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Chap001.nuevo

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POWERPOINT CAPITULO 1-CONT 1051

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Chap001.nuevo

  1. 1. Chapter 1 ACCOUNTING IN BUSINESS
  2. 2. IMPORTANCE OF ACCOUNTING Identifying Select transactions and events Recording Input, measure and classify Communicating Prepare, analyze and interpret Accounting C 1
  3. 3. USERS OF ACCOUNTING INFORMATION External Users <ul><li>Lenders </li></ul><ul><li>Shareholders </li></ul><ul><li>Governments </li></ul><ul><li>Consumer Groups </li></ul><ul><li>External Auditors </li></ul><ul><li>Customers </li></ul>Internal Users <ul><li>Managers </li></ul><ul><li>Officers/Directors </li></ul><ul><li>Internal Auditors </li></ul><ul><li>Sales Staff </li></ul><ul><li>Budget Officers </li></ul><ul><li>Controllers </li></ul>C 2
  4. 4. USERS OF ACCOUNTING INFORMATION External Users Financial accounting provides external users with financial statements. Internal Users Managerial accounting provides information needs for internal decision-makers. C 2
  5. 5. ETHICS - A KEY CONCEPT Beliefs that distinguish right from wrong Accepted standards of good and bad behavior C 3
  6. 6. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES Financial accounting practice is governed by concepts and rules known as generally accepted accounting principles (GAAP) . Relevant Information Affects the decision of its users. Reliable Information Is trusted by users. Comparable Information Is helpful in contrasting organizations. C 4
  7. 7. SETTING ACCOUNTING PRINCIPLES The Securities and Exchange Commission is the government agency that establishes reporting requirements for companies that issue stock to the public. Financial Accounting Standards Board is the private group that sets both broad and specific principles. The International Accounting Standards Board (IASB) issues International Financial Reporting Standards that identify preferred accounting practices to create harmony among accounting practices of different countries. C 4
  8. 8. INTERNATIONAL STANDARDS The International Accounting Standards Board (IASB), an independent group (consisting of 16 individuals from many countries), issues International Financial Reporting Standards (IFRS) that identify preferred accounting practices. IASB C 4
  9. 9. FORMS OF BUSINESS ENTITIES C 4 Sole Proprietorship Partnership Corporation
  10. 10. TRANSACTION ANALYSIS AND THE ACCOUNTING EQUATION Assets = Liabilities + Equity Ecuación de Contabilidad A1
  11. 11. ASSETS Land Equipment Buildings Cash Vehicles Store Supplies Notes Receivable Accounts Receivable Recursos propios o controlados por la compañía. A1
  12. 12. LIABILITIES Taxes Payable Wages Payable Notes Payable Accounts Payable Reclamos de los acreedores sobre los activos . A1
  13. 13. EQUITY Igual a Activos Menos Pasivos (Activos Netos) Reclamos de los Dueños sobre los activos A
  14. 14. EXPANDED ACCOUNTING EQUATION A1 Liabilities Equity Assets = + Revenues Expenses Owner Capital Owner Withdrawals _ + _ Equidad del Dueño Liabilities Equity Assets = +
  15. 15. TRANSACTION ANALYSIS EQUATION <ul><li>La ecuación de contabilidad debe PERMANECER en balance después de cada transacción. </li></ul>A2 Liabilities Equity Assets = +
  16. 16. END OF CHAPTER 1

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