m3l3 - Spring 2008 Module 3 Accounting Finance Lecture 3...

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David Robinson © D. Robinson, 2008 Spring 2008 Module 3 Accounting & Finance Lecture 3: Public Accounting Income Statement
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Accounting & Finance Accounting Finance Managerial Financial Auditing How investors use their money How firms raise money Three financial statements Forms of business Income St. Balance Sheet St. Cash Flows
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2 Financial Accounting I “Public” accounting Accrual accounting Income Statement
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Why do we need “public” accountants? Who owns Starbucks? (or for that matter, General Motors or General Electric?)
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Public Companies have to file statements with the SEC Now publicly available online (and very quickly) through EDGAR Quarterly statements (unaudited) “10- Q” Annual statements (audited) “10-K” Relationship of these to the Annual Report There’s much more to say about Auditing —we’ll come back to it
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16 Introducing Financial Accounting In the last lecture we calculated “Break Even” and profit at our simple t-shirt business, on what accountants would call a cash basis ” ...
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Cash basis: Making and selling one order of 24 T-shirts Suppose our selling price is $14.00
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