英文版财务会计PPT .ppt

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21
The Accounting Equation
Assets = Liabilities + Owner’s Equity
Economic Resources
Claims to Economic Resources
7
Standards of Professional Conduct
• AICPA – Code of Professional Conduct for Accountants
• IMA – Standards of Ethical Conduct
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• Sarbanes-Oxley Act
– Criminal offense to falsify financial statements
• Public Companies Accounting Oversight Board
– Monitors work of accountants
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28
Exercise 1-17
a. Increased assets (cash) b. No effect on total assets c. Decreased assets (cash) d. Increased assets (equipment)
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Reliability (Objectivity) Principle
• Accounting information is based on the most reliable data available
– Verifiable – Free from bias – Individuals would arrive at similar conclusions
Owner Withdrawals
Owner’s Equity
Revenues
Expenses
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Revenues
• Amounts earned by delivering goods or services to customers
• IMA – Institute of Management Accountants
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Ethics
• Audit
– Examination of company’s financial situation – Performed by independent accountants
– Sales revenue – Service revenue – Interest revenue – Dividend revenue
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Expenses
• Decrease in owner’s equity that occurs from using assets or increasing liabilities in the course of delivering goods or services to customers
Pep Boys
$8$1,?000 $60,000 $21,000
Eddie Bauer $72,000 32?,000 40,000
Benbrook Exxon
100,000 79,000 21?,000
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12
Entity Concept
• Accounting Entity – organization that stands apart as a separate economic unit
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– Formulated by Financial Accounting Standards Board (FASB)
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11
GAAP
• Primary objective of financial accounting – provide information that is useful for making investment and lending decisions
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Objective 4
Analyze business transactions
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Transaction
• An event that affects the financial position of a particular entity and can be recorded reliably
• Individuals • Businesses • Investors • Creditors • Taxing Authorities
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4
Financial vs. Managerial Accounting
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GAAP
• Generally Accepted Accounting Principles
– Accounting guidelines that govern how accountants measure, process, and communicate financial information
8
Types of Business Organizations
• Proprietorships • Partnerships • Corporations
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Objective 2
Apply accounting concepts and principles
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15
Going Concern Concept
• Assumes that the entity will remain in operation for the foreseeable future
Acபைடு நூலகம்ounting
• Measures • Processes • Communicates…..
Financial information to decision makers
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Decision Makers
using same data
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14
Cost Principle
• Acquired assets and services should be recorded at their actual cost (historical cost)
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22
Transactions that Affect
Owner’s Equity
OWNER’S EQUITY
INCREASES
OWNER’S EQUITY DECREASES
Owner Investments
– Salary expense – Rent expense – Utilities expense – Interest expense
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25
Exercise 1-18
Assets Liabilities Owner’s Equity
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Objective 3
Use the accounting equation
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Assets
• Economic resources, expected to benefit the business in the future
Accounting and the Business Environment
Chapter 1
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Objective 1
Use accounting vocabulary
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• Financial Accounting – Information for people outside of the company
• Managerial Accounting – Information for internal decision makers
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– Accounts payable – Notes payable – Salary payable
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Claims to the Assets
• Owner’s Equity (capital) – claim of business owner to the assets of the business
5
Governing Organizations
• FASB – Financial Accounting Standards Board
• SEC – Securities and Exchange Commission
• AICPA – American Institute of Certified Public Accountants
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Stable-Monetary-Unit Concept
• Assumes that the dollar’s purchasing power is stable
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– Cash – Accounts receivable – Merchandise inventory – Furniture – Land
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Claims to the Assets
• Liabilities – economic obligations payable to an individual or organization outside the business