会计学原理英文ppt课件Chapter01ACCOUNTINGINBUSINESS

1、 2009 the mcgraw-hill companies, inc., 2009 the mcgraw-hill companies, inc., all rights reservedall rights reservedaccounting in businesschapter 1mcgraw-hill/irwinslide 2mcgraw-hill/irwinslide 2identifyingselect transactions and eventsrecordinginput, measure and classifycommunicatingprepare, analyze

2、 and interpretimportance of accountingaccountingc1mcgraw-hill/irwinslide 3mcgraw-hill/irwinslide 3users of accounting informationexternal userslendersshareholdersgovernmentsconsumer groupsexternal auditorscustomersinternal usersmanagersofficers/directorsinternal auditorssales staffbudget officerscon

3、trollersc2mcgraw-hill/irwinslide 4mcgraw-hill/irwinslide 4users of accounting informationexternal usersfinancial accounting provides external users with financial statements.internal usersmanagerial accounting provides information needs for internal decision makers.c2mcgraw-hill/irwinslide 5mcgraw-h

4、ill/irwinslide 5opportunities in accountingfinancialpreparationanalysisauditingregulatoryconsultingplanningcriminal investigationmanagerialgeneral accounting cost accountingbudgetinginternal auditingconsultingcontrollertreasurerstrategytaxationpreparationplanningregulatoryinvestigationsconsultingenf

5、orcementlegal servicesestate plansaccounting-relatedlendersconsultantsanalyststradersdirectorsunderwritersplannersappraisersfbi investigatorsmarket researcherssystems designersmerger servicesbusiness valuationhuman serviceslitigation supportentrepreneursc3mcgraw-hill/irwinslide 6mcgraw-hill/irwinsli

6、de 6accounting jobs by areac3mcgraw-hill/irwinslide 7mcgraw-hill/irwinslide 7beliefs that distinguish right from wrongaccepted standards of good and bad behaviorethics - a key conceptc4mcgraw-hill/irwinslide 8mcgraw-hill/irwinslide 8 identify ethical concerns analyze options make ethical decisionuse

7、 personal ethics to recognize ethical concern.consider all good and bad consequences.choose best option after weighing all consequences.ethics - a key conceptc4mcgraw-hill/irwinslide 9mcgraw-hill/irwinslide 9financial accounting practice is governed by concepts and rules known as generally accepted

8、accounting principles (gaap).generally accepted accounting principlesrelevant informationaffects the decision of its users.reliable informationis trusted by users.comparable informationis helpful in contrasting organizations.c5mcgraw-hill/irwinslide 10mcgraw-hill/irwinslide 10the securities and exch

9、ange commission is the government group that establishes reporting requirements for companies that issue stock to the public.setting accounting principlesthe international accounting standards board (iasb) issues international financial reporting standards that identify preferred accounting practice

10、s to create harmony among accounting practices of different countries. c5mcgraw-hill/irwinslide 11mcgraw-hill/irwinslide 11principles and assumptions of accountingcost principleaccounting information is based on actual cost. actual cost is considered objective.revenue recognition principle1. recogni

11、ze revenue when it is earned.2. proceeds need not be in cash.3. measure revenue by cash received plus cash value of items received. matching principlea company must record its expenses incurred to generate the revenue reported.full disclosure principlea company is required to report the details behi

12、nd financial statements that would impact users decisions.c5mcgraw-hill/irwinslide 12mcgraw-hill/irwinslide 12principles and assumptions of accountingmonetary unit assumptionexpress transactions and events in monetary, or money, units.business entity assumptiona business is accounted for separately

13、from other business entities, including its owner.time period assumptionpresumes that the life of a company can be divided into time periods, such as months and years.nowfuturegoing-concern assumptionreflects assumption that the business will continue operating instead of being closed or sold.c5mcgr

14、aw-hill/irwinslide 13mcgraw-hill/irwinslide 13forms of business entitiessole proprietorshippartnershipcorporationmcgraw-hill/irwinslide 14mcgraw-hill/irwinslide 14* proprietorships and partnerships that are set up as llcs provide limited liability. characteristics of businesses*mcgraw-hill/irwinslid

15、e 15mcgraw-hill/irwinslide 15owners of a corporation are called shareholders (or stockholders). shareholders are not personally liable for corporate acts. when a corporation issues only one class of stock, wecall it common stock (or capital stock).corporationmcgraw-hill/irwinslide 16mcgraw-hill/irwi

16、nslide 16sarbanes-oxley (sox)congress passed the sarbanes-oxley act to help curb financial abuses at companies that issue their stock to the public. management must issue a report stating that internal control are effective. auditors must verify the effectiveness of internal controls.companyenronwor

17、ldcomfannie maeadelphia communicationsaol time warnerxeroxbristol-myers squibbnortel networdsalleged accounting abusesinflating income, hid debt, and bribed officialsunderstated expenses to inflate income and hid debtinflated incomeunderstated expenses to inflate income and hid debtinflated revenues

18、 and incomeinflated incomeinflated revenues and incomeunderstated expenses to inflate incomemcgraw-hill/irwinslide 17mcgraw-hill/irwinslide 17transaction analysis and the accounting equationassets=liabilities+equityaccounting equationa1mcgraw-hill/irwinslide 18mcgraw-hill/irwinslide 18landequipmentb

19、uildingscashvehiclesstore suppliesnotes receivableaccounts receivableresources owned or controlled by a companyassetsa1mcgraw-hill/irwinslide 19mcgraw-hill/irwinslide 19taxes payablewages payablenotes payableaccounts payableliabilitiescreditors claims on assetsa1mcgraw-hill/irwinslide 20mcgraw-hill/

20、irwinslide 20equal toassets minusliabilities(net assets)equityowners claims on assetsamcgraw-hill/irwinslide 21mcgraw-hill/irwinslide 21liabilitiesequityassets=+expanded accounting equationrevenuesexpensesowner capitalowner withdrawals_+_owners equityliabilitiesequityassets=+a1mcgraw-hill/irwinslide

21、 22mcgraw-hill/irwinslide 22transaction analysis equation the accounting equation must remain in balance after each transaction.liabilitiesequityassets=+a2mcgraw-hill/irwinslide 23mcgraw-hill/irwinslide 23transaction analysisthe accounts involved are:(1) cash (asset)(2) owner capital (equity) chuck

22、taylor invests $30,000 cash to start a consulting business.a2mcgraw-hill/irwinslide 24mcgraw-hill/irwinslide 24transaction analysis chuck taylor invests $30,000 cash to start a consulting business. (1) assetscash $ 30,000 $ 30,000 supplies $ - $ 30,000 equipment $ - = = liabilitiesaccounts payable $

23、 - notes payable $ - $ 30,000 + equityc. taylor capital $ 30,000 $ 30,000 a2mcgraw-hill/irwinslide 25mcgraw-hill/irwinslide 25the accounts involved are:(1) cash (asset)(2) supplies (asset)transaction analysis purchased supplies paying $2,500 cash.a2mcgraw-hill/irwinslide 26mcgraw-hill/irwinslide 26t

24、ransaction analysis purchased supplies paying $2,500 cash. (1)(2) assetscash $ 30,000 (2,500) $ 27,500 supplies $ 2,500 $ 2,500 $ 30,000 equipment $ - = = liabilitiesaccounts payable $ - notes payable $ - $ 30,000 + equityc. taylor capital $ 30,000 $ 30,000 a2mcgraw-hill/irwinslide 27mcgraw-hill/irw

25、inslide 27the accounts involved are:(1) cash (asset) (2) equipment (asset) transaction analysispurchased equipment for $26,000 cash.a2mcgraw-hill/irwinslide 28mcgraw-hill/irwinslide 28transaction analysispurchased equipment for $26,000 cash. (1)(2)(3) assetscash $ 30,000 (2,500) (26,000) $ 1,500 sup

26、plies $ 2,500 $ 2,500 $30,000 equipment $ 26,000 $ 26,000 = = liabilitiesaccounts payable $ - notes payable $ - $30,000 + equityc. taylor capital $ 30,000 $ 30,000 a2mcgraw-hill/irwinslide 29mcgraw-hill/irwinslide 29the accounts involved are:(1) supplies (asset)(2) accounts payable (liability)transa

27、ction analysispurchased supplies of $7,100 and on account.a2mcgraw-hill/irwinslide 30mcgraw-hill/irwinslide 30transaction analysispurchased supplies of $7,100 and on account. (1)(2)(3)(4) assetscash $ 30,000 (2,500) (26,000) $ 1,500 supplies $ 2,500 7,100 $ 9,600 $ 37,100 equipment $ 26,000 $ 26,000

28、 = = liabilitiesaccounts payable $ 7,100 $ 7,100 notes payable $ - $ 37,100 + equityc. taylor capital $ 30,000 $ 30,000 a2mcgraw-hill/irwinslide 31mcgraw-hill/irwinslide 31the accounts involved are:(1) cash (asset) (2) revenues (equity) transaction analysisprovided consulting services receiving $4,2

29、00 cash.a2mcgraw-hill/irwinslide 32mcgraw-hill/irwinslide 32transaction analysisprovided consulting services receiving $4,200 cash. (1)(2)(3)(4)(5) assetscash $ 30,000 (2,500) (26,000) 4,200 $ 5,700 supplies $ 2,500 7,100 $ 9,600 $ 41,300 equipment $ 26,000 $ 26,000 = =liabilitiesaccounts payable $

30、7,100 $ 7,100 notes payable $ - $ 41,300 + equityc. taylor capital $ 30,000 $ 30,000 revenue $ 4,200 $ 4,200 a2mcgraw-hill/irwinslide 33mcgraw-hill/irwinslide 33financial statementslets prepare the financial statements reflecting the transactions we have recorded.p1mcgraw-hill/irwinslide 34mcgraw-hi

31、ll/irwinslide 34net income is the difference between revenues and expenses.the income statement describes a companys revenues and expenses along with the resulting net income or loss over a period of time due to earnings activities.income statementp1mcgraw-hill/irwinslide 35mcgraw-hill/irwinslide 35the net income of $4,400 increases owners equity by $4,400. statement of owners equityfastforwardstatement of owners equityfor month ended december 31, 2009c, taylor, capital december 1, 2009plus: investment by ower net income less: withdrawals by owner $ 30,000 4,400 $ - 34,400