Financial Accounting Review

Financial Accounting Review - MODULE 1: FINANCIAL...

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1 MODULE 1: FINANCIAL ACCOUNTING
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2 Module 1 learning objectives Define accounting terms and correctly use accounting vocabulary to describe economic activity Read and interpret a company’s financial statements Identify the relationships among the financial statements Determine the effects of misstatements on financial statement balances Use the accounting equation to describe an organization’s financial position Analyze business activity with accounting concepts and principles and make recommendations based on analysis
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3 Module 1 – Session 1.2: Financial Accounting Review Financial accounting basics Generally accepted accounting principles Users of information Conceptual framework The double-entry accounting system
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4 What is financial accounting? Identifying, recording, and communicating the operational results and status of an accounting entity (usually an organization) Primarily historical perspective Rules-based approach generally following U.S. Generally Accepted Accounting Principles (GAAP)* *Securities & Exchange Commission has issued draft roadmap for possible transition to International Financial Reporting Standards (see www.sec.gov )
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5 Product of financial accounting cycle
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This note was uploaded on 02/24/2010 for the course HPM 340 taught by Professor Reiter during the Spring '10 term at UNC.

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Financial Accounting Review - MODULE 1: FINANCIAL...

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