TAILIEUCHUNG - Lecture Accounting: What the numbers mean (5/e) - Chapter 1: Accounting - Present and past
After reading this chapter, you should be able to answer the following questions: What is the FASB? Who uses accounting information and why? What is accounting? What do accountants do? Where did accounting come from? Where did accounting standards come from? What are the accounting ethical standards? What is the Conceptual Framework? Why do businesses report financial information? | CHAPTER 1 ACCOUNTING - PRESENT AND PAST McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Learning Objectives What is the FASB? Who uses accounting information and why? What is accounting? What do accountants do? Where did accounting come from? McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Learning Objectives Where did accounting standards come from? What are the accounting ethical standards? What is the Conceptual Framework? Why do businesses report financial information? McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Learning Objective 1 What is accounting? McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Accounting is the process of: Identifying Measuring Communicating Economic information about an entity > For decisions and informed judgments McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Learning Objective 2 Who uses accounting information and why? McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Users of Accounting Information Management - planning, directing, controlling Investors - return Creditors - probability of collection Employees - job prospects and retirement benefits SEC - full disclosure of financial information McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Learning Objective 3 What do accountants do? McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Professional Services Provided by Accountants Financial Accounting Managerial/Cost Accounting Auditing - Public Accounting Internal Auditing Governmental and Not-for-Profit Accounting Income Tax Accounting McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Learning Objective 4 Where did accounting come from? McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Early History of Accounting Found accounting records on Mesopotamian clay tablets from 3000 BC Luca Pacioli published a description of double-entry bookkeeping systems in 1494 Industrial revolution led to non-owner managers who needed to report financial information
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