财务会计 the financial statements.ppt

1-1,TheFinancialStatements,Chapter1,1-2,LearningObjective1,Useaccountingvocabulary.,1-3,AccountingLanguage,Accountingisaninformationsystemthat:,Measuresbusinessactivities,Processdataintoreports(financialstatements),Communicatesresultstodecisionmakers,1-4,AccountingLanguage,FinancialStatements:Financialinformationaboutabusinessentitythatispreparedinasystematicreportformatthatcanbeusedbydecisionmakerstomakedecisions,IncomeStatement,BalanceSheet,StatementofCashFlow,1-5,TheFlowofAccountingInformation,3.Businessesreporttheirresults.,2.Businesstransactionsoccur.,1.Peoplemakedecisions.,1-6,Individuals,UsersofFinancialStatements,Investorsandcreditors,Governmentregulatoryagencies,Non-profitorganizations,TaxAuthorities,1-7,FinancialAccounting,Summarizebusinesstransactionsofbusinessentityforaspecifiedperiod,UsersExternaldecisionmakers,Informationmust:BepresentedinsystematicreportsmeetGAAPstandardsforrelevanceandreliability,1-8,ManagementAccounting,Financialandoperatingdataaboutanorganizationsactivities,processes,operatingunitsproductsservicesandcustomers,Users-internaldecisionmakers,Information-cangeneratedusingassumptions-Futureoriented-notgovernedbyGAAP,1-9,EthicsinAccounting,Informationmustbe:Relevant,Informationhaspredictiveorfeedbackvalue,Caninfluenceadecision,Timely,Reliable,Informationisverifiable,Informationmustbeobjective,1-10,EthicsinAccounting,Integrityisbuiltinfinancialaccountingasfollows:,Generallyacceptedaccountingprinciples(GAAP),Auditsoffinancialstatements,Securitiescommissions,InternalControlStructure,AccountingStandardsBoardoftheCanadianInstituteofCharteredAccountants,1-11,EthicsinAccountingandBusiness,Standardsofprofessionalconductforaccountants,Self-regulatingbodiesofaccountants,CICA,CGAAC,SMAC,1-12,Proprietorships,Partnerships,Corporations,HowtoOrganizeaBusiness,1-13,Corporations,Stocks,Shareholders,CanadianBusinessCorporationAct,BoardofDirectors,ChiefOperatingOfficers,Presidents,Managers,1-14,HowtoDoAccounting:PrinciplesandConcepts,TherulesthatgovernaccountingarecalledGAAP(generallyacceptedaccountingprinciples).,Accountantsfollowprofessionalguidelines.,1-15,GAAP,CICAHandbook:officialsourceofGAAP;sanctionedbyfederalandprovincialgovernmentsandtheCanadianSecuritiesAdministrators,AccountingStandardsBoard(AcSB)PublicSectorAccountingStandardsBoardEmergingIssuesCommittee(EIC)InternationalAccountingStandardsBoard(IASB),1-16,InternationalAccountingStandardsBoard(IASB),IASBischargedwithsettingInternationalFinancialReportingStandards(IFRSs)CanadianGAAPwillconvergewithIFRSs1styearforreportingunderIFRS-basedstandardswillbe2011,1-17,LearningObjective2,Learnaccountingconceptsandprinciples.,1-18,ConceptualFramework,Informationmustbeusefulfordecisionmakers,Relevance,Reliability,Comparability,Understandability,GAAP,1-19,GAAPRequirementsforFinancialInformation,GAAPrequires:,businessentityconcept,costprinciple,goingconcernassumption,objectivityprinciple,adequatedisclosure,stabledollarassumption,1-20,TheBusinessEntityConcept,Anaccountingentityisanorganizationthatstandsapartasaseparateeconomicunit.,1-21,Assetsandservicesacquiredshouldberecordedattheiractual(historical)cost.,TheCostPrinciple,1-22,TheGoing-ConcernConcept,Theentitywillcontinuetooperateintheforeseeablefuture.,1-23,(1)areverifiableand,(2)canbeconfirmedbyanindependentobserver.,TheObjectivityPrinciple,Reliabledata.,1-24,AdequateDisclosure,Financialstatementsshouldbeaccompaniedbyanyinformationnecessaryforthestatementstobeinterpretedproperly.,1-25,TheStable-Monetary-UnitConcept,Thedollarspurchasingpowerisrelativelystable.,1-26,LearningObjective3,Applytheaccountingequationtobusinessorganizations.,1-27,TheAccountingEquation,EconomicResources=ClaimstoEconomicResources,Assets=Liabilities+OwnersEquity,1-28,TheAccountingEquation,Assets=Liabilities+OwnersEquity,1-29,TheAccountingEquation,Assetsaretheeconomicresourcesofabusinessthatareexpectedtoproduceabenefitinthefuture.,Liabilitiesare“outsiderclaims”oreconomicobligationspayabletooutsiders.,Ownersequityrepresentsthe“insiderclaims”ofabusiness.,1-30,TheAccountingEquation,Foracorporation,shareholdersequityisdividedintotwomaincategories.,Contributedcapital,Retainedearnings,Assets=Liabilities+Shareholdersequity,Assets=Liabilities+Contributedcapital+Retainedearnings,1-31,TheAccountingEquation,Contributedcapitalistheamountinvestedinthecorporationbyitsowners.,Thebasiccomponentofcontributedcapitaliscommonshares.,Retainedearningsistheamountearnedbyincome-producingactivitiesandkeptforuseinthebusiness.,1-32,TheAccountingEquation:Netincome,Revenuesareincreasesinretainedearningsfromdeliveringgoodsorservicestocustomers.,Expensesaredecreasesinretainedearningsthatresultfromoperations.,1-33,ComponentsofRetainedEarnings,Dividendsfortheperiod,=,1-34,LearningObjective4,Evaluatebusinessoperations.,1-35,TheFinancialStatements,Thefinancialstatementsareapictureofthecompanyinfinancialterms.,Eachfinancialstatementrelatestoaspecificdateorcoversaparticularperiod.,1-36,InformationReportedontheFinancialStatements,1-37,InformationReportedontheFinancialStatements,3.Whatisthecompanysfinancialpositionattheendoftheperiod?,Assets=Liabilities+Ownersequity,Balancesheet,Question,Answer,FinancialStatement,1-38,TheBalanceSheet:MeasuringOperatingPerformance,Thebalancesheetorstatementoffinancialpositionreportsthecompanysassets,liabilitiesandownersequityasofaspecificdate.,1-39,TheIncomeStatement:MeasuringOperatingPerformance,Theincomestatement,statementofoperations,orstatementofearningsreportsthecompanysrevenues,expenses,andnetincomeornetlossfortheperiod.,1-40,TheCashFlowStatement,Thecashflowstatementreportsthecompanyscashinflowsandoutflowsfromoperating,investing,andfinancingactivities.,1-41,LearningObjective5,Usefinancialstatements.,1-42,RelationshipsAmongtheFinancialStatements,IncomeStatementNetIncome,StatementofRetainedEarnings-Addnetincome,BalanceSheet-Reportretainedearnings,CashFlowStatement-Reportcashbalancefrombalancesheet,1-43,StartingaBusiness,Example:HotDogVendorOwner(s)providethefundsThesefundsareusedbythemanagersofthecompanytobuyEquipmentInventoryOtherAssets,1-44,HotdogBusiness,DetermineBusinessStructure:-proprietorship-partnership-corporation,1-45,HotdogBusiness,AdministrativeRequirementsRegisterbusinesswithlocalbusi