Reimersppt_ch01 - Chapter 1 The Link Between Business and...

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Chapter 1 The Link Between Business and Accounting
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Let’s talk about Apples… No, Not that kind…. . Apple Computer!
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How do they do it?
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The Process of …. Getting Cash Using Cash to purchase inputs Changing those inputs into products or services, and Providing the product or service to customers and eventually getting cash back Is Called an Operating Cycle
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The Operating Cycle for Apple…
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Accounting is the process of Identifying Measuring and Communicating Financial Information to various users, both inside and outside of the company Much of this information is communicated with Financial Statements
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Managerial Accounting is concerned with satisfying the needs of internal users Internal Users Managers Sales and Marketing Internal Auditors Production Supervisors
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Financial Accounting is concerned with satisfying the needs of External Users External Users Government Creditors Potential Investors Vendors, Customers and Employees
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Financial Statements Financial Statements, along with the notes, report a company’s past performance and its financial condition.
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The Basic Financial Statements Balance Sheet Income Statement Statement of Changes in Owners’ Equity Statement of Cash Flows The Financial Statements are based on a broad set of guidelines called Generally Accepted Accounting Principles (GAAP)
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Setting the Guidelines for Financial Reporting
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If you’ve ever applied for a loan… You’ve already prepared a Balance Sheet !
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This note was uploaded on 04/08/2010 for the course BUSINESS 4456 taught by Professor Blackwell during the Spring '10 term at West Liberty.

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Reimersppt_ch01 - Chapter 1 The Link Between Business and...

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