Ch. 2 Financial Statements

Ch. 2 Financial Statements - Financial Statements Overview...

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Click to edit Master subtitle style 12/26/10 Financial Statements Overview Chapter 2
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12/26/10 Regulatory Bodies Generally Accepted Accounting Principles (GAAP) Established by the Financial Accounting Standards Board (FASB) Governs financial accountants and how they calculate and communicate information International Financial Reporting Standards (IFRS) The international GAAP An attempt is being made by the US regulatory bodies to
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12/26/10 The Accounting Equation Assets = Liabilities + Owner’s Equity The fundamental basis for most work in accounting Resources = Creditor’s Claims + Owner’s Claims The four major financial statements are completely governed by this accounting rule
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12/26/10 The Accounting Equation Assets = Liabilities + Owner’s Equity Assets § What the company itself owns - Cash, Accounts Receivable, Equipment, Buildings - Broken up into two classifications: Current and Long-Term
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12/26/10 The Accounting Equation Assets = Liabilities + Owner’s Equity Liabilities
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