Aim: How is Accounting Used

Slides:

Advertisements

Similar presentations

Financing the Business Chapter 36. How are they different? The easiest way to separate accounting and finance is to think of accounting as the past and.

Advertisements

State Standard A. Accounting Services Pathway Students learn how to design, install, maintain, and use general accounting systems and prepare, analyze,

Accounting: The Language

© The McGraw-Hill Companies, Inc., 2002 McGraw-Hill/Irwin Financial & Managerial Accounting The Basis for Business Decisions TWELFTH EDITION Williams Haka.

Using Accounting Information Business Planning Activities n Individual Point of View n Business Point of View –Planning –Budgeting.

Accounting: The Universal Language of Business

Essentials of Accounting Systems Finance for Non-Financial Entrepreneurs and Managers.

Chapter 1  Business Activities and the Role of Accounting.

INTRODUCTION TO ACCOUNTING INFORMATION SYSTEMS. Accounting — An Information Process Accounting — An Information Process Identification of Users.

Uses of Accounting Information and the Financial Statements

The Role of Accounting in Business Chapter 1

Dr. Mohamed A. Hamada Lecturer of Accounting Information Systems

Chapter 1 – Part 1. Define accounting vocabulary.

Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Financial Statements and Business Decisions Chapter 1.

Chapter 12: The Role Of Accounting In Business Exploring Business 2.0 © 2012 Flat World Knowledge.

Chapter 13 Basic Financial Concepts. Learning Outcomes On completion of this chapter you should be able to: Describe the purpose of accounting Explain.

Accounting: The Language

Chapter 1 Accounting and the Business Environment

Pauline Weetman, Financial and Management Accounting, 5 th edition © Pearson Education 2011 Slide 1.1 Chapter 1 Who needs accounting?

© The McGraw-Hill Companies, Inc., 2005 McGraw-Hill/Irwin 1-1 Financial & Managerial Accounting The Basis for Business Decisions THIRTEENTH EDITION Williams.

© The McGraw-Hill Companies, Inc., 2005 McGraw-Hill/Irwin 1-1 ACCOUNTING: INFORMATION FOR DECISION MAKING Chapter 1.

Accounting for the Nonfinancial Manager Chapter 2: The Financial Statements (Part A)

Principles of Financial Accounting Chapter 1 Forms of Business Organizations Sole Proprietorship Easy to establish Owner is control of assets and operations.

CHAPTER 1 BUSINESS DECISIONS BUSINESS DECISIONS And FINANCIAL ACCOUNTING..

DEFINITION. The American Accounting Association defines Accounting as follows:

Financial Accounting Accounting Standards. History of Financial Accounting Pacioli and double entry accounting Assets = Liabilities and Owner’s Equity.

Introduction to Accounting Topic 1 10/26/2015Topic 1: Introduction to accounting.

The Accounting Equation o The resources owned by a business are its assets. o The rights of creditors are the debts of the business and are called liabilities.

McGraw-Hill/Irwin Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Accounting and the Business Environment Chapter 1.

Describe various organizational forms and business decision makers. 1-1.

TYPES OF FUND. REPORTING UNIT Each Governmental organization is described as Reporting Unit, and; prepares financial statements used by citizens, creditors,

Spiceland | Thomas | Herrmann Financial Accounting Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without.

© The McGraw-Hill Companies, Inc., 2002 McGraw-Hill/Irwin BASIC FINANCIAL STATEMENTS Chapter 2.

© The McGraw-Hill Companies, Inc., 2003 McGraw-Hill/Irwin Slide 1-1 ACCOUNTING: Information for Decision Making Chapter 1.

Lecture 1.  Accounting is “the language of business.”  More precisely, accounting is a system of maintaining records of a company’s operations and communicating.

Chapter 1 Accounting in Action. What is Accounting?  An information system that identifies, records and communicates economic events Identify: select.

McGraw-Hill/Irwin Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. 1-1 Chapter One: Accounting: Information for Decision Making.

©2004 Prentice Hall Business Publishing Financial Accounting, 6/e Harrison/Horngren 1 The Financial Statements Chapter 1.

Spiceland | Thomas | Herrmann Financial Accounting Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without.

Elements of Financial Statements. Purpose of financial statements Reporting accounting information to external decision makers.

© McGraw-Hill Ryerson. All rights reserved.

Financial Accounting. Accounting Measures Processes Communicates…… Financial information to decision makers.

Function of Financial Accounting. Financial Accounting Accounting can be defined as “the process of identifying, measuring and communicating economic.

Hospitality Financial Accounting Week 1 Part 1 Hospitality Accounting in Action Matakuliah: V0232 – Akuntansi Keuangan Hotel Tahun: 2009.

McGraw-Hill/Irwin Chapter 1 The Nature and Purpose of Accounting Copyright © The McGraw-Hill Companies. All Rights Reserved.

TOPIC 1 Lecture 1 & 2 ACCOUNTING ENVIRONMENT. BKAF1023 SCHOOL OF ACCOUNTING UNIVERSITI UTARA MALAYSIA 2 ACCOUNTING ENVIRONMENT After studying this chapter,

1 Chapter 1 The Link Between Business and Accounting.

Unit 3 Accounts & Finance Financial Accounts. Learning Objectives To be able to construct and ammend accounts from information given To identify and understand.

Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO1Describe the different users of accounting information. LO2Prepare a net worth statement.

Accounting: The Language

The Financial Statements

How to do Cash Flow Statements

Financial Accounting Prof. B.D.Panda.

Basic Accounting Concepts

Hospitality Accounting in Action

6.00 Understand Financial Analysis

6.00 Understand Financial Analysis

Accounting Courses in Chandigarh. Why is financial accounting needed? The goal of managerial accounting is to help company managers and supervisors make.

Financial Statements Balance sheet.

FINANCIAL ACCOUNTING Robert Libby Patricia A. Libby Daniel G. Short.

© 2014 Cengage Learning. All Rights Reserved.

Introduction to Accounting and Business

Accounting and the Business Environment

Understanding Principles of Accounting

© 2014 Cengage Learning. All Rights Reserved.

ACCOUNTING AS THE BASIS FOR MANAGEMENT DECISIONS

Financial Statements Balance sheet.

Financial Statements Decision-making usefulness

Presentation transcript:

Aim: How is Accounting Used Aim: How is Accounting Used? Do Now: Define – assets, liabilities and owners equity?

What Is Accounting? Accounting - process of measuring and describing the results of economic activities Economic Entity – is a unit that exists independently, such as a business, hospital or governmental body. Economic Activities – an activity that involves financial resources or money Purpose: Provides decision makers with information to make decisions Create Financial Reports - summary of information

What Is the purpose of Accounting? Measures business activities by recoding data about them for future use Provides decision makers with information to make decisions Create Financial Reports - summary of information

Who Uses This information? Managers Example: how should money be spent? Investors Example: should I invest in business? Creditors Example: should I lend business money? Law makers / Regulatory Agencies Example: has a law been broken?

Managerial vs. Financial Accounting External decision makers use Financial Accounting to evaluate how well business has achieved it’s goals. Ie. Financial statements Internal decision makers use information provided by managerial accounting, about operating, investing and financing activities.