ch01 WebCT - Chapter 1 Chapter Accounting In Action Chapter...

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Chapter 1-1 Accounting In Action Chapter Chapter 1 1 ACCT 2111 – Introductory Financial Accounting
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Chapter 1-2 What is Accounting? What is Accounting? 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.
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Chapter 1-3 Three Activities What is Accounting? What is Accounting? Illustration 1-1 Accounting process The accounting process includes the bookkeeping function.
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Chapter 1-4 Management Human Resources IRS Inland Revenue Department/Internal Revenue Service Labor Unions SEC Securities and Futures Commission/Securities and Exchange Commission Marketing Finance Investors Creditors Who Uses Accounting Data? Who Uses Accounting Data? Customers Internal Users External Users
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Chapter 1-5 Various users need financial information The accounting profession has attempted to develop a set of standards that are generally accepted and universally practiced. Financial Statements Balance Sheet Income Statement Retained Earnings Statement Statement of Cash Flows Note Disclosure Generally Accepted Generally Accepted Accounting Accounting Principles (GAAP) Principles (GAAP) The Building Blocks of Accounting The Building Blocks of Accounting some large U.S. companies would have the option of reporting under IFRS as early as 2009 while the rest of companies would be required to report under IFRS no later than 2016
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This note was uploaded on 11/07/2010 for the course BBA 1023 taught by Professor Dkwidkdksiw during the Spring '10 term at City University of Hong Kong.

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ch01 WebCT - Chapter 1 Chapter Accounting In Action Chapter...

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