Chapter 01 - Slides

Chapter 01 - Slides - Chapter 1 Objectives Fi Financial...

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Financial Accounting and ccounting Standards Accounting Standards Professor Dennis Chambers CC 301 ACC 301 Chapter 1 Objectives 1. Identify the major financial statements and other means of financial reporting. 2. Explain how accounting assists in the efficient use of scarce sources resources. 3. Identify some of the challenges facing accounting. 4. Identify the objectives of financial reporting. xplain the need for accounting standards 5. Explain the need for accounting standards. 6. Identify the major policy-setting bodies and their role in the standards-setting process. 7. Explain the meaning of generally accepted accounting principles. 8. Describe the impact of user groups on the standards-setting process. nderstand issues related to ethics and financial accounting 6/9/2008 ACC 301 2 9. Understand issues related to ethics and financial accounting. What is Financial Accounting? ± Identification, measurement, and ommunication of financial information communication of financial information about economic entities to interested arties parties 6/9/2008 ACC 301 3 What is Financial Accounting? ± Identification, measurement, and ommunication f financial information communication of financial information about economic entities to interested arties parties et’s parse this definition and see what ± Let’s parse this definition and see what it means 6/9/2008 ACC 301 4
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This note was uploaded on 01/20/2011 for the course ACC 301 taught by Professor Staff during the Fall '08 term at Kentucky.

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Chapter 01 - Slides - Chapter 1 Objectives Fi Financial...

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