Acc 311 Chapter outline

Acc 311 Chapter outline - Financial Accounting Standards...

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ACC 311 (Atiase) Ch 1 Financial Statements and Business Decisions Understanding the Business The Players Business Operations Accounting System Definition of Accounting and components of the Accounting system Users of Accounting Information Balance sheet equation or the Accounting equation Financial Statements and their Elements Financial Statement Disclosure Balance sheet (point in time) Identifies the financial position of the company Assets, Liabilities, Stockholders’ Equity Income Statement (period) Reflects the Operating Performance of the company i.e. Net Income Revenues, Expenses, Gains, Losses Statement of Stockholders’ Equity (period) Explains change in Contributed Capital and Change in Retained earnings Statement of Cash Flows (period) Explains change in cash due to Operating activities, Investing activities and Financing activities Relationships among the statements or the Articulation of the statements Generally Accepted Accounting principles (GAAP) -US
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Unformatted text preview: Financial Accounting Standards Board (FASB) Securities and Exchange Commission (SEC) Generally Accepted Accounting principles (GAAP) – International International accounting Standards Board (IASB) Management Responsibilities Role of the Auditing Profession 1 Ch 2 Investing and Financing Decisions and the Balance Sheet Objective of Financial Reporting Assumptions Elements of Financial Statements Balance Sheet: Assets, Liabilities and Stockholders’ Equity Income Statement: Revenues, Expenses, Gains and Losses Principles Accounting Cycle Business Transactions Analysis of transactions using the Balance sheet equation and the rules of Debits and Credits Journal entries in General Journal Posting journal entries to General Ledger t-accounts Trial Balance Prepare Financial Statements Classified Balance Sheet Balance Sheet vs. Statement of Cash Flows 2...
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Acc 311 Chapter outline - Financial Accounting Standards...

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