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ACC301-ch01 - STICE STICE SKOUSEN Intermediate Accounting K...

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INTERMEDIATE ACCOUNTING 15th EDITION K. Fred Skousen Earl K. Stice James D. Stice STICE STICE + STICE STICE + SKOUSEN SKOUSEN Intermediate Intermediate Accounting 15 E
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2 This electronic presentation prepared by Douglas Cloud, Pepperdine University
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3 Task Force Clip Art included in this electronic presentation is used with the permission of New Vision Technology of Nepean Ontario, Canada
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4 F F INANCIAL  INANCIAL  R R EPORTING EPORTING chapter 1 chapter 1
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5 Learning Objectives 1. Describe the purpose of financial reporting and identify the primary financial statements. 2. Explain the function of accounting standards and describe the role of the FASB in setting these standards in the United States. 3. Recognize the importance to financial reporting of the SEC, AICPA, AAA, and IRS. Continued
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6 Learning Objectives 4. See the growing importance and relevance of international accounting issues to the practice of accounting in the United States and understand the role of the ISAC in international accounting standard setting. 5. Understand the significance of the FASB’s conceptual framework in outlining the qualities of good accounting information, defining terms such as asset and revenue, and providing guidance about appropriate recognition, measurement, and reporting . Continued
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7 Learning Objectives 6. Identify career opportunities related to accounting and financial reporting in the fields of public accounting, corporate accounting, financial analysis, banking, and consulting.
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8 Definition for Accounting Accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions—in making reasoned choices among alternative courses of action.” ( Statement of the Accounting Principles Board No. 4 , p. 40)
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9 Accounting provides a vital service in today’s business environment. Accounting is concerned primarily with quantitative financial information that is used in conjunction with qualitative evaluations in making judgments. Definition for Accounting Key features of this definition: Continued
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10 Accounting information is used in making decisions about how to allocate scarce resources. Definition for Accounting Key features of this definition: Economists and environmentalists remind us constantly that we live in a world with limited resources.
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11 Although accountants place much emphasis on reporting what has already occurred, this past information is intended to be useful in making economic decisions about the future. Definition for Accounting Key features of this definition:
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12 Users of Accounting Information All parties interested in the financial health of a company are called stakeholders.
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13 Users of Accounting Information Internal users, Internal users, who who make decisions make decisions directly affecting the directly affecting the internal operations internal operations of the enterprise.
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