TAILIEUCHUNG - Lecture College accounting (13/e): Chapter 14 - Price, Haddock, Farina

Chapter 14 - Accounting principles and reporting standards. After reading this chapter, you should be able to: Understand the process used to develop generally accepted accounting principles, identify the major accounting standards-setting bodies and their roles in the standards-setting process, describe the users and uses of financial reports,. | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Accounting Principles and Reporting Standards Section 1: Generally Accepted Accounting Principles Chapter 14 Section Objectives Understand the process used to develop generally accepted accounting principles. Identify the major standards-setting bodies and their roles in the standard-setting process. Describe the users and uses of financial reports. Generally Accepted Accounting Principles (GAAP) Ensure that financial statements are meaningful and useful. Are used whether the business is large or small. Allow financial statements of different companies to be compared. Allow a company to compare its own financial statements from period to period. Public sector government represented by SEC In the United States, accounting principles are developed through a cooperative effort between the public sector and private sector. Private sector business represented by FASB Objective 1 .

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• College accounting
• Lecture College accounting
• Financial statement
• Cost accounting
• Accounting principles
• Reporting standards
• Job order cost accounting
• Accounting for sales
• Accounts receivable
• Accounting for purchases
• Accounts payable
• Closing procedures
• Accounting cycle
• Accounting for partnerships
• Allocating income
• Process cost accounting
• Process inventory
• Language of business
• Financial information
• Analyzing business transactions
• Financial interest
• T accounts
• General ledger
• General journal
• The worksheet
• Trial balance
• Closing entries
• Postclosing trial balance
• Cash receipts
• Cash payments
• Payroll computations
• Payroll laws
• Payroll taxes
• Employee income tax
• Recording adjustments
• Uncollectible accounts
• Notes payable
• Notes receivable
• Merchandise inventory
• Inventory costing methods
• Disposition of assets
• Depreciation methods
• Capital stock transactions
• Capital stock
• Corporate earnings
• Capital transactions