ch01and%20ch020 - Intermediate Financial Accounting AIM...

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Chapter 1 and Chapter 2 1 Intermediate Financial Accounting AIM 3331-0U1 Summer 2009 Xinyi Lu
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Chapter 1 and Chapter 2 2 Today’s tasks Syllabus Chapter 1 and chapter 2 Survey
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Chapter 1 and Chapter 2 3 Syllabus Read the syllabus! Understand policies and requirements Keep track of all the important dates  and assignments 
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Chapter 1 and Chapter 2 4 Chapter 1: F inancial Accounting  and Accounting Standards What is accounting? A process to   identify, measure, and communicate  financial information about economic entities to  interested parties.  Main procedures: identify, measure, and communicate.  Economic entities: corporations, partnerships, and  proprietorships. Interested parties: stockholders, creditors, government  agencies, management, employees, consumers, labor  unions, financial intermediaries, etc.  
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Chapter 1 and Chapter 2 5 Financial accounting and  Managerial accounting Financial accounting:  The process that culminates in the preparation of  financial reports on the enterprise for  use by   both  internal and external parties  (investors, creditors,  managers, unions, and government agencies). Managerial accounting: The process of identifying, measuring, analyzing, and  communicating financial information  needed by   management  to plan, control, and evaluate a  company’s operations. 
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Chapter 1 and Chapter 2 6 Financial Statements The  principal means  through which a  company communicates its financial  information to its users. Major financial statements include:  (1) Income statement. (2) Balance sheet. (3) Statement of cash flows. (4) Statement of changes in owner’s or  stockholders’ equity.
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Chapter 1 and Chapter 2 7 Financial Reporting Other means  to provide financial information  could be:   (1) President’s letter or supplementary schedules  in the annual report; (2) Prospectuses; (3) Reports filed with SEC; (4) News releases; (5) Management forecasts; (6) Environmental Reports, etc. 
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Chapter 1 and Chapter 2 8 Why accounting is important? Nature and capital Resources are limited.  We must use them effectively. Accounting helps to identify efficient and  inefficient users of resources by providing  information about firms’ performance. The better the information, the more  effective the process of capital allocation  and then the healthier the economy. 
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9 The challenges facing  financial accounting?  Non-financial measurements.    customer satisfaction index, backlog information,  reject rates on goods purchased. Forward-looking information.
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This note was uploaded on 08/06/2009 for the course BUSINESS 4444 taught by Professor Dr.dale during the Spring '09 term at University of Texas at Dallas, Richardson.

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ch01and%20ch020 - Intermediate Financial Accounting AIM...

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