Ch01_Wey_Fin_6e

Ch01_Wey_Fin_6e - Chapter 1-1 Chapter 1-2 Accounting In...

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Unformatted text preview: Chapter 1-1 Chapter 1-2 Accounting In Action Financial Accounting, Sixth Edition Chapter Chapter 1 1 Chapter 1-3 Accounting in Action Accounting in Action Ethics in Ethics in financial financial reporting reporting Generally Generally accepted accepted accounting accounting principles principles Assumptions Assumptions What is What is Accounting? Accounting? The Building The Building Blocks of Blocks of Accounting Accounting The Basic The Basic Accounting Accounting Equation Equation Using the Using the Basic Basic Accounting Accounting Equation Equation Financial Financial Statements Statements Three Three activities activities Who uses Who uses accounting accounting data data Assets Assets Liabilities Liabilities Stockholders' Stockholders' equity equity Transaction Transaction analysis analysis Summary of Summary of transactions transactions Income Income statement statement Statement of Statement of retained retained earnings earnings Balance Balance sheet sheet Statement of Statement of cash flows cash flows Chapter 1-4 What is Accounting? What is Accounting? SO 1 Explain what accounting is. SO 1 Explain what accounting is. The purpose of accounting is to: (1) (1) identify identify , record record , and communicate communicate the economic events of an (2) organization to (3) interested users. Chapter 1-5 Three Activities What is Accounting? What is Accounting? SO 1 Explain what accounting is. SO 1 Explain what accounting is. Illustration 1-1 Accounting process The accounting process includes the bookkeeping function. Chapter 1-6 Management Common Questions Human Resources IRS Labor Unions SEC Marketing Finance Investors Creditors Who Uses Accounting Data? Who Uses Accounting Data? SO 2 Identify the users and uses of accounting. SO 2 Identify the users and uses of accounting. Customers Internal Users External Users Chapter 1-7 Common Questions Asked User 1. Can we afford to give our employees a pay raise? Human Resources 2. Did the company earn a satisfactory income? 3. Do we need to borrow in the near future? 4. Is cash sufficient to pay dividends to the stockholders? 5. What price for our product will maximize net income? Who Uses Accounting Data? Who Uses Accounting Data? SO 2 Identify the users and uses of accounting. SO 2 Identify the users and uses of accounting. 6. Will the company be able to pay its short-term debts? Investors Management Finance Marketing Creditors Chapter 1-8 Various users need financial information The accounting profession has attempted to develop a set of standards that are generally accepted and universally practiced. Financial Statements Balance Sheet Income Statement Retained Earnings Statement Statement of Cash Flows Note Disclosure Generally Accepted Generally Accepted Accounting Accounting Principles (GAAP) Principles (GAAP) The Building Blocks of Accounting The Building Blocks of Accounting SO 4 Explain generally accepted accounting principles and the cost principle....
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Ch01_Wey_Fin_6e - Chapter 1-1 Chapter 1-2 Accounting In...

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