Chapter1- Power point-classnotes

Chapter1- Power point-classnotes - CHAPTER 1 Introducing...

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Introducing Accounting In Business C H A P T E R 1
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Outline of Chapter 1
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Identifies Records Communicates Relevant Reliable Comparable Importance of Accounting Accounting is a system that information that is to help users make better decisions.
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Identifying Business Activities Recording Business Activities Communicating Business Activities Accounting Activities
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Users of Accounting Information External Users Lenders Shareholders Governments Consumer Groups External Auditors Customers Internal Users Managers Officers/Directors Internal Auditors Sales Staff Budget Officers Controllers
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Users of Accounting Information External Users Financial accounting provides external users with financial statements. Internal Users Managerial accounting provides information needs for internal decision makers.
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Beliefs that distinguish right from wrong Accepted standards of good and bad behavior Ethics Ethics—A Key Concept
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Financial accounting practice is governed by concepts and rules known as generally accepted accounting principles (GAAP) .
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