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Unformatted text preview: Chapter 1- 1 CHAPTER 1 FINANCIAL ACCOUNTING AND FINANCIAL ACCOUNTING STANDARDS ACCOUNTING Intermediate Accounting 13th Edition Kieso, Weygandt, and Warfield Chapter 1-2 Financial Statements and Financial Reporting Financial Statements and Financial Reporting What is accounting: (1) the identification, measurement, and communication of financial information about (2) economic entities ? ? ? ? to (3) interested parties. What are economic entities? Who are interested parties? The owners people invested the business Chapter 1- 3 of the business, Financial Statements and Financial Reporting Financial Statements and Financial Reporting Essential goals of any business – 1. Profitability 2. Solvency ? ? ? ? : generating enough money to pay their bills A company’s accomplishment of these goals is communicated to interested parties in the process of financial reporting. Chapter 1- 4 Financial Statements and Financial Reporting Financial Statements and Financial Reporting Financial Statements 1. Income Statement 2. Balance Sheet 3. Statement of Cash Flows 4. Statement of Changes in Owner’s Equity Financial Reporting 1. President’s letter, supplementary schedules 2. Prospectus ? ? ? ? ? ? ? ? 3. SEC filings ( Security and Exchange Commission ) 4. News releases, media articles, Wall Street Journal Chapter 1- 5 Environment in which accounting exists Environment in which accounting exists Accounting assists in allocating scarce resources....
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