TAILIEUCHUNG - Lecture Accounting: What the numbers mean (10/e): Chapter 1 - Marshall, McManus, Viele
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? | © 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. Accounting: What The Numbers Mean Tenth Edition Marshall, McManus, and Viele Chapter 1 Accounting—Present and Past PowerPoint Authors: Susan Coomer Galbreath, ., CPA Charles W. Caldwell, ., CMA Jon A. Booker, ., CPA, CIA Cynthia J. Rooney, ., CPA Chapter 1: Accounting—Present and Past What is Accounting? Accounting is the process of: LO 1 1- Learning Objective 1: Explain the definition of accounting. Accounting is the process of identifying, measuring, and communicating economic information about an organization to external and internal users for the purpose of making decisions and informed judgments. Users and Uses of Accounting Information LO 2 1- Learning Objective 2: Identify who the users of accounting information are and explain why they find accounting information useful. The internal users of accounting information include the management and owners of an organization. Accounting information is used to identify and measure costs and benefits, to plan and control the activities of an entity, and to support management’s decision-making process. The external users of accounting information include investors and shareholders, creditors and suppliers, employees, and governmental agencies such as the Securities and Exchange Commission. Investors and shareholders use accounting information to make investment decisions about the company’s stock. Creditors and suppliers use accounting information to assess the ability of the company to pay its debts. Employees use accounting information for retirement planning and to determine the ability of the company to meet its retirement obligations. The Securities and Exchange Commission uses accounting information to evaluate a company’s compliance with SEC rules and regulations and to ensure that the company has fully disclosed all required information to investors. Financial Accounting Financial accounting generally refers to the process .
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