UCB+UGBA102A+Topic01+Slides

UCB+UGBA102A+Topic01+Slides - Introduction Basic Financial...

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Introduction & Basic Financial Statements UGBA102A Introduction to Financial Accounting
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UGBA102A Dennis Geyer 2 What is Accounting? Accounting is an information system that measures, processes, and communicates financial information about an economic entity. FAS No.1 helps businesses meet their goals helps managers conduct business activities provides useful performance measures
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UGBA102A Dennis Geyer 3 Objectives of Financial Accounting Observe events affecting organization Identify economically significant events Measure financial impact of such events Record their effects as transactions (bookkeeping) Report financial condition periodically Interpret financial data for management
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UGBA102A Dennis Geyer 4 Types of Accounting Financial Accounting Managerial Accounting Tax Accounting Compliance Reporting (Sarbanes-Oxley)
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UGBA102A Dennis Geyer 5 Users of Accounting Information Managers & Directors Employees, Customers & Suppliers Investors Creditors Tax, Regulatory & Public Agencies General Public
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UGBA102A Dennis Geyer 6 Accounting Measurement Business transactions are economic events that affect the financial condition of the business. Transaction What is measured? Recognition When should the measurement be made? Valuation What value should be placed on the transaction? Classification How should what is measured be reported?
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UGBA102A Dennis Geyer 7 Accounting Concepts Money Measure All business transactions are recorded in terms of money. Separate Entity A business is considered distinct from its creditors and customers as well as its owners.
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UGBA102A Dennis Geyer 8 Forms of Business A business is an economic entity that sells goods and services to customers at prices that will provide an adequate return to its owners. A sole proprietorship is a business that is owned by one person and is not legally separate. A partnership is a business that is owned by two or more owners and is not legally separate. A corporation is a business that is chartered by the state and is legally separate from its owners.
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UGBA102A Dennis Geyer 9 Generally Accepted Accounting Principles (GAAP) Generally accepted accounting principles (GAAP) encompass the conventions, rules and procedures necessary to define accepted accounting practice at a particular time. APB No.4 Financial Accounting Standards Board (FASB) issues Statements of Financial Accounting Standards (SFAS) . International Accounting Standards Board (IASB) issues International Financial Reporting Standards (IFRS).
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UGBA102A Dennis Geyer 10 Organizations That Influence GAAP Public Company Accounting Oversight Board (PCAOB) Securities and Exchange Commission (SEC) Internal Revenue Service (IRS) American Institute of Certified Public Accountants (AICPA) American Accounting Association (AAA) Financial Executives Institute (FEI) Institute of Management Accountants (IMA)
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UGBA102A Dennis Geyer 11 Financial Disclosure Management Discussion & Analysis Statement of Management Responsibility Report of Independent Auditors Financial Statements Notes to Financial Statements
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UGBA102A Dennis Geyer 12
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UCB+UGBA102A+Topic01+Slides - Introduction Basic Financial...

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