1 C H A P T E R Accounting Information: Users and Uses.

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Presentation transcript:

1 C H A P T E R Accounting Information: Users and Uses

Learning Objective 1 Describe the purpose of accounting and explain its role in business and society.

What is the definition and purpose of bookkeeping? How is this done? 3 Step Process

What are the functions of an accounting system? 4

What is the Nature of Accounting? Explain What Each Term Means. Quantitative Financial Useful Decision Making 4

What Are the Four Steps of the Decision-making Process?

What are the Sources of Business Capital? 6

What are Uses of Business Resources? 7

Why Do Businesses Perform the Following Functions? To produce and market goods and services (resulting in revenues) 7

How is the Revenue a Business Generates Used? Produce and market goods and services (resulting in revenues) 7

Learning Objective 2 Identify the primary users of accounting information.

The Accounting Cycle 1. Analyze business event 2. Record, Investment, purchase, sale, or transaction 1. Analyze business event 2. Record, 3. Classify, and 4. Summarize transaction Account, amount, classification Balance sheet, Income statement, Statement of cash flows 5. Report summaries 10

What are Two Types of Reports from Accounting Information?

What Are Accounting Reports Used For? 14

Learning Objective 3 Describe the environment of accounting, including the effects of generally accepted accounting principles, international business, ethical considerations, and technology.

Accounting Environment Accountants follow generally accepted accounting principles (GAAP), which are authoritative guidelines that define accounting practice at a particular time.

What are the Standard-Setting Organizations in the United States?

What is a CPA?

Name Some Other Accounting Organizations

Ethics in Accounting The Code of Professional Conduct (www.aicpa.org) Adopted by the AICPA. Holds to what three key principles? Members are subject to disciplinary action. 22

What are Three Advantages of Technology?

Why Doesn’t Technology Replace People?

Learning Objective 4 Analyze the reasons for studying accounting.

Why Study Accounting?

Accounting Opportunities www.startheregoplaces.com Industry Government or Nonprofit Graduate Education Public Accounting 26

The End of Chapter One Advice From Kids "If You're Gonna Fight, Use Pillows." 26