01-Presentation Deck - ACC 211 PRINCIPLES OF ACCOUNTING...

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ACC 211: PRINCIPLES OF ACCOUNTING CHAPTER 1: ACCOUNTING IN ACTION PRESENTATION DECK Prepared by: Jill Mitchell, Assistant Professor, NOVA Reference: Weygandt, Jerry, Kieso, and Kimmel. Accounting Principles Unless noted, illustrations are from the referenced text.
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Chapter 1-2 1.1 Describe the three basic activities. 1.2 Describe the broad groups of users of accounting information. Chapter 1: Accounting in Action Course Competencies 1. Explain what accounting is 2. The Building Blocks of Accounting 3. The Basic Accounting Equation 4. Using the Basic Accounting Equation 5. Financial Statements 2.1 Understand what Generally Accepted Accounting Principles (GAAP) refers to and its role in accounting. 2.2 Understand the monetary unit and economic entity assumptions 3.1 Understand the basic accounting equation. 4.1 Understand the increase and decrease affects a transaction will have on the basic accounting equation.** 4.2 Be able to perform transaction analysis ** 5.1 Know the four financial statements prepared by organizations ** 5.2 Be able to explain the information to be derived from each of the four financial statements. **
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Chapter 1-3 But, I’m not going to be an accountant! Why do I have to take accounting? Professor Mitchell’s Response : Do you want to be successful in business? Then, you need to understand accounting! How will accounting help you? “A working knowledge of accounting is desirable for virtually every friend of endeavor.” (p. 11) Examples: 1. General Management : all managers need to understand where the enterprise’s cash comes from and where it goes in order to make wise business decisions. 2. Marketing : Developing a strategy to increase sales is important. However, a sale is meaningless unless it is profitable. Those in marketing must be sensitive to costs and benefits. Accounting helps you quantify and understand. 3. Finance : If you want to be a banker, investment analyst, or stock broker, all of these fields rely heavily on accounting. In each position, you will regularly perform financial statement analysis. 4. Real Estate : Brokers must understand all of the numbers involved in a real estate transaction. 5. Personal Life : Things we will learn in this class will assist you in handling your own personal finances.
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Chapter 1-4 What is accounting? Accounting consists of three basic activities. It… 1) Identifies 2) Records 3) Communicates The economic events of an organization to interested users. 1.1 Describe the three basic activities.
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Chapter 1-5 What is accounting? 1. A company selects economic events relevant to its business to IDENTIFY . Examples include: Coca-Cola Company – Diet Coke sales and Ford Motor Company – payment of wages. 2. Once those events are identified, the company
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01-Presentation Deck - ACC 211 PRINCIPLES OF ACCOUNTING...

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