会计学英语电子版课件01
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4
1
11
Forms of Business Organization
Sole proprietorship Partnership Corporation
5
Sole Proprietorship
Business owned by one person Simple to establish Owner controlled Tax advantages Owner personally liable Financing difficult
16
Operating Activities
Revenues are the increases in assets
resulting from the sale of a product or service Expenses are the cost of assets consumed or services used in generating revenue. If revenue > expense = Net Income If revenue < expense = Net Loss!
17
Review
Which is not one of the three forms of business organization? a. Sole proprietorship. b. Creditorship. c. Partnership. d. Corporation.
18
Review
quarter, year.
Cash effects of operating, investing, and financing activities.
32
Statement of Cash Flows
Where did the cash come from? How was cash used during the period? What was the change in the cash balance during the period? A company cannot survive without cash!
AN INTRODUCTION TO FINANCIAL STATMENTS
2
Study Objectives
1.
2.
3.
4.
Describe the primary forms of business organization. Identify the users and uses of accounting information. Explain the three principal types of business activity. Describe the content and purpose of each of the financial statements.
25
Income Statement
Reports operating success or failure for a period. Summarizes revenues and expenses for period: month, quarter, year. If revenue > expense = Net Income.
33
Statement of Cash Flows..
Agrees with Balance Sheet
34
5
11
Assets
Resources owned by the business Cash Accounts receivable Inventories Furniture and fixtures Equipment Supplies
Ownership claims on assets
3
Study Objectives
5.
6.
Explain the meaning of assets, liabilities, and stockholders’ equity, and state the basic accounting equation. Describe the components that supplement the financial statements in an annual report.
21
Review
Which is not one of the three primary business activities? a. Financing. b. Operating. c. Advertising. d. Investing.
22
Review
Which is not one of the three primary business activities? a. Financing. b. Operating. c. Advertising. d. Investing.
Which is not one of the three forms of business organization? a. Sole proprietorship. b. Creditorship. c. Partnership. d. Corporation.
19
Review
Which is an advantage of corporations relative to partnerships and sole proprietorships? a. Lower taxes. b. Harder to transfer ownership c. Reduced legal liability for investors. d. Most common form of business organization.
30
Balance Sheet
From Retained Earnings Statement
31
Statement of Cash Flows
Provides information about cash receipts and cash payments Summarizes for period: month,
20
Review
Which is an advantage of corporations relative to partnerships and sole proprietorships? a. Lower taxes. b. Harder to transfer ownership c. Reduced legal liability for investors. d. Most common form of business organization.
9
Users of Financial Information
Internal Users Ask?
10
Users of Financial Information
External
Investors Creditors Others
Regulatory agencies Tax authorities Customers Labor Unions Economic planners
liabilities
Bank loans Debt securities Goods on credit or payables
Selling stock creates
stockholders’ equity
14
Investing Activities
Obtaining resources or assets to operate the business
35
Liabilities
Obligations or debts of business
Notes payable Accounts payable Interest payable Salaries payable Unearned revenue
36
Stockholders’ Equity
Financial Accounting:
Tools for Business Decision Making, 4th Ed.
Kimmel, Weygandt, Kieso
CHAPTER 1
Prepared by
Ellen L. Sweatt Georgia Perimeter College
1
Chapter 1
6
Partnership
Two or more owners Simple to establish Shared control Broader skills & resources Tax advantages Personal liability
7
Corporation
Separate legal entity owned by stockholders Easy to transfer ownership Greater capital raising potential Lower legal liability Unfavorable tax treatment
23
4
11
Content and Purpose of Financial Statements
Accountants communicate with users through four financial statements
24
Four Financial Statements
Income Statement Retained Earnings Statement Balance Sheet Statement of Cash Flows
Land Buildings Vehicles Computers Furniture Equipment
15
Operating Activities
Primary activity of business
Selling goods Providing services Manufacturing Cost of Sales Advertising Paying employees Paying utilities
8
2
11
Useபைடு நூலகம்s of Financial Information
Internal
Managers who plan, organize and run a business
Marketing managers Production supervisors Finance directors Company officers
11
Users of Financial Information
External Users Ask?
12
3
11
Types of Business Activity
Financing Investing Operating
13
Financing Activities
Borrowing creates
statement.
Deduct Dividends Ending balance
28
Retained Earnings Statement
Do this statement second!
29
Balance Sheet
Reports assets and claims to assets. Claims of creditors, liabilities. Claims of owners, stockholders’ equity. Assets = Liabilities + Stockholders’ Equity Specific date – one point in time!
26
Income Statement
Do this statement first!
27
Retained Earnings Statement
Shows changes in retained earnings for period: month, quarter, year Beginning balance Add Net Income from income
1
11
Forms of Business Organization
Sole proprietorship Partnership Corporation
5
Sole Proprietorship
Business owned by one person Simple to establish Owner controlled Tax advantages Owner personally liable Financing difficult
16
Operating Activities
Revenues are the increases in assets
resulting from the sale of a product or service Expenses are the cost of assets consumed or services used in generating revenue. If revenue > expense = Net Income If revenue < expense = Net Loss!
17
Review
Which is not one of the three forms of business organization? a. Sole proprietorship. b. Creditorship. c. Partnership. d. Corporation.
18
Review
quarter, year.
Cash effects of operating, investing, and financing activities.
32
Statement of Cash Flows
Where did the cash come from? How was cash used during the period? What was the change in the cash balance during the period? A company cannot survive without cash!
AN INTRODUCTION TO FINANCIAL STATMENTS
2
Study Objectives
1.
2.
3.
4.
Describe the primary forms of business organization. Identify the users and uses of accounting information. Explain the three principal types of business activity. Describe the content and purpose of each of the financial statements.
25
Income Statement
Reports operating success or failure for a period. Summarizes revenues and expenses for period: month, quarter, year. If revenue > expense = Net Income.
33
Statement of Cash Flows..
Agrees with Balance Sheet
34
5
11
Assets
Resources owned by the business Cash Accounts receivable Inventories Furniture and fixtures Equipment Supplies
Ownership claims on assets
3
Study Objectives
5.
6.
Explain the meaning of assets, liabilities, and stockholders’ equity, and state the basic accounting equation. Describe the components that supplement the financial statements in an annual report.
21
Review
Which is not one of the three primary business activities? a. Financing. b. Operating. c. Advertising. d. Investing.
22
Review
Which is not one of the three primary business activities? a. Financing. b. Operating. c. Advertising. d. Investing.
Which is not one of the three forms of business organization? a. Sole proprietorship. b. Creditorship. c. Partnership. d. Corporation.
19
Review
Which is an advantage of corporations relative to partnerships and sole proprietorships? a. Lower taxes. b. Harder to transfer ownership c. Reduced legal liability for investors. d. Most common form of business organization.
30
Balance Sheet
From Retained Earnings Statement
31
Statement of Cash Flows
Provides information about cash receipts and cash payments Summarizes for period: month,
20
Review
Which is an advantage of corporations relative to partnerships and sole proprietorships? a. Lower taxes. b. Harder to transfer ownership c. Reduced legal liability for investors. d. Most common form of business organization.
9
Users of Financial Information
Internal Users Ask?
10
Users of Financial Information
External
Investors Creditors Others
Regulatory agencies Tax authorities Customers Labor Unions Economic planners
liabilities
Bank loans Debt securities Goods on credit or payables
Selling stock creates
stockholders’ equity
14
Investing Activities
Obtaining resources or assets to operate the business
35
Liabilities
Obligations or debts of business
Notes payable Accounts payable Interest payable Salaries payable Unearned revenue
36
Stockholders’ Equity
Financial Accounting:
Tools for Business Decision Making, 4th Ed.
Kimmel, Weygandt, Kieso
CHAPTER 1
Prepared by
Ellen L. Sweatt Georgia Perimeter College
1
Chapter 1
6
Partnership
Two or more owners Simple to establish Shared control Broader skills & resources Tax advantages Personal liability
7
Corporation
Separate legal entity owned by stockholders Easy to transfer ownership Greater capital raising potential Lower legal liability Unfavorable tax treatment
23
4
11
Content and Purpose of Financial Statements
Accountants communicate with users through four financial statements
24
Four Financial Statements
Income Statement Retained Earnings Statement Balance Sheet Statement of Cash Flows
Land Buildings Vehicles Computers Furniture Equipment
15
Operating Activities
Primary activity of business
Selling goods Providing services Manufacturing Cost of Sales Advertising Paying employees Paying utilities
8
2
11
Useபைடு நூலகம்s of Financial Information
Internal
Managers who plan, organize and run a business
Marketing managers Production supervisors Finance directors Company officers
11
Users of Financial Information
External Users Ask?
12
3
11
Types of Business Activity
Financing Investing Operating
13
Financing Activities
Borrowing creates
statement.
Deduct Dividends Ending balance
28
Retained Earnings Statement
Do this statement second!
29
Balance Sheet
Reports assets and claims to assets. Claims of creditors, liabilities. Claims of owners, stockholders’ equity. Assets = Liabilities + Stockholders’ Equity Specific date – one point in time!
26
Income Statement
Do this statement first!
27
Retained Earnings Statement
Shows changes in retained earnings for period: month, quarter, year Beginning balance Add Net Income from income