1 / 26

Accounting Information: Users and Uses

1. C H A P T E R. Accounting Information: Users and Uses. Learning Objective 1. Describe the purpose of accounting and explain its role in business and society. What is the definition and purpose of bookkeeping?. How is this done? 3 Step Process.

lirit
Download Presentation

Accounting Information: Users and Uses

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 1 • C H A P T E R Accounting Information: Users and Uses

  2. Learning Objective 1 • Describe the purpose of accounting and explain its role in business and society.

  3. What is the definition and purpose of bookkeeping? • How is this done? 3 Step Process

  4. What are the functions of anaccounting system?

  5. What is the Nature of Accounting? Explain What Each Term Means. Quantitative Financial Useful Decision Making

  6. What Are the Four Steps of the Decision-making Process?

  7. What are the Sources of Business Capital? Sources of Business Capital

  8. What are Uses of Business Resources? Uses of Business Resources

  9. To produce and market goods and services (resulting in revenues) Why Do Businesses Perform the Following Functions?

  10. Produce and market goods and services (resulting in revenues) How is the Revenue a Business Generates Used?

  11. Learning Objective 2 • Identify the primary users of accounting information.

  12. Investment, purchase, sale, or transaction 2. Record, 3. Classify, and 4. Summarize transaction Account, amount, classification Balance sheet, Income statement, Statement of cash flows 5. Report summaries The Accounting Cycle 1. Analyze business event

  13. What are Two Types of Reports from Accounting Information?

  14. What Are Accounting Reports Used For?

  15. Learning Objective 3 • Describe the environment of accounting, including the effects of generally accepted accounting principles, international business, ethical considerations, and technology.

  16. Accounting Environment • Accountants follow generally accepted accounting principles (GAAP), which are authoritative guidelines that define accounting practice at a particular time.

  17. What are the Standard-Setting Organizations in the United States?

  18. What is a CPA?

  19. Name Some Other Accounting Organizations

  20. Ethics in Accounting • The Code of Professional Conduct (www.aicpa.org) • Adopted by the AICPA. • Holds to what three key principles? Members are subject to disciplinary action.

  21. What are Three Advantages of Technology?

  22. Why Doesn’t Technology Replace People?

  23. Learning Objective 4 • Analyze the reasons for studying accounting.

  24. Why Study Accounting?

  25. Public Accounting Industry Government or Nonprofit Graduate Education Accounting Opportunitieswww.startheregoplaces.com

  26. The End of Chapter One Advice From Kids "If You're Gonna Fight, Use Pillows."

More Related