ch01_ins NIU S11 stu - CHAPTER 1 FINANCIAL ACCOUNTING AND...

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Chapter 1-1 Click to edit Master subtitle style C H A P T E R 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS Intermediate Accounting 13th Edition Kieso, Weygandt, and Warfield
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Chapter 1-2 1. Identify the major financial statements and other means of financial reporting. 2. Explain how accounting assists in the efficient use of scarce resources. 3. Describe some of the challenges facing accounting. 4. List the objectives of financial reporting. 5. Explain the need for accounting standards. 6. Identify the major policy-setting bodies and their role in the standard-setting process. 7. Explain the meaning of generally accepted accounting principles (GAAP) and the role of the Codification for GAAP. 8. Describe the impact of user groups on the rule-making process. 9. Understand issues related to ethics and financial accounting. Learning Objectives
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Chapter 1-3 Securities and Exchange Commission American Institute of CPAs Financial Accounting Standards Board Changing role of the AICPA Financial Statements and Financial Reporting Parties Involved in Standard Setting Generally Accepted Accounting Principles Issues in Financial Reporting Accounting and capital allocation Challenges Objectives Need to develop standards FASB Codification Political environment Expectations gap International accounting standards Ethics Financial Accounting and Accounting Standards
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Chapter 1-4 LO 1 Identify the major financial statements and other means of financial reporting . . Financial Statements and Financial Reporting Essential characteristics of accounting are: (1) the ________ , _________ , and _________ of financial information about (2) economic entities to (3) interested parties.
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Chapter 1-5 Financial Information Accounting? Identifies and Measures and Communicates President’s letter Prospectuses, SEC Reporting News releases Forecasts Environmental Reports Etc. Financial Statements Additional Information Economic Entity LO 1 Identify the major financial statements and other means of financial reporting . . Financial Statements and Financial Reporting
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Chapter 1-6 Accounting and Capital Allocation Resources are limited . Efficient use of resources often determines whether a business thrives. Information to help
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ch01_ins NIU S11 stu - CHAPTER 1 FINANCIAL ACCOUNTING AND...

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