m3l3 - David Robinson D. Robinson, 20089 Spring 2009 Module...

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Unformatted text preview: David Robinson D. Robinson, 20089 Spring 2009 Module 3 Accounting & Finance Lecture 3: Public Accounting Income Statement 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 2 Financial Accounting I Public accounting Introduction to Financial Accounting Accrual accounting Income Statement Why do we need public accountants? Who owns Starbucks? Or General Motors or Citibank? Public Accounting Conquers the Adam Smith problem: Distant investors, corporations Does most of the work of the Securities and Exchange Commission (SEC) Theres much more to say about Auditing well come back to it 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 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 ... Cash basis: Making and selling one order of 24 T-shirts Suppose our selling price is $14.00Suppose our selling price is $14....
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This note was uploaded on 07/21/2009 for the course UGBA 10 taught by Professor Xuanmingsu during the Spring '08 term at University of California, Berkeley.

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m3l3 - David Robinson D. Robinson, 20089 Spring 2009 Module...

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