ch01_and_ch02 - 1-1Intermediate Accounting14th...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1-1Intermediate Accounting14th Edition1Financial Accounting and Accounting StandardsKieso, Weygandt, and Warfield1-21.Identify the major financial statements and other means of financial reporting.2.Explain how accounting assists in the efficient use of scarce resources.3.Identify the objective of financial reporting.4.Explain the need for accounting standards.5.Identify the major policy-setting bodies and their role in the standard-setting process.6.Explain the meaning of generally accepted accounting principles (GAAP) and the role of the Codification for GAAP.7.Describe the impact of user groups on the rule-making process.8.Describe some of the challenges facing financial reporting.9.Understand issues related to ethics and financial accounting.Learning ObjectivesLearning ObjectivesLearning ObjectivesLearning Objectives1-3Financial Statements and Financial ReportingFinancial Statements and Financial ReportingFinancial Statements and Financial ReportingFinancial Statements and Financial ReportingEssential characteristicsof accounting are:(1)the identification, measurement, and communicationof financial information about (2)economic entities to (3)interested parties.LO 1 Identify the major financial statements and other means of financial reporting.1-4Financial InformationAccounting?Identifiesand MeasuresandCommunicatesFinancial InformationAccounting?Identifiesand MeasuresandCommunicatesBalance SheetIncome StatementStatement of Cash FlowsStatement of Owners’ or Stockholders’ EquityNote DisclosuresBalance SheetIncome StatementStatement of Cash FlowsStatement of Owners’ or Stockholders’ EquityNote DisclosuresPresident’s letter ProspectusesReports filed with governmental agenciesNews releasesForecasts Environmental impact statements Etc.President’s letter ProspectusesReports filed with governmental agenciesNews releasesForecasts Environmental impact statements Etc.GAAPGAAPFinancial StatementsFinancial StatementsAdditional InformationAdditional InformationEconomic EntityEconomic EntityFinancial Statements and Financial ReportingFinancial Statements and Financial ReportingFinancial Statements and Financial ReportingFinancial Statements and Financial ReportingLO 1 Identify the major financial statements and other means of financial reporting.1-5Resources are limited. Efficient use of resources often determines whether a business thrives.Resources are limited. Efficient use of resources often determines whether a business thrives.LO 2 Explain how accounting assists in the efficient use of scare resources.Illustration 1-1Capital Allocation ProcessAccounting and Capital AllocationFinancial Statements and Financial ReportingFinancial Statements and Financial ReportingFinancial Statements and Financial ReportingFinancial Statements and Financial Reporting1-6LO 3 Identify the objectives of financial reporting....
View Full Document

This note was uploaded on 11/07/2011 for the course ACC 300 taught by Professor Lori during the Fall '10 term at Michigan State University.

Page1 / 60

ch01_and_ch02 - 1-1Intermediate Accounting14th...

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online