Chapter_1 - Chapter 1-1 Chapter 1-2 Accounting In Action...

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Unformatted text preview: Chapter 1-1 Chapter 1-2 Accounting In Action Financial Accounting, Sixth Edition Chapter Chapter 1 1 Chapter 1-3 1. Explain what accounting is. 2. Identify the users and uses of accounting. 3. Understand why ethics is a fundamental business concept. 4. Explain generally accepted accounting principles and the cost principle. 5. Explain the monetary unit assumption and the economic entity assumption. 6. State the accounting equation, and define assets, liabilities, and stockholders equity. 7. Analyze the effects of business transactions on the accounting equation. 8. Understand the four financial statements and how they are prepared. Study Objectives Study Objectives Chapter 1-4 Accounting in Action Accounting in Action Ethics in Ethics in financial financial reporting reporting Generally Generally accepted accepted accounting accounting principles principles Assumptions Assumptions What is What is Accounting? Accounting? The Building The Building Blocks of Blocks of Accounting Accounting The Basic The Basic Accounting Accounting Equation Equation Using the Using the Basic Basic Accounting Accounting Equation Equation Financial Financial Statements Statements Three Three activities activities Who uses Who uses accounting accounting data data Assets Assets Liabilities Liabilities Stockholders' Stockholders' equity equity Transaction Transaction analysis analysis Summary of Summary of transactions transactions Income Income statement statement Statement of Statement of retained retained earnings earnings Balance Balance sheet sheet Statement of Statement of cash flows cash flows Chapter 1-5 What is Accounting? What is Accounting? SO 1 Explain what accounting is. SO 1 Explain what accounting is. The purpose of accounting is to: (1) (1) identify identify, record record, and communicate communicate the economic events of an (2) organization to (3) interested users. Chapter 1-6 Who Uses Accounting Data? Who Uses Accounting Data? SO 2 Identify the users and uses of accounting. SO 2 Identify the users and uses of accounting. External Users External Users Investors Investors Creditors Creditors Customers and Suppliers Customers and Suppliers IRS and other governmental entities IRS and other governmental entities Internal Users Internal Users Management Management Employees Employees Chapter 1-7 The Building Blocks of Accounting The Building Blocks of Accounting Ethics In Financial Reporting SO 3 Understand why ethics is a fundamental business concept SO 3 Understand why ethics is a fundamental business concept . Standards of conduct by which ones actions are judged as right or wrong, honest or dishonest, fair or not fair, are Ethics ....
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Chapter_1 - Chapter 1-1 Chapter 1-2 Accounting In Action...

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