Chapter 01

Chapter 01 - 1-1 Financial Accounting THIRTEENTH EDITION...

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BUSI1002KLT, 07/08 1-1 Financial Accounting THIRTEENTH EDITION Williams Haka Bettner Carcello
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BUSI1002KLT, 07/08 1-2 Accounting Information for Decision Making Chapter 1
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BUSI1002KLT, 07/08 1-3 Learning Objective LO1 To discuss accounting as the language of business and the role of accounting information in making economic decisions.
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BUSI1002KLT, 07/08 1-4 Accounting information The accounting process Decision makers Economic activities Actions (decisions) Accounting “links” decision makers with economic activities and with the results of their decisions.
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BUSI1002KLT, 07/08 1-5 Accounting – the language of business: Revenues, costs, profits, earnings, equity, return on equity, etc. Decision makers: Owners, managers, creditors, government, employees, investors, other companies, etc.
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BUSI1002KLT, 07/08 1-6 Types of Accounting Information Financial Managerial Tax
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BUSI1002KLT, 07/08 1-7 Learning Objective LO2 To discuss the significance of accounting systems in generating reliable accounting information, and understand the five components of internal control per COSO’s Internal Control— Integrated Framework.
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BUSI1002KLT, 07/08 1-8 Accounting Systems An accounting system consists of the personnel, procedures, technology, and records used by an organization to develop accounting information and to communicate this information to decision makers.
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BUSI1002KLT, 07/08 1-9 Information Users Investors Creditors Managers Owners Customers Employees Regulators -SEC -IRS -FTC Decisions Supported Performance evaluations Stock investments Tax strategies Labor relations Resource allocations Lending decisions Borrowing Information System Financial Information Provided Profitability Financial position Cash flows
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Chapter 01 - 1-1 Financial Accounting THIRTEENTH EDITION...

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