Financial-Accounting-3e-WILEY出版社-第一章

1、PreparedbyCobyHarmonUniversityofCalifornia,SantaBarbaraWestmontCollege,WILEY,IFRSEDITION,PREVIEWOFCHAPTER1,FinancialAccountingIFRS3rdEditionWeygandtKimmelKieso,1,LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldbeableto:1Explainwhataccountingis.2Identifytheusersandusesofaccounting.3Understandwhye

2、thicsisafundamentalbusinessconcept.4Explainaccountingstandardsandmeasurementprinciples.5Explainthemonetaryunitassumptionandtheeconomicentityassumption.6Statetheaccountingequation,anddefineitscomponents.7Analyzetheeffectsofbusinesstransactionsontheaccountingequation.8Understandthefivefinancialstateme

3、ntsandhowtheyareprepared.,CHAPTER,AccountinginAction,WhatisAccounting?,Accountingconsistsofthreebasicactivitiesitidentifies,records,andcommunicatestheeconomiceventsofanorganizationtointerestedusers.,LearningObjective1Explainwhataccountingis.,LO1,Illustration1-1Theactivitiesoftheaccountingprocess,The

4、accountingprocessincludesthebookkeepingfunction.,ThreeActivities,LO1,ReviewQuestion,Whichofthefollowingisnotastepintheaccountingprocess?Identification.Recording.Economicentity.Communication,Assumptions,LO1,INTERNALUSERS,Illustration1-2Questionsthatinternalusersask,WhoUsesAccountingData?,LO1,LO2,Illu

5、stration1-3Questionsthatexternalusersask,EXTERNALUSERS,WhoUsesAccountingData?,LearningObjective2Identifytheusersandusesofaccounting.,Solution:.5.,Indicatewhetherthefollowingstatementsaretrueorfalse.Thethreestepsintheaccountingprocessareidentification,recording,andcommunication.Bookkeepingenco

6、mpassesallstepsintheaccountingprocess.Accountantsprepare,butdonotinterpret,financialreports.Thetwomostcommontypesofexternalusersareinvestorsandcompanyofficers.Managerialaccountingactivitiesfocusonreportsforinternalusers.,LO2,True,False,False,False,True,DOIT!,EthicsinFinancialReporting,Standardsofcon

7、ductbywhichonesactionsarejudgedasrightorwrong,honestordishonest,fairornotfair,areethics.,LO3,TheBuildingBlocksofAccounting,LearningObjective3Understandwhyethicsisafundamentalbusinessconcept.,Recentfinancialscandalsinclude:Enron(USA),Parmalat(ITA),SatyamComputerServices(IND),AIG(USA),andothers.Effect

8、ivefinancialreportingdependsonsoundethicalbehavior.,Illustration1-4Stepsinanalyzingethicscasesandsituations,EthicsinFinancialReporting,LO3,LO3,EthicsInsight,IFeltthePressureWouldYou?“Ifeltthepressure.”Thatswhatsomeoftheemployeesofthenow-defunctlawfirmofDeweytheinformationisfactual.Abusinessownersper

9、sonalexpensesmustbeseparatedfromexpensesofthebusinesstocomplywithaccountingseconomicentityassumption.,False,True,DOIT!,LO5,BasicAccountingEquationProvidestheunderlyingframeworkforrecordingandsummarizingeconomicevents.Assetsmustequalthesumofliabilitiesandequity.,LO6,TheBasicAccountingEquation,Learnin

10、gObjective6Statetheaccountingequation,anddefineitscomponents.,Assets,Liabilities,Equity,=,+,Resourcesabusinessowns.Providefutureservicesorbenefits.Cash,Inventory,Equipment,etc.,Assets,BasicAccountingEquation,Assets,Liabilities,Equity,=,+,LO6,BasicAccountingEquation,Claimsagainstassets(debtsandobliga

11、tions).Creditors(partytowhommoneyisowed).AccountsPayable,NotesPayable,SalariesandWagesPayable,etc.,Liabilities,Assets,Liabilities,Equity,=,+,LO6,Equity,BasicAccountingEquation,Ownershipclaimontotalassets.Referredtoasresidualequity.ShareCapitalOrdinaryandRetainedEarnings.,Assets,Liabilities,Equity,=,

12、+,LO6,Investmentsbyshareholdersrepresentthetotalamountpaidinbyshareholdersfortheordinarysharestheypurchase.,Equity,Illustration1-7Increasesanddecreasesinequity,LO6,Revenuesresultfrombusinessactivitiesenteredintoforthepurposeofearningincome.Commonsourcesofrevenueare:sales,fees,services,commissions,in

13、terest,dividends,royalties,andrent.,StockholdersEquity,Illustration1-7Increasesanddecreasesinequity,LO6,Expensesarethecostofassetsconsumedorservicesusedintheprocessofearningrevenue.Commonexpensesare:salariesexpense,rentexpense,utilitiesexpense,propertytaxexpense,etc.,StockholdersEquity,Illustration1

14、-7Increasesanddecreasesinequity,LO6,StockholdersEquity,Dividendsarethedistributionofcashorotherassetstoshareholders.Dividendsreduceretainedearnings.However,dividendsarenotexpenses.,Illustration1-7Increasesanddecreasesinequity,LO6,Expense,Decrease,Classification,Classifythefollowingitemsasissuanceofs

15、tock,dividends,revenues,orexpenses.Thenindicatewhethereachitemincreasesordecreasesstockholdersequity.,RentExpenseServiceRevenueDividendsSalariesandWagesExpense,EffectonEquity,Expense,Decrease,Revenue,Increase,Dividends,Decrease,DOIT!,LO6,Transactionsareabusinessseconomiceventsrecordedbyaccountants.M

16、aybeexternalorinternal.Notallactivitiesrepresenttransactions.Eachtransactionhasadualeffectontheaccountingequation.,LO7,TheBasicAccountingEquation,LearningObjective7Analyzetheeffectsofbusinesstransactionsontheaccountingequation.,Illustration:Arethefollowingeventsrecordedintheaccountingrecords?,Event,

17、Purchasecomputer,Criterion,Isthefinancialposition(assets,liabilities,orstockholdersequity)ofthecompanychanged?,Discussproductdesignwithpotentialcustomer,Payrent,Record/DontRecord,TransactionAnalysis,LO7,Illustration1-8Transaction-identificationprocess,Illustration1-9Expandedaccountingequation,Transa

18、ctionAnalysis,LO7,TransactionAnalysis,TRANSACTION1.INVESTMENTBYSTOCKHOLDERSRayandBarbaraNealdecidetostartasmartphoneappdevelopmentcompanythattheyincorporateasSoftbyteSA.OnSeptember1,2017,theyinvest15,000cashinthebusinessinexchangefor15,000ofordinaryshares.Theordinarysharesindicatestheownershipintere

19、stthattheNealshaveinSoftbyteSA.Thistransactionresultsinanequalincreaseinbothassetsandequity.,Trans-action,Cash,AccountsReceivable,Supplies,Equipment,AccountsPayable,ShareCapital,RetainedEarningsRev.Exp.Div.,1.+15,000+15,000,Assets=Liabilities+Equity,+,+,+,+,+,=,Illustration1-10,LO7,8.-250-250,9.+600

20、-600,10.-1,300-1,300,5.+250-250,4.+1,200+1,200,7.-1,700-600-900-200,Trans-action,Cash,AccountsReceivable,Supplies,Equipment,AccountsPayable,ShareCapital,RetainedEarningsRev.Exp.Div.,Assets=Liabilities+Equity,+,+,+,+,+,=,1.+15,000+15,000,2.-7,000+7,000,3.+1,600+1,600,6.+1,500+2,000+3,500,$8,050$1,400

21、$1,600$7,000$1,600$15,000$4,700$1,950$1,300,+,+,+,+,+,=,-,-,TRANSACTION2.PURCHASEOFEQUIPMENTFORCASHSoftbyteSApurchasescomputerequipmentfor7,000cash.,Illustration1-10,LO7,8.-250-250,9.+600-600,10.-1,300-1,300,5.+250-250,4.+1,200+1,200,7.-1,700-600-900-200,Trans-action,Cash,AccountsReceivable,Supplies

22、,Equipment,AccountsPayable,RetainedEarningsRev.Exp.Div.,Assets=Liabilities+Equity,+,+,+,+,+,=,1.+15,000+15,000,2.-7,000+7,000,3.+1,600+1,600,6.+1,500+2,000+3,500,$8,050$1,400$1,600$7,000$1,600$15,000$4,700$1,950$1,300,+,+,+,+,+,=,-,-,TRANSACTION3.PURCHASEOFSUPPLIESONCREDITSoftbyteSApurchasesfor1,600

23、headsetsandotheraccessoriesexpectedtolastseveralmonths.ThesupplierallowsSoftbytetopaythisbillinOctober.,Illustration1-10,ShareCapital,LO7,8.-250-250,9.+600-600,10.-1,300-1,300,5.+250-250,7.-1,700-600-900-200,Trans-action,Cash,AccountsReceivable,Supplies,Equipment,AccountsPayable,RetainedEarningsRev.

24、Exp.Div.,Assets=Liabilities+Equity,+,+,+,+,+,=,1.+15,000+15,000,2.-7,000+7,000,3.+1,600+1,600,6.+1,500+2,000+3,500,$8,050$1,400$1,600$7,000$1,600$15,000$4,700$1,950$1,300,+,+,+,+,+,=,-,-,TRANSACTION4.SERVICESPERFORMEDFORCASHSoftbyteSAreceives1,200cashfromcustomersforappdevelopmentservicesithasperfor

25、med.,Illustration1-10,4.+1,200+1,200,ShareCapital,LO7,8.-250-250,9.+600-600,10.-1,300-1,300,7.-1,700-600-900-200,Trans-action,Cash,AccountsReceivable,Supplies,Equipment,AccountsPayable,RetainedEarningsRev.Exp.Div.,Assets=Liabilities+Equity,+,+,+,+,+,=,1.+15,000+15,000,2.-7,000+7,000,3.+1,600+1,600,6

26、.+1,500+2,000+3,500,$8,050$1,400$1,600$7,000$1,600$15,000$4,700$1,950$1,300,+,+,+,+,+,=,-,-,TRANSACTION5.PURCHASEOFADVERTISINGONCREDITSoftbyteSAreceivesabillfor250fromtheProgrammingNewsforadvertisingonitswebsitebutpostponespaymentuntilalaterdate.,Illustration1-10,4.+1,200+1,200,5.+250-250,ShareCapit

27、al,LO7,8.-250-250,9.+600-600,10.-1,300-1,300,7.-1,700-600-900-200,Trans-action,Cash,AccountsReceivable,Supplies,Equipment,AccountsPayable,RetainedEarningsRev.Exp.Div.,Assets=Liabilities+Equity,+,+,+,+,+,=,1.+15,000+15,000,2.-7,000+7,000,3.+1,600+1,600,$8,050$1,400$1,600$7,000$1,600$15,000$4,700$1,95

28、0$1,300,+,+,+,+,+,=,-,-,TRANSACTION6.SERVICESPROVIDEDFORCASHANDCREDIT.Softbyteprovides3,500ofservices.Thecompanyreceivescashof1,500fromcustomers,anditbillsthebalanceof2,000onaccount.,LO7,4.+1,200+1,200,6.+1,500+2,000+3,500,5.+250-250,ShareCapital,Illustration1-10,8.-250-250,9.+600-600,10.-1,300-1,30

29、0,4.+1,200+1,200,7.-1,700-600-900-200,Trans-action,Cash,AccountsReceivable,Supplies,Equipment,AccountsPayable,RetainedEarningsRev.Exp.Div.,Assets=Liabilities+Equity,+,+,+,+,+,=,1.+15,000+15,000,2.-7,000+7,000,3.+1,600+1,600,6.+1,500+2,000+3,500,$8,050$1,400$1,600$7,000$1,600$15,000$4,700$1,950$1,300

30、,+,+,+,+,+,=,-,-,TRANSACTION7.PAYMENTOFEXPENSESSoftbyteSApaysthefollowingexpensesincashforSeptember:officerent600,salariesandwagesofemployees900,andutilities200.,Illustration1-10,LO7,5.+250-250,ShareCapital,8.-250-250,9.+600-600,10.-1,300-1,300,Trans-action,Cash,AccountsReceivable,Supplies,Equipment

31、,AccountsPayable,RetainedEarningsRev.Exp.Div.,Assets=Liabilities+Equity,+,+,+,+,+,=,1.+15,000+15,000,2.-7,000+7,000,3.+1,600+1,600,$8,050$1,400$1,600$7,000$1,600$15,000$4,700$1,950$1,300,+,+,+,+,+,=,-,-,TRANSACTION8.PAYMENTOFACCOUNTSPAYABLESoftbyteSApaysits250ProgrammingNewsbillincash.Thecompanyprev

32、iously(inTransaction5)recordedthebillasanincreaseinAccountsPayable.,LO7,7.-1,700-600-900-200,4.+1,200+1,200,6.+1,500+2,000+3,500,5.+250-250,ShareCapital,Illustration1-10,8.-250-250,9.+600-600,10.-1,300-1,300,Trans-action,Cash,AccountsReceivable,Supplies,Equipment,AccountsPayable,RetainedEarningsRev.

33、Exp.Div.,Assets=Liabilities+Equity,+,+,+,+,+,=,1.+15,000+15,000,2.-7,000+7,000,3.+1,600+1,600,$8,050$1,400$1,600$7,000$1,600$15,000$4,700$1,950$1,300,+,+,+,+,+,=,-,-,TRANSACTION9.RECEIPTOFCASHONACCOUNTSoftbyteSAreceives600incashfromcustomerswhohadbeenbilledforservices(inTransaction6).,Illustration1-

34、10,LO7,7.-1,700-600-900-200,4.+1,200+1,200,6.+1,500+2,000+3,500,5.+250-250,ShareCapital,8.-250-250,9.+600-600,10.-1,300-1,300,Trans-action,Cash,AccountsReceivable,Supplies,Equipment,AccountsPayable,ShareCapital,RetainedEarningsRev.Exp.Div.,Assets=Liabilities+Equity,+,+,+,+,+,=,1.+15,000+15,000,2.-7,

35、000+7,000,3.+1,600+1,600,8,0501,4001,6007,0001,60015,0004,7001,9501,300,+,+,+,+,+,=,-,-,TRANSACTION10.DIVIDENDSThecorporationpaysadividendof1,300incashtoRayandBarbaraNeal,theshareholdersofSoftbyteSA.,18,050,18,050,Illustration1-10,LO7,7.-1,700-600-900-200,4.+1,200+1,200,6.+1,500+2,000+3,500,5.+250-2

36、50,Eachtransactionmustbeanalyzedintermsofitseffecton:Thethreecomponentsofthebasicaccountingequation.Specifictypes(kinds)ofitemswithineachcomponent.Thetwosidesoftheequationmustalwaysbeequal.TheShareCapitalOrdinaryandRetainedEarningscolumnsindicatethecausesofeachchangeintheshareholdersclaimonassets.,S

37、ummaryofTransactions,LO7,TransactionsmadebyVirmariWaltDisneyProductions(USA),September30;andJJBSports(GBR),theSundaythatfallsbefore,butclosestto,January31.Whydocompanieschoosetheparticularyear-endsthattheydo?Manyopttoendtheaccountingyearwheninventoryoroperationsareatalow.Compilingaccountinginformati

38、onrequiresmuchtimeandeffortbymanagers,socompanieswouldratherdoitwhentheyarentasbusyoperatingthebusiness.Also,inventoryiseasierandlesscostlytocountwhenitislow.,LO8,Informationonthecashreceiptsandpaymentsforaspecificperiodoftime.Answersthefollowing:Wheredidcashcomefrom?Whatwascashusedfor?Whatwasthecha

39、ngeinthecashbalance?,StatementofCashFlows,LO8,HELPFULHINTInvestingactivitiespertaintoinvestmentsmadebythecompany,notinvestmentsmadebytheowners.,Othercomprehensiveincomeitemsarenotpartofnetincome.ReportedeitherbyCombiningwithincomestatement,orSeparatestatement.,ComprehensiveIncomeStatement,LO8,Illust

40、ration1-13Comprehensiveincomestatement,People,Planet,andProfitInsight,BeyondFinancialStatementsShouldweexpandourfinancialstatementsbeyondtheincomestatement,retainedearningsstatement,statementoffinancialposition,andstatementofcashflows?Somebelieveweshouldtakeintoaccountecologicalandsocialperformance,

41、inadditiontofinancialresults,inevaluatingacompany.Theargumentisthatacompanysresponsibilitylieswithanyonewhoisinfluencedbyitsactions.Inotherwords,acompanyshouldbeinterestedinbenefitingmanydifferentparties,insteadofonlymaximizingshareholdersinterests.Asociallyresponsiblebusinessdoesnotexploitorendange

42、ranygroupofindividuals.Itfollowsfairtradepractices,providessafeenvironmentsforworkers,andbearsresponsibilityforenvironmentaldamage.Granted,measurementofthesefactorsisdifficult.Howtoreportthisinformationisalsocontroversial.But,manyinterestinandusefuleffortsareunderway.Throughoutthistextbook,weprovide

43、additionalinsightsintohowcompaniesareattemptingtomeetthechallengeofmeasuringandreportingtheircontributionstosociety,aswellastheirfinancialresults,toshareholders.,LO8,LO8,DOIT!,PresentedbelowisselectedinformationrelatedtoFlanaganGroupplcatDecember31,2017.Flanaganreportsfinancialinformationmonthly.Equ

44、ipment10,000UtilitiesExpense4,000Cash8,000AccountsReceivable9,000ServiceRevenue36,000SalariesandWagesExpense7,000RentExpense11,000NotesPayable16,500AccountsPayable2,000Dividends5,000(a)DeterminethetotalassetsofFlanaganatDecember31,2017.(b)DeterminethenetincomethatFlanaganreportedforDecember2017.(c)D

45、eterminetheequityofFlanaganatDecember31,2017.,LO8,InformationrelatedtoFlanaganGroupplcatDecember31,2017.Equipment10,000UtilitiesExpense4,000Cash8,000AccountsReceivable9,000ServiceRevenue36,000SalariesandWagesExpense7,000RentExpense11,000NotesPayable16,500AccountsPayable2,000Dividends5,000(a)Determin

46、ethetotalassetsofFlanaganatDecember31,2017.,Equipment10,000Cash8,000AccountsReceivable9,000Totalassets27,000,LO8,InformationrelatedtoFlanaganGroupplcatDecember31,2017.Equipment10,000UtilitiesExpense4,000Cash8,000AccountsReceivable9,000ServiceRevenue36,000SalariesandWagesExpense7,000RentExpense11,000

47、NotesPayable16,500AccountsPayable2,000Dividends5,000(b)DeterminethenetincomereportedforDecember2017.,RevenuesServicerevenue36,000ExpensesRentexpense11,000Salariesandwagesexpense7,000Utilitiesexpense4,000Totalexpenses22,000Netincome14,000,LO8,InformationrelatedtoFlanaganGroupplcatDecember31,2017.Equi

48、pment10,000UtilitiesExpense4,000Cash8,000AccountsReceivable9,000ServiceRevenue36,000SalariesandWagesExpense7,000RentExpense11,000NotesPayable16,500AccountsPayable2,000Dividends5,000(c)DeterminetheequityofFlanaganatDecember31,2017.,Totalassetsascomputedin(a)27,000Less:LiabilitiesNotespayable16,500Acc

49、ountspayable2,00018,500Equity8,500,ForensicAccountingUsesaccounting,auditing,andinvestigativeskillstoconductinvestigationsintotheftandfraud.,GovernmentalAccountingCareerswiththetaxauthorities,lawenforcementagencies,andcorporateregulators.,PrivateAccountingCareersinindustryworkingincostaccounting,bud

50、geting,accountinginformationsystems,andtaxation.,PublicAccountingCareersinauditing,taxation,andmanagementconsultingservingthegeneralpublic.,LO9,AccountingCareerOpportunities,APPENDIX1A,LearningObjective9Explainthecareeropportunitiesinaccounting.,KeyPoints,Mostagreethatthereisaneedforonesetofinternat

51、ionalaccountingstandards.Hereiswhy:Multinationalcorporations.Todayscompaniesviewtheentireworldastheirmarket.Forexample,largecompaniesoftengeneratemorethan50%oftheirsalesoutsidetheirownboundaries.Mergersandacquisitions.ThemergersbetweenFiat/ChryslerandVodafone/Mannesmannsuggestthatwewillseeevenmoresu

52、chbusinesscombinationsinthefuture.Informationtechnology.Ascommunicationbarrierscontinuetotopplethroughadvancesintechnology,companiesandindividualsindifferentcountriesandmarketsarebecomingmorecomfortablebuyingandsellinggoodsandservicesfromoneanother.,LO10,ALookatU.S.GAAP,LearningObjective10Describeth

53、eimpactofIFRSonU.S.financialreporting.,KeyPoints,Financialmarkets.Financialmarketsareofinternationalsignificancetoday.Whetheritiscurrency,equitysecurities(shares),bonds,orderivatives,thereareactivemarketsthroughouttheworldtradingthesetypesofinstruments.SimilaritiesGAAPisbasedonaconceptualframeworkth

54、atissimilartothatusedtodevelopIFRS.Thethreecommonformsofbusinessorganizationthatarepresentedinthechapter,proprietorships,partnerships,andcorporations,arealsofoundintheUnitedStates.Becausethechoiceofbusinessorganizationisinfluencedbyfactorssuchaslegalenvironment,taxratesandregulations,anddegreeofentr

55、epreneurism,therelativeuseofeachformwillvaryacrosscountries.,LO10,ALookatU.S.GAAP,SimilaritiesTransactionanalysisisbasicallythesameunderIFRSandGAAPbut,asyouwillseeinlaterchapters,thedifferentstandardsmayimpacthowtransactionsarerecorded.FinancialfraudshaveoccurredatcompaniessuchasSatyamComputerServic

56、es(IND),Parmalat(ITA),andRoyalAhold(NLD).TheyhavealsooccurredatlargeU.S.companiessuchasEnron,WorldCom,andAIG.,LO10,ALookatU.S.GAAP,DifferencesTheSarbanes-OxleyAct(SOX)mandatescertaininternalcontrolsforlargepubliccompanieslistedonU.S.exchanges.Thereisacontinuingdebateastowhethernon-U.S.companiesshoul

57、dhavetocomplywiththisextralayerofregulation.Debateaboutinternationalcompanies(non-U.S.)adoptingSOX-typestandardscentersonwhetherthebenefitsexceedthecosts.TheconcernisthatthehighercostsofSOXcompliancearemakingtheU.S.securitiesmarketslesscompetitive.U.S.regulatorshaverecentlyeliminatedtheneedforforeigncompaniesthattradesharesinU.S.marketstoreconciletheiraccountingwithGAAP.IFRStendstobelessdetailedi