RCJ4Ch01 - Chapter 1 Financial Accounting Economics...

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Unformatted text preview: Chapter 1 Financial Accounting Economics IFA@SDSU-S09 Hot Questions Is Information an asset or a liability? How can we determine the value of information? Can we sell/buy this information? If we can, who sell or buy the information? Can we buy or sell this information in a similar manner as you buy your car? What if we live in a world without information? Can you tell good financial statements from bad financial statements? Their characteristics? What are the four types of audit opinions? IFA@SDSU- IFA@SDSU-S09 Learning objectives 1.Usefulness of Financial Information 2.Economics of Financial Information 3.Demand for Accounting Information 4.Users of Financial Statement 5.Demand for Accounting Information 6.Supply of Accounting Information 7.Managements Shopping for Rules 8.Quality control for Accounting Information IFA@SDSU-S11 IFA@SDSU-S09 RQ #1-1: Which of the following organizations/groups are not interested in financial reporting? A. The SEC B. Corporate creditors C.Stock market investors D.The Corporate employees E. The IRS IFA@SDSU-S09 Is F/S Useful? 1 1 / 2 8 / 2 0 0 3 3 1 6 7 6 0 0 5 3 . 3 1 1 / 2 6 / 2 0 0 3 7 0 1 7 0 0 0 5 3 . 3 6 1 1 / 2 5 / 2 0 0 3 8 0 8 5 6 0 0 5 3 . 6 9 1 1 / 2 4 / 2 0 0 3 1 0 1 4 4 8 0 0 5 3 . 7 2 1 1 / 2 1 / 2 0 0 3 8 6 0 7 2 0 0 5 2 . 5 1 1 1 / 2 0 / 2 0 0 3 8 7 4 1 1 0 0 5 2 . 7 6 1 1 / 1 9 / 2 0 0 3 7 1 6 0 2 0 0 5 2 . 8 9 1 1 / 1 8 / 2 0 0 3 1 0 0 9 9 5 0 0 5 2 . 4 2 1 1 / 1 7 / 2 0 0 3 1 0 3 5 3 1 0 0 5 2 . 6 9 1 1 / 1 4 / 2 0 0 3 1 6 1 6 8 5 0 0 5 2 . 6 9 1 1 / 1 3 / 2 0 0 3 2 7 9 9 6 9 0 0 5 3 . 1 9 1 1 / 1 2 / 2 0 0 3 8 6 1 3 3 0 0 5 5 . 5 2 1 1 / 1 1 / 2 0 0 3 4 9 3 6 2 0 0 5 5 . 8 3 1 1 / 1 0 / 2 0 0 3 5 5 7 9 2 0 0 5 5 . 6 8 1 1 / 7 / 2 0 0 3 6 6 1 7 7 0 0 5 5 . 9 7 1 1 / 6 / 2 0 0 3 7 9 9 6 5 0 0 5 6 . 1 5 1 1 / 5 / 2 0 0 3 7 9 6 7 5 0 0 5 5 . 4 9 1 1 / 4 / 2 0 0 3 7 6 4 6 0 0 0 5 6 . 2 1 1 / 3 / 2 0 0 3 5 4 8 6 8 0 0 5 6 . 5 6 IFA@SDSU-S09 Is F/S Useful? IFA@SDSU-S09 F/S of WorldCom WorldCom Inc (GA) (OTC: WCPO Q) As Reported Annual Balance Sheet Report Date 12/31/2004 12/31/2002 12/31/2001 12/31/2000 12/31/1999 Currency USD USD USD USD USD Audit Status Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Consolidated Yes Yes Yes Yes Yes Scale Millions % Millions % Millions % Millions % Millions % Cash & cash equivalents 4,449 26 2,820 11 1,416 1 761 1 876 1 Accounts receivable, net 2,855 17 5,611 21 5,308 5 6,815 7 5,746 6 Total current assets 9,093...
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RCJ4Ch01 - Chapter 1 Financial Accounting Economics...

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