COPYRIGHT © 2008 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license.

Slides:

Advertisements

Similar presentations

© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin 1-1 Financial Accounting THIRTEENTH EDITION Williams Haka Bettner Carcello.

Advertisements

The Financial Statements

© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin 1-1 Accounting Information for Decision Making Chapter 1.

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

Accounting and the Business Environment Chapter 1.

Introduction to Financial Statements and Other Financial Reporting Topics COPYRIGHT ©2007 Thomson South-Western, a part of the Thomson Corporation. Thomson,

CHAPTER 14 Analyzing and Using Financial Information,

Statement of Cash Flows COPYRIGHT ©2007 Thomson South-Western, a part of the Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks.

WHAT IS ACCOUNTING? Accounting is the identifying, recording and communication of financial events that affect a company.

COPYRIGHT © 2008 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license.

Williams Haka Bettner Carcello

Accounting as a Form of Communication

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

COPYRIGHT © 2008 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license.

Financial Accounting and its Economic Context Presentations for Chapter 1 by Glenn Owen.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning What is accounting? The planning, recording, analyzing, and interpreting of financial information.

COPYRIGHT © 2007 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license.

Chapter 1 Accounting and the Business Environment

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

COPYRIGHT © 2008 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license.

The Assurance Services Market

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

1 Environment and Theoretical Structure of Financial Accounting Sid Glandon, DBA, CPA Associate Professor of Accounting.

Chapter 16 Understanding Accounting and Financial Statements

Financial Accounting and Its Environment Chapter 1.

Financial Accounting ACCT Definition Accounting is the process of identifying, measuring, recording and communicating information about a company.

1 Introduction to Accounting and Business Financial Accounting 14e

COPYRIGHT © 2008 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license.

Generally Accepted Accounting Principles and Basic Concepts Generally accepted accounting principles (GAAP) - a term that applies to the broad concepts.

© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin Principles of Accounting (Accounting 1 for BBA - Undergraduate) SBS Victor Yerris, PhD

1 Copyright © 2008 Thomson South-Western, a part of the Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under.

COPYRIGHT © 2008 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license.

Chapter One Elements of Financial Statements. Market Allocation Customers Investors Creditors Restaurant + + = Stakeholders needing information for decisions.

1 THE FINANCIAL REPORTING SYSTEM Understanding the conceptual bases of the financial reporting system and the preparation of the financial statements is.

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

Chapter 1, Slide #1 Using Financial Accounting Information: The Alternative to Debits and Credits Fifth Edition Gary A. Porter and Curtis L. Norton Copyright.

McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. 1-1 McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc., All Rights.

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

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

Accounting Process of measuring, interpreting, and communicating financial information to support internal and external business decision making. USERS.

© 2006, Educational Institute Chapter 1 Introduction to Accounting Hospitality Industry Financial Accounting 3 rd Edition (260TXT or 260CIN)

Chapter 1 The Role of Accounting in Starting a Business © 2009 The McGraw-Hill Companies, Inc.

McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

1 - 1 ©2002 Prentice Hall, Inc. Business Publishing Accounting, 5/E Horngren/Harrison/Bamber Accounting and the Business Environment Chapter 1.

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

Introduction to Accounting Trang. Definition of Accounting Accounting is a language of business. As the American Accounting Association: “ accounting.

COPYRIGHT © 2008 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license.

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

Chapter 1 Accounting in Action. How Will Accounting Help Me? Used in Any Profession Used as a Career Choice Used for Personal Investments and Financial.

1-1 ©2006 Prentice Hall, Inc ©2006 Prentice Hall, Inc. LINK BETWEEN BUSINESS & ACCOUNTING (1 of 2)  Learning objectives Learning objectives  Definition.

PRE-PARED BY: AZHAR AHMED 1-1 CHAPTER 4 The Financial Statements.

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

上海金融学院 1-1 Lecture 3 Investment Banking Basics: The Financial Statements.

CHAPTER 1 Accounting—Present and Past McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved. 1-3 What is Accounting? Accounting.

1 Learning Objectives After studying this chapter, you should be able to: 1.Explain what accounting is. 2.Identify the users and uses of accounting. 3.Understand.

1 Chapter 1 The Link Between Business and Accounting.

Chapter McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. The Nature and Purpose of Accounting 1.

1 Accounting and the Business Environment Chapter 1.

1-1 Financial Information Accounting? Identifies and Measures and Communicates Financial Information Accounting? Identifies and Measures and Communicates.

Chapter 1 The Nature and Purpose of Financial Accounting.

Chapter 1-1. Chapter 1-2 C H A P T E R 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS Intermediate Accounting 13th Edition Kieso, Weygandt, and Warfield.

The Financial Statements

Accounting as a Form of Communication

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

Accounting and the Business Environment

Intermediate I Chapter 1.

1-1 Financial Accounting. 1-2 This course is an introduction to the basic concepts and standards underlying financial accounting systems. It emphasizes.

Presentation transcript:

COPYRIGHT © 2008 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license. 1 Chapter 1 Accounting Information: Users and Uses Albrecht, Stice, Stice, Swain

2 The Purpose of Accounting Accounting: –Accumulates financial data –Measures financial performance –Communicates financial information –Informed decisions can be made

3 What are the Functions of an Accounting System? Analyze business events to determine if information should be captured by the accounting system. Day-to-day keeping track of things. Use summary information to evaluate the financial health and performance of the business.

4 Who Uses Accounting Information? Internal users (Management Accounting): Management Examples of reports: –Budgets –Cost analyses –Performance reports

5 Who Uses Accounting Information? External users (Financial Accounting): InvestorsCompetitors LendersGovernment EmployeesPress CustomersSuppliers Examples of reports: –Balance sheet –Income statement –Statement of cash flows –Other regulatory reports

6 Rules of the Game External Reporting: General accepted accounting principles –Comparability –Reliability Internal Reporting: No rules

7 Who Makes All the Rules? Generally accepted accounting principles Financial Accounting Standards Board –U.S. companies International Accounting Standards Board –Most international companies

8 The Accounting Environment Accounting Regulators Accounting World Financial Accounting Standards Board (FASB) Public Company Accounting Oversight Board (PCAOB) Internal Revenue Service (IRS) American Institute of Certified Public Accountants (AICPA) Security and Exchange Commission (SEC) International Accounting Standards Board (IASB)

9 Other Environmental Factors Ethics –Professional judgment –Enron Technology –Vast amounts of information about transactions can be stored –Data can be compiled quickly and accurately Will computers replace the accountant?

10 Why Should I Study Accounting? Everyone makes financial decisions To make good financial decisions! Budgeting Investing Buying vs. leasing Financing