an introduction to financial accounting. It defines accounting and describes the four main branches: financial accounting, managerial accounting, auditing, and tax accounting. It identifies the main users and uses of accounting information, both internal and external. It also describes the three primary forms of business organization - proprietorship, partnership, and corporation - and explains the basic accounting equation relating assets, liabilities, and owner's equity.
1. Accounting involves identifying, recording, and communicating the economic events of an organization to interested users both internal and external.
2. It explains key concepts like ethics, principles, assumptions, and the accounting equation which balances assets, liabilities, and owner's equity.
3. The accounting equation forms the framework for analyzing how transactions affect financial records by increasing or decreasing at least two components of the equation.
1. The document discusses the learning objectives of an accounting course which include identifying accounting activities and users, explaining the building blocks of accounting, analyzing the effects of business transactions, and describing the four main financial statements.
2. It provides examples to illustrate the accounting equation, increases and decreases to owner's equity, and how business transactions affect the equation.
3. A case study of a startup company called Softbyte is presented, showing the accounting entries for 10 sample transactions involving investments, purchases, expenses, revenues, and drawings to demonstrate application of accounting concepts.
This document provides an overview of accounting concepts including:
- Accounting involves identifying, recording, and communicating economic events of an organization to interested users such as investors, creditors, and management.
- The accounting equation states that assets equal liabilities plus equity, and defines each component. Assets are resources owned, liabilities are debts or obligations owed, and equity is the residual claim on assets.
- Accounting standards, principles, and assumptions provide the framework for recording accounting information, including guidelines for measurement, recognition of economic activity in monetary terms, and treatment of entities as separate from their owners.
Financial_Accounting_chapter_01 power pointMEHREENRIAZ7
This document provides an overview of accounting concepts including:
- What accounting is and its key users and purposes
- The accounting equation and how business transactions affect assets, liabilities, and equity
- Key accounting assumptions and standards
- The four main financial statements and how they are interrelated
The document does this through a series of slides that define terms, provide examples, and ask review questions. It aims to explain the fundamental building blocks of accounting.
This document provides an overview of key accounting concepts including: what accounting is, its users and uses, generally accepted accounting principles, the accounting equation and how business transactions affect it, and the four main financial statements. It explains that accounting identifies, records, and communicates the economic events of an organization. Generally accepted accounting principles and ethics are also fundamental concepts. The accounting equation balances assets, liabilities, and owner's equity. Financial statements including the balance sheet, income statement, statement of cash flows, and owner's equity statement are prepared from transaction data.
This document provides an overview of key concepts in accounting. It begins by listing the learning objectives, which include explaining what accounting is, identifying users and uses of accounting, understanding ethics and GAAP, and analyzing how business transactions affect the accounting equation. It then defines accounting as identifying, recording, and communicating the economic events of an organization. The three main activities are identifying, measuring, and communicating financial information. It discusses the users of accounting data, both internal and external. It emphasizes the importance of ethics in financial reporting. It also introduces the accounting equation, defines its components, and provides examples of how business transactions affect the equation. Finally, it briefly introduces the four main financial statements and GAAP.
This document summarizes Chapter 1 of the textbook "Financial and Managerial Accounting" by John J. Wild. It introduces accounting concepts such as the accounting equation, transaction analysis, and financial statements. Key points covered include the purpose and users of accounting information, career opportunities in accounting, generally accepted accounting principles, and calculating return on assets as a measure of operating efficiency.
This document provides an overview of accounting concepts and principles. It begins by listing 10 learning objectives, which include explaining what accounting is, identifying users of accounting information, understanding ethics in accounting, and explaining the four main financial statements. It then discusses key accounting concepts such as the accounting equation, generally accepted accounting principles (GAAP), and how business transactions affect the accounting equation. The document uses examples and illustrations to explain accounting terminology and how accounting information is prepared and reported.
The document discusses accounting and provides learning objectives about identifying activities and users of accounting, explaining the building blocks of accounting, stating the accounting equation and defining its components, and analyzing the effects of business transactions on the accounting equation. Specifically, it defines the three activities in accounting as identifying, recording, and communicating economic events. It also introduces the accounting equation and its components of assets, liabilities, and owner's equity. Sample business transactions are provided to illustrate how they affect changes to the accounting equation.
1. Accounting involves identifying, recording, and communicating the economic events of an organization to interested users. It has three main activities - identifying transactions, recording transactions, and preparing financial statements.
2. There are two main types of accounting users - internal users like management and external users like investors and creditors. Internal users use accounting information to make decisions while external users use it to assess performance and make lending/investment decisions.
3. Accounting principles like GAAP provide standards for financial reporting to ensure consistency and comparability. GAAP includes standards set by bodies like FASB and IASB and principles like historical cost and fair value for measuring assets and liabilities.
This document provides an overview and objectives of Chapter 1 of an accounting principles textbook. It introduces key concepts in accounting including what accounting is, its users and uses, ethics, generally accepted accounting principles, assumptions, the basic accounting equation and its components, how business transactions affect the equation, and the four main financial statements. It also briefly discusses accounting career opportunities. The objectives are to explain these foundational accounting topics and how the financial statements are prepared from the summarized transaction data.
This document provides an overview of accounting as a topic, including definitions of accounting from various professional bodies, the objectives and users of accounting information, and specializations within the field of accounting. It defines accounting as the process of recording, classifying, summarizing and communicating financial information to help users make informed economic decisions. Accounting information is used by both internal and external stakeholders, including investors, creditors, management, and government agencies. The document also outlines several specialized fields within accounting, such as financial accounting, managerial accounting, and tax accounting.
1st Day of Introduction to Accounting.pptxAnwarFaqot
Accounting identifies, records, and communicates the economic events of a business to internal and external users. It consists of three activities: identification, recording, and communication. Accounting provides financial statements that are used by internal managers and external parties like investors and creditors. Transactions affect the accounting equation by increasing or decreasing at least one account.
Accounting chapter 1: Introduction to accounting and financial statements: knowledge of financial statements including a balance sheet, income statements, retained earning
ACT++Chapter+1.ppt Basic Accounting Chap 1sadmimaahmed
1. Accounting is a system that identifies, records, and communicates the economic activities of an organization. It provides financial information to both internal and external users, such as management, investors, creditors, and regulators.
2. The accounting process follows generally accepted accounting principles (GAAP) and makes certain assumptions. Transactions are recorded based on the accounting equation, which balances assets, liabilities, and owners' equity.
3. Accounting data is used by both internal and external parties to make financial decisions. It allows management to evaluate performance and make business decisions, while investors, creditors, and regulators rely on accounting reports to understand the financial position of a company.
The document provides an overview of financial accounting and analysis. It defines accounting and discusses its purpose of providing quantitative financial information to help users make better business decisions. The summary also outlines the key financial statements - the income statement, balance sheet, and cash flow statement - and discusses their purpose in showing financial performance and position. Finally, it discusses the accounting cycle of collecting, recording, and reporting financial data.
This document provides an overview and learning objectives for Chapter 1 of an accounting textbook. It introduces key concepts such as the three activities of accounting (identifying, recording, communicating economic events), users of accounting information, ethics and regulations, generally accepted accounting principles, assumptions, and the basic accounting equation. The chapter explains that accounting identifies, records and reports the financial effects of business transactions and events for internal and external users. It also defines important terms and concepts and provides examples and illustrations.
Accounting provides financial information to both internal and external users of a business. It identifies, measures, records, and communicates quantitative economic data about a business. Accounting involves three main activities - identifying transactions, recording transactions, and communicating information. It produces financial statements that are used by managers, investors, creditors and other stakeholders to make informed decisions.
accounting information and decision makingfarhana rahman
This chapter provides an overview of the exercises, cases, and internet assignments in the textbook. It includes:
1) Descriptions of 15 exercises that cover topics such as users of accounting information, financial reporting, accounting principles, and accounting terminology.
2) Descriptions of 5 cases that explore topics like the reliability of financial statements and accounting systems. The estimated completion times and difficulty levels are provided.
3) A description of an internet assignment directing students to access accounting information on the Rutgers University website.
The document concludes with sample answers to 40 discussion questions that correspond to the chapter material. The questions cover accounting concepts and help students develop communication skills.
The document provides an introduction to financial statements. It discusses the four main financial statements that companies prepare: the income statement, retained earnings statement, balance sheet, and statement of cash flows. The income statement reports revenues and expenses over a period of time. The retained earnings statement shows changes in retained earnings over the same period as the income statement. The balance sheet reports assets, liabilities, and stockholders' equity at a point in time. The financial statements are interrelated and provide information to both internal and external users of the statements.
Introduction to Basic Accounting ConceptKamrul Hasan
The document provides an overview of accounting history and concepts. It discusses how accounting originated with early civilizations keeping records of agricultural products. It then focuses on Luca Pacioli, called the "Father of Accounting", who in 1494 published the first description of the double-entry accounting system still used today. The document also defines key accounting terms like assets, liabilities, owner's equity, and the accounting equation. It explains how business transactions impact the accounting equation and provides an example transaction analysis.
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BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
1. The document discusses the learning objectives of an accounting course which include identifying accounting activities and users, explaining the building blocks of accounting, analyzing the effects of business transactions, and describing the four main financial statements.
2. It provides examples to illustrate the accounting equation, increases and decreases to owner's equity, and how business transactions affect the equation.
3. A case study of a startup company called Softbyte is presented, showing the accounting entries for 10 sample transactions involving investments, purchases, expenses, revenues, and drawings to demonstrate application of accounting concepts.
This document provides an overview of accounting concepts including:
- Accounting involves identifying, recording, and communicating economic events of an organization to interested users such as investors, creditors, and management.
- The accounting equation states that assets equal liabilities plus equity, and defines each component. Assets are resources owned, liabilities are debts or obligations owed, and equity is the residual claim on assets.
- Accounting standards, principles, and assumptions provide the framework for recording accounting information, including guidelines for measurement, recognition of economic activity in monetary terms, and treatment of entities as separate from their owners.
Financial_Accounting_chapter_01 power pointMEHREENRIAZ7
This document provides an overview of accounting concepts including:
- What accounting is and its key users and purposes
- The accounting equation and how business transactions affect assets, liabilities, and equity
- Key accounting assumptions and standards
- The four main financial statements and how they are interrelated
The document does this through a series of slides that define terms, provide examples, and ask review questions. It aims to explain the fundamental building blocks of accounting.
This document provides an overview of key accounting concepts including: what accounting is, its users and uses, generally accepted accounting principles, the accounting equation and how business transactions affect it, and the four main financial statements. It explains that accounting identifies, records, and communicates the economic events of an organization. Generally accepted accounting principles and ethics are also fundamental concepts. The accounting equation balances assets, liabilities, and owner's equity. Financial statements including the balance sheet, income statement, statement of cash flows, and owner's equity statement are prepared from transaction data.
This document provides an overview of key concepts in accounting. It begins by listing the learning objectives, which include explaining what accounting is, identifying users and uses of accounting, understanding ethics and GAAP, and analyzing how business transactions affect the accounting equation. It then defines accounting as identifying, recording, and communicating the economic events of an organization. The three main activities are identifying, measuring, and communicating financial information. It discusses the users of accounting data, both internal and external. It emphasizes the importance of ethics in financial reporting. It also introduces the accounting equation, defines its components, and provides examples of how business transactions affect the equation. Finally, it briefly introduces the four main financial statements and GAAP.
This document summarizes Chapter 1 of the textbook "Financial and Managerial Accounting" by John J. Wild. It introduces accounting concepts such as the accounting equation, transaction analysis, and financial statements. Key points covered include the purpose and users of accounting information, career opportunities in accounting, generally accepted accounting principles, and calculating return on assets as a measure of operating efficiency.
This document provides an overview of accounting concepts and principles. It begins by listing 10 learning objectives, which include explaining what accounting is, identifying users of accounting information, understanding ethics in accounting, and explaining the four main financial statements. It then discusses key accounting concepts such as the accounting equation, generally accepted accounting principles (GAAP), and how business transactions affect the accounting equation. The document uses examples and illustrations to explain accounting terminology and how accounting information is prepared and reported.
The document discusses accounting and provides learning objectives about identifying activities and users of accounting, explaining the building blocks of accounting, stating the accounting equation and defining its components, and analyzing the effects of business transactions on the accounting equation. Specifically, it defines the three activities in accounting as identifying, recording, and communicating economic events. It also introduces the accounting equation and its components of assets, liabilities, and owner's equity. Sample business transactions are provided to illustrate how they affect changes to the accounting equation.
1. Accounting involves identifying, recording, and communicating the economic events of an organization to interested users. It has three main activities - identifying transactions, recording transactions, and preparing financial statements.
2. There are two main types of accounting users - internal users like management and external users like investors and creditors. Internal users use accounting information to make decisions while external users use it to assess performance and make lending/investment decisions.
3. Accounting principles like GAAP provide standards for financial reporting to ensure consistency and comparability. GAAP includes standards set by bodies like FASB and IASB and principles like historical cost and fair value for measuring assets and liabilities.
This document provides an overview and objectives of Chapter 1 of an accounting principles textbook. It introduces key concepts in accounting including what accounting is, its users and uses, ethics, generally accepted accounting principles, assumptions, the basic accounting equation and its components, how business transactions affect the equation, and the four main financial statements. It also briefly discusses accounting career opportunities. The objectives are to explain these foundational accounting topics and how the financial statements are prepared from the summarized transaction data.
This document provides an overview of accounting as a topic, including definitions of accounting from various professional bodies, the objectives and users of accounting information, and specializations within the field of accounting. It defines accounting as the process of recording, classifying, summarizing and communicating financial information to help users make informed economic decisions. Accounting information is used by both internal and external stakeholders, including investors, creditors, management, and government agencies. The document also outlines several specialized fields within accounting, such as financial accounting, managerial accounting, and tax accounting.
1st Day of Introduction to Accounting.pptxAnwarFaqot
Accounting identifies, records, and communicates the economic events of a business to internal and external users. It consists of three activities: identification, recording, and communication. Accounting provides financial statements that are used by internal managers and external parties like investors and creditors. Transactions affect the accounting equation by increasing or decreasing at least one account.
Accounting chapter 1: Introduction to accounting and financial statements: knowledge of financial statements including a balance sheet, income statements, retained earning
ACT++Chapter+1.ppt Basic Accounting Chap 1sadmimaahmed
1. Accounting is a system that identifies, records, and communicates the economic activities of an organization. It provides financial information to both internal and external users, such as management, investors, creditors, and regulators.
2. The accounting process follows generally accepted accounting principles (GAAP) and makes certain assumptions. Transactions are recorded based on the accounting equation, which balances assets, liabilities, and owners' equity.
3. Accounting data is used by both internal and external parties to make financial decisions. It allows management to evaluate performance and make business decisions, while investors, creditors, and regulators rely on accounting reports to understand the financial position of a company.
The document provides an overview of financial accounting and analysis. It defines accounting and discusses its purpose of providing quantitative financial information to help users make better business decisions. The summary also outlines the key financial statements - the income statement, balance sheet, and cash flow statement - and discusses their purpose in showing financial performance and position. Finally, it discusses the accounting cycle of collecting, recording, and reporting financial data.
This document provides an overview and learning objectives for Chapter 1 of an accounting textbook. It introduces key concepts such as the three activities of accounting (identifying, recording, communicating economic events), users of accounting information, ethics and regulations, generally accepted accounting principles, assumptions, and the basic accounting equation. The chapter explains that accounting identifies, records and reports the financial effects of business transactions and events for internal and external users. It also defines important terms and concepts and provides examples and illustrations.
Accounting provides financial information to both internal and external users of a business. It identifies, measures, records, and communicates quantitative economic data about a business. Accounting involves three main activities - identifying transactions, recording transactions, and communicating information. It produces financial statements that are used by managers, investors, creditors and other stakeholders to make informed decisions.
accounting information and decision makingfarhana rahman
This chapter provides an overview of the exercises, cases, and internet assignments in the textbook. It includes:
1) Descriptions of 15 exercises that cover topics such as users of accounting information, financial reporting, accounting principles, and accounting terminology.
2) Descriptions of 5 cases that explore topics like the reliability of financial statements and accounting systems. The estimated completion times and difficulty levels are provided.
3) A description of an internet assignment directing students to access accounting information on the Rutgers University website.
The document concludes with sample answers to 40 discussion questions that correspond to the chapter material. The questions cover accounting concepts and help students develop communication skills.
The document provides an introduction to financial statements. It discusses the four main financial statements that companies prepare: the income statement, retained earnings statement, balance sheet, and statement of cash flows. The income statement reports revenues and expenses over a period of time. The retained earnings statement shows changes in retained earnings over the same period as the income statement. The balance sheet reports assets, liabilities, and stockholders' equity at a point in time. The financial statements are interrelated and provide information to both internal and external users of the statements.
Introduction to Basic Accounting ConceptKamrul Hasan
The document provides an overview of accounting history and concepts. It discusses how accounting originated with early civilizations keeping records of agricultural products. It then focuses on Luca Pacioli, called the "Father of Accounting", who in 1494 published the first description of the double-entry accounting system still used today. The document also defines key accounting terms like assets, liabilities, owner's equity, and the accounting equation. It explains how business transactions impact the accounting equation and provides an example transaction analysis.
The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
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3. 1-3
1. Describe the primary forms of business organization.
2. Identify the users and uses of accounting information.
3. Explain the three principal types of business activity.
4. Describe the content and purpose of each of the financial
statements.
5. Explain the meaning of assets, liabilities, and stockholders’
equity, and state the basic accounting equation.
6. Describe the components that supplement the financial
statements in an annual report.
Study Objectives
4. 1-4
Internal users
External users
Ethics in financial
reporting
Forms of
Business
Organization
Users and Uses
of Financial
Information
Business
Activities
Communicating
with Users
Sole
proprietorship
Partnership
Corporation
Financing
Investing
Operating
Income statement
Retained earnings
statement
Balance sheet
Statement of cash
flows
Interrelationships
of statements
Other elements of
an annual report
Introduction to Financial Statements
5. 1-5
Proprietorship Partnership Corporation
Simple to
establish
Shared control
Broader skills
and resources
Tax advantages
Easier to transfer
ownership
Easier to raise
funds
No personal
liability
Forms of Business Organization
Generally owned
by one person
Simple to
establish
Owner
controlled
Tax advantages
SO 1 Describe the primary forms of business organization.
7. 1-7
Questions Asked by
Internal Users User
1. Can we afford to give our
employees a pay raise?
Human Resources
2. What price for our product
will maximize net income?
3. Which product line is most
profitable?
4. Is cash sufficient to pay
dividends to the stockholders?
Marketing
Management
Finance
Users and Uses of Financial Information
SO 2 Identify the users and uses of accounting information.
8. 1-8
Questions Asked by
External Users User
1. Is the company earning
satisfactory income?
Investors
2. How does Disney compare in
size and profitability with Time
Warner?
3. Will United Airlines be able to
pay its debts as they come
due?
Investors
Creditors
Users and Uses of Financial Information
SO 2 Identify the users and uses of accounting information.
11. 1-11
Ethics In Financial Reporting
United States regulators and lawmakers were very concerned
that the economy would suffer if investors lost confidence in
corporate accounting because of unethical financial reporting.
Recent financial scandals include: Enron, WorldCom,
HealthSouth, AIG, and others.
Congress passed Sarbanes-Oxley Act of 2002.
Effective financial reporting depends on sound ethical
behavior.
Users and Uses of Financial Information
SO 2 Identify the users and uses of accounting information.
12. 1-12
Users and Uses of Financial Information
SO 2 Identify the users and uses of accounting information.
Illustration 1-3
Steps in analyzing ethics cases
14. 1-14
Which of the following did not result from the Sarbanes-
Oxley Act?
a. Top management must now certify the accuracy of
financial information.
b. Penalties for fraudulent activity increased.
c. Independence of auditors increased.
d. Tax rates on corporations increased.
Question
Users and Uses of Financial Information
SO 2 Identify the users and uses of accounting information.
15. 1-15
All businesses are involved in three types of activity —
financing,
investing,
and operating.
Business Activities
SO 3 Explain the three principal types of business activity.
The accounting information system keeps track of
the results of each of these business activities.
16. 1-16
Two primary sources of outside funds are:
1. Borrowing money
Amounts owed are called liabilities.
Party to whom amounts are owed are creditors.
Notes payable and bonds payable are different
type of liabilities.
2. Issuing shares of stock for cash.
Payments to stockholders are called dividends.
Business Activities
SO 3 Explain the three principal types of business activity.
Financing Activities
17. 1-17
Investing Activities
Purchase of resources a company needs to
operate.
Computers, delivery trucks, furniture, buildings, etc.
Resources owned by a business are called assets.
Business Activities
SO 3 Explain the three principal types of business activity.
18. 1-18
Operating Activities
Once a business has the assets it needs,
it can begin its operations.
Revenues - Amounts earned from the sale of products
(sales revenue, service revenue, and interest revenue).
Inventory - Goods available for sale to customers.
Accounts receivable - Right to receive money from a
customer,in the future, as the result of a sale.
Business Activities
SO 3 Explain the three principal types of business activity.
19. 1-19
Operating Activities
Expenses - cost of assets consumed or services used.
(cost of goods sold, selling, marketing, administrative,
interest, and income taxes expense).
Liabilities arising from expenses include accounts
payable, interest payable, wages payable, sales taxes
payable, and income taxes payable.
Net income – when revenues exceed expenses.
Net loss – when expenses exceed revenues.
Business Activities
SO 3 Explain the three principal types of business activity.
20. 1-20
Companies prepare four financial statements from the
summarized accounting data:
Income
Statement
Balance
Sheet
Statement
of Cash
Flows
Retained
Earnings
Statement
Communicating with Users
SO 4 Describe the content and purpose of each of the financial statements.
21. 1-21
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.
Review Question
Communicating with Users
SO 4 Describe the content and purpose of each of the financial statements.
22. 1-22
Reports revenues and
expenses for a specific
period of time.
Net income – revenues
exceed expenses.
Net loss – expenses
exceed revenues.
Past net income
provides information for
predicting future net
income.
Communicating with Users
SO 4 Describe the content and purpose of each of the financial statements.
Income Statement
Illustration 1-4
23. 1-23
Illustration 1-4
Communicating with Users
SO 4 Describe the content and purpose of each of the financial statements.
Retained Earnings
Statement
Net income is needed to
determine the ending balance in
retained earnings.
Illustration 1-5
Income Statement
24. 1-24
Communicating with Users
SO 4 Describe the content and purpose of each of the financial statements.
Statement shows amounts and
causes of changes in retained
earnings during the period.
Time period is the same as
that covered by the income
statement.
Users can evaluate dividend
payment practices.
Retained Earnings
Statement
Illustration 1-5
25. 1-25
Communicating with Users
SO 4 Describe the content and purpose of each of the financial statements.
Retained Earnings
Statement
Illustration 1-5
Ending balance in retained
earnings is needed in preparing
the balance sheet.
Balance Sheet Illustration 1-7
26. 1-26
Communicating with Users
Balance Sheet
Reports assets and
claims to assets at a
specific point in time.
Assets = Liabilities +
Stockholders’ Equity.
Lists assets first,
followed by liabilities and
stockholders’ equity.
SO 5 Explain the meaning of assets, liabilities, and stockholders’
equity, and state the basic accounting equation.
Illustration 1-7
27. 1-27
Communicating with Users
Balance Sheet
SO 5 Explain the meaning of assets, liabilities, and stockholders’
equity, and state the basic accounting equation.
Illustration 1-7 Illustration 1-8
Statement of Cash Flows
28. 1-28
Answers:
Where did cash
come from during
the period?
How was cash used
during the period?
What was the
change in the cash
balance during the
period?
Communicating with Users
Statement of Cash Flows
Illustration 1-8
SO 5 Explain the meaning of assets, liabilities, and stockholders’
equity, and state the basic accounting equation.
29. 1-29
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.
Review Question
Communicating with Users
SO 5 Explain the meaning of assets, liabilities, and stockholders’
equity, and state the basic accounting equation.
31. 1-31
U.S. companies that are publicly traded must provide
shareholders with an annual report.
The annual report always includes:
Financial statements.
Management discussion and analysis.
Notes to the financial statements.
Independent auditor's report.
Other Elements of an Annual Report
SO 6 Describe the components that supplement the
financial statements in an annual report.
32. 1-32
Management’s Report
Management discussion and analysis (MD&A) covers the
companies ability to pay near-term obligations, its ability to
fund operations and expansion, and its results of operations.
Management must highlight favorable or unfavorable trends
and identify significant events and uncertainties that affect
these three factors.
Other Elements of an Annual Report
SO 6 Describe the components that supplement the
financial statements in an annual report.
33. 1-33
Other Elements of an Annual Report
Illustration 1-10
Management’s Report
SO 6 Describe the components that supplement the
financial statements in an annual report.
34. 1-34
Other Elements of an Annual Report
SO 6 Describe the components that supplement the
financial statements in an annual report.
Notes to the Financial Statements
Illustration 1-11
Clarify the financial statements.
Provide additional detail.
Notes are essential to understanding a company’s operating
performance and financial position.
35. 1-35
Auditor’s Report
Other Elements of an Annual Report
SO 6
Illustration 1-12
Auditor’s opinion as to the fairness of the presentation of the
financial position and results of operations and their conformance
with generally accepted accounting standards.
36. 1-36
1. Descriptions of significant accounting policies: Notes
2. Unqualified opinion: Auditor’s report
3. Explanations of uncertainties and contingencies: Notes
4. Description of ability to fund operations and expansion: MD&A
5. Description of results of operations: MD&A
6. Certified Public Accountant (CPA): Auditor’s report
SO 6 Describe the components that supplement the
financial statements in an annual report.
Other Elements of an Annual Report
State whether each of the following items is most
closely associated with the management discussion
and analysis (MD&A), the notes to the financial statements, or the
auditor’s report.
37. 1-37
Key Points
International standards referred to as International Financial
Reporting Standards (IFRS), are developed by the International
Accounting Standards Board (IASB).
The United States and the international standard-setting
environment are primarily driven by meeting the needs of
investors and creditors.
The internal control standards applicable to Sarbanes-Oxley
(SOX) apply only to large public companies listed on U.S.
exchanges.
38. 1-38
Key Points
IFRS tends to be simpler in its accounting and disclosure
requirements; some people say more “principles-based.”
GAAP is more detailed; some people say more “rules-based.”
U.S. regulators have recently eliminated the need for foreign
companies that trade shares in U.S. markets to reconcile their
accounting with GAAP.
The three most common forms of business organization,
proprietorships, partnerships, and corporations, are also found
in countries that use IFRS.
The conceptual framework that underlies IFRS is very similar to
that used to develop GAAP.
39. 1-39
Looking into the Future
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. In
fact, at one time the IASB stated that no new major standards
would become effective until 2009. The major reason for this
policy was to provide companies the time to translate and
implement IFRS into practice, as much has happened in a very
short period of time.
40. 1-40
Which of the following is not a reason why a single set of high-
quality international accounting standards would be
beneficial?
a) Mergers and acquisition activity.
b) Financial markets.
c) Multinational corporations.
d) GAAP is widely considered to be a superior reporting
system.
41. 1-41
The Sarbanes-Oxley Act determines:
a) international tax regulations.
b) internal control standards as enforced by the IASB.
c) internal control standards of U.S. publicly traded
companies.
d) U.S. tax regulations.
42. 1-42
IFRS is considered to be more:
a) principles-based and less rules-based than GAAP.
b) rules-based and less principles-based than GAAP.
c) detailed than GAAP.
d) None of the above.