Table of Contents
Financial Accounting
Chapter 1 Uses of Accounting
Information and the Financial Statements
LEARNING OBJECTIVES
LEARNING OBJECTIVES (continued)
Accounting as an Information
System
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Business Goals, Activities, and
Performance Measures
Business Goals
Business Goals and Activities
Business Activities
Business Activities (continued)
Performance Measures
Financial and Management
Accounting
Management Accounting
Financial Accounting
Processing Accounting
Information
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Discussion
Decision Makers: The Users of
Accounting Information
The Users of Accounting
Information
Decision Makers
Management
Outside Users with a Direct
Financial Interest
People, Organizations, and Agencies
with an Indirect Financial Interest
Discussion
Accounting Measurement
Four Basic Questions
What Is Measured?
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Discussion
A.
The Corporation as a Separate
Entity
Types of Business Organization
The Corporate Form of Business
Number and Receipts of U.S.
Proprietorships, Partnerships, and Corporations, 1994
The Corporate Form of Business
Discussion
Financial Position and the
Accounting Equation
Financial Position
Assets
Liabilities
Ownersí Equity
Three Types of Transactions That
Affect Retained Earnings
Some Illustrative Transactions
T1. Ownersí Investments
T2. Purchase of Assets with Cash
T3. Purchase of Assets by Incurring
a Liability
T4. Payment of a Liability with
Cash
T5. Revenues Earned Commission That
Was Paid in Cash
T6. Revenues Earned Commission with
Deferred Receipt
T7. Collection of Accounts
Receivable
T8. Paid Equipment Rental Expense
T9. Paid Wages Expense with Cash
T10. Paid Utility Expense Incurring
a Current Liability
T11. Paid Dividends with Cash
Discussion
Communication Through Financial
Statements
The Importance of Financial
Statements
The Income Statement
[Entity] Shannon Realty, Inc.
[Title] Income Statement [Period] For the Month Ended
December 31, 19xx
The Statement of Retained
Earnings
Shannon Realty, Inc. Statement of
Retained Earnings For the Month Ended December 31, 19xx
The Balance Sheet
Shannon Realty, Inc. Balance Sheet
As of December 31, 19xx
Shannon Realty, Inc. Balance Sheet
As of December 31, 19xx
The Statement of Cash Flows
Shannon Realty, Inc. Statement of
Cash Flows For the Month Ended December 31, 19xx
Shannon Realty, Inc. Statement of
Cash Flows For the Month Ended December 31, 19xx
Shannon Realty, Inc. Statement of
Cash Flows For the Month Ended December 31, 19xx
Discussion
Generally Accepted Accounting
Principles
Generally Accepted Accounting
Principles (GAAP)
Financial Statements, GAAP, and the
Independent CPAís Report
Organizations that Influence Current
Practice
Discussion
Discussion
Professional Ethics and the
Accounting Profession
What Are Professional Ethics?
The Institute of Management
Accountants (IMA) Code of Professional Conduct
Discussion
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