TAILIEUCHUNG - Lecture Accounting principles (8E): Chapter 1 - Coby Harmon

After completing this chapter you should be able to: Explain what accounting is, identify the users and uses of accounting, understand why ethics is a fundamental business concept, explain generally accepted accounting principles and the cost principle,. and other contents. | CHAPTER 1 ACCOUNTING IN ACTION Accounting Principles, Eighth Edition Explain what accounting is. Identify the users and uses of accounting. Understand why ethics is a fundamental business concept. Explain generally accepted accounting principles and the cost principle. Explain the monetary unit assumption and the economic entity assumption. State the accounting equation, and define assets, liabilities, and owner’s equity. Analyze the effects of business transactions on the accounting equation. Understand the four financial statements and how they are prepared. Study Objectives 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Accounting in Action Ethics in financial reporting Generally accepted accounting principles Assumptions What is Accounting? The Building Blocks of Accounting The Basic Accounting Equation Using the Basic Accounting Equation Financial Statements Three activities Who uses accounting data Assets Liabilities Owner’s equity Transaction analysis Summary of transactions Income statement Owner’s equity statement Balance sheet Statement of cash flows Service Cost - Actuaries compute service cost as the present value of the new benefits earned by employees during the year. Future salary levels considered in calculation. Interest on Liability - Interest accrues each year on the PBO just as it does on any discounted debt. Actual Return on Plan Assets - Increase in pension funds from interest, dividends, and realized and unrealized changes in the fair market value of the plan assets. Amortization of Unrecognized Prior Service Cost

• Kế toán - Kiểm toán
• Lecture Accounting principles
• Accounting principles
• Accounting in action
• Fundamental business concept
• The cost principle
• The economic entity assumption
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Accounting information systems
• Fundamental system principles
• Technology based accounting systems
• Accounting information
• Financial accounting
• Managerial accounting
• Managerial cost
• Reporting manufacturing activities
• Merchandising operations
• Accounting cycle
• Completing the accounting cycle
• Classified balance sheet
• Accounting for partnerships
• Partnership form of organization
• Basic partnership accounting