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First%20Five%20Sets%20of%20Notes%20Accounting%20Spring%2020100

First%20Five%20Sets%20of%20Notes%20Accounting%20Spring%2020100

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Overview of Financial Accounting Dr. Mimi Alciatore
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Financial Accounting Information: Demand & Supply Demand for financial accounting information Extends to numerous users that include: Managers and employees Investment analysts & information intermediaries Shareholders and directors Customers and strategic partners Regulators and tax agencies Voters and their representatives
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Supply of Accounting Information Securities & Exchange Commission (SEC) Filing Requirements: Form 10-K: Annual Form 10-Q: Quarterly
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Supply of Accounting Information Benefits of Disclosure Lower costs of funds (debt & equity) and Better Recruiting in Labor Markets Economic benefits from reliable disclosures
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Supply of Accounting Information Costs of Disclosure Preparation and Dissemination, Disclosures Can Cause Competitive Disadvantages for the Firm, Litigation Potential, and Political Costs
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Financial Statements
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The Accounting Equation
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Berkshire Hathaway’s Balance Sheet
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Walgreen’s
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Investing Activities
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Financing Activities
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Income Statement An Income Statement reports on operating activities. It lists amounts for Sales (Revenues) Less all Expenses (and costs ) over a period of time. Sales less Expenses yield the “Bottom-Line” Net Income Amount.
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Berkshire Hathaway’s Income Statement
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Walgreen’s
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Statement of Equity The Statement of Equity reports on changes in the accounts that makeup equity Contributed Capital Earned Capital (retained earnings and accumulated other comprehensive income) Other (typically accumulated other comprehensive income and minority or noncontrolling interest).
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Berkshire Hathaway’s Statement of Stockholders’ Equity
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Statement of Cash Flows The Statement of Cash Flows reports on cash flows for Operating, Investing, and Financing activities over a period of time.
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Profitability Analysis
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Oversight of Financial Accounting SEC oversees all Publicly Traded Companies Financial Accounting Standards Board (FASB) Public Company Accounting Oversight Board (PCAOB)
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Oversight of Financial Accounting
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