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chap 1
Chapter 1-1 Accounting In Action Financial Accounting, Sixth Edition Chapter Chapter 1 1 Chapter Chapter 1 1 Chapter 1-2 1. Explain what accounting is. 2. Identify the users and uses of accounting. 3. Understand why ethics is a fundamental business concept. 4. Explain generally accepted accounting principles and the cost principle. 5. Explain the monetary unit assumption and the economic entity assumption. 6. State the accounting equation, and define assets, liabilities, and stockholders’ equity. 7. Analyze the effects of business transactions on the accounting equation. 8. Understand the four financial statements and how they are prepared. Study Objectives Study Objectives Study Objectives Study Objectives Chapter 1-3 Accounting in Action Accounting in Action Accounting in Action Accounting in Action Ethics in Ethics in financial financial reporting reporting Generally Generally accepted accepted accounting accounting principles principles Assumptions Assumptions What is What is Accounting? Accounting? What is What is Accounting? Accounting? The Building The Building Blocks of Blocks of Accounting Accounting The Building The Building Blocks of Blocks of Accounting Accounting The Basic The Basic Accounting Accounting Equation Equation The Basic The Basic Accounting Accounting Equation Equation Using the Using the Basic Basic Accounting Accounting Equation Equation Using the Using the Basic Basic Accounting Accounting Equation Equation Financial Financial Statements Statements Financial Financial Statements Statements Three Three activities activities Who uses Who uses accounting accounting data data Assets Assets Liabilities Liabilities Stockholders' Stockholders' equity equity Transaction Transaction analysis analysis Summary of Summary of transactions transactions Income Income statement statement Statement of Statement of retained retained earnings earnings Balance Balance sheet sheet Statement of Statement of cash flows cash flows Chapter 1-4 What is Accounting? What is Accounting? What is Accounting? What is Accounting? SO 1 Explain what accounting is. SO 1 Explain what accounting is. The purpose of accounting is to: (1) (1) identify identify, record record, and communicate communicate the economic events of an (2) organization to (3) interested users. Chapter 1-5 Three Activities What is Accounting? What is Accounting? What is Accounting? What is Accounting? SO 1 Explain what accounting is. SO 1 Explain what accounting is. Illustration 1-1 Accounting process The accounting process includes the bookkeeping function. Chapter 1-6 Management Common Questions Human Resources IRS Labor Unions SEC Marketing Finance Investors Creditors Who Uses Accounting Data? Who Uses Accounting Data? Who Uses Accounting Data? Who Uses Accounting Data? SO 2 Identify the users and uses of accounting. SO 2 Identify the users and uses of accounting. Customers Internal Users External Users Chapter 1-7 Common Questions Asked User 1. Can we afford to give our employees a pay raise? Human Resources 2. Did the company earn a satisfactory income? 3. Do we need to borrow in the near future? 4. Is cash sufficient to pay dividends to the stockholders? 5. What price for our product will maximize net income? Who Uses Accounting Data? Who Uses Accounting Data? Who Uses Accounting Data? Who Uses Accounting Data? SO 2 Identify the users and uses of accounting. SO 2 Identify the users and uses of accounting. 6. Will the company be able to pay its short-term debts? Investors Management Finance Marketing Creditors Chapter 1-8 Discussion Question SO 3 Understand why ethics is a fundamental business concept SO 3 Understand why ethics is a fundamental business concept . Q1. “Accounting is ingrained in our society and it is vital to our economic system.” Do you agree? Explain. See notes page for discussion Who Uses Accounting Data? Who Uses Accounting Data? Who Uses Accounting Data? Who Uses Accounting Data? Chapter 1-9 The Building Blocks of Accounting The Building Blocks of Accounting The Building Blocks of Accounting The Building Blocks of Accounting Ethics In Financial Reporting SO 3 Understand why ethics is a fundamental business concept SO 3 Understand why ethics is a fundamental business concept . Standards of conduct by which one’s actions are judged as right or wrong, honest or dishonest, fair or not fair, are Ethics. 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. Chapter 1-10 Ethics are the standards of conduct by which one's actions are judged as: a. right or wrong. b. honest or dishonest. c. fair or not fair. d. all of these options. Review Question Review Question Ethics Ethics Ethics Ethics SO 3 Understand why ethics is a fundamental business concept SO 3 Understand why ethics is a fundamental business concept .