TAILIEUCHUNG - Lecture Financial accounting (3/e): Chapter 1 - Spiceland, Thomas, Herrmann

Chapter 1 - A framework for financial accounting. After completing this chapter, students will be able to: Describe the two primary functions of financial accounting, understand the business activities that financial accounting measures, determine how financial accounting information is communicated through financial statements, describe the role that financial accounting plays in the decision-making process. | A Framework for Financial Accounting Chapter 1 1 Learning Objectives Describe the two primary functions of financial accounting Understand the business activities that financial accounting measures Determine how financial accounting information is communicated through financial statements Describe the role that financial accounting plays in the decision-making process Learning Objectives Explain the term generally accepted accounting principles (GAAP) and describe the role of GAAP in financial accounting Identify career opportunities in accounting Explain the nature of the conceptual framework used to develop generally accepted accounting principles Part A Accounting as a Measurement/ Communication Process 1-4 There is a common misconception about accounting that it is a math class, much like college algebra, calculus, or business statistics, but it is not a math class. Though it’s true that accounting uses numbers heavily, accounting is far more than adding, subtracting, and solving for unknown variables. 4 Learning Objective 1 Describe the two primary functions of financial accounting 1-5 Accounting A system of maintaining records of a company’s operations and communicating that information to decision makers Accounting is “the language of business.” It is a system of maintaining records of a company’s operations and communicating this information to decision makers. The decision makers are people who make decisions about the company based on accounting information. 6 Accounting Information Managerial accounting: information provided for internal users Financial accounting: information provided for external users Internal users Accounting can be classified into two broad categories: managerial accounting and financial accounting. Managerial accounting deals with the methods accountants use to provide information to an organization’s internal users; that is, its own managers. It is not the subject of the course. The course focuses on financial accounting. The two

• Kế toán - Kiểm toán
• Financial accounting
• Lecture Financial accounting
• The accounting cycle
• Financial statement
• Accounting information
• Business structure
• Issues in financial accounting
• Kế toán tài chính
• Financial statements
• Accounting standards
• Financial reporting
• Financial Accounting Standards Board
• Fundamental financial accounting
• Lecture Fundamental financial accounting concepts
• Accounting cycle
• Accounting for accruals
• Accounting system
• Accounting activities
• Financial accounting practice
• Accounting information system
• Accounting terminology
• Reporting financial results
• Evaluating liquidity
• Business firms
• The financial reporting reform
• Management accounting
• Accounting equation
• Accounting systems
• Decision making
• External financial reporting
• Accounting for business
• Lecture Accounting for business
• Financial accounting reports
• Statement of financial performance
• Accrual accounting systems
• Statement of financial position
• Mastering financial accounting essentials
• Financial accounting essentials
• Accrual accounting
• Income statement
• Accounting conventions
• Internal control
• Accounting for cash
• Accounting for receivables
• Computing uncollectible accounts expense
• Long term debt
• Accounting for long term debt
• Paper F3
• Revision kit 2016
• Accounting Financial
• Accounting Financial Review
• Financial Review accounting exam
• Study text 2016
• Language of business
• Double entry accounting system
• Credit terminology
• Merchandising businesses
• Accounting for merchandising businesses
• Accounting for inventories
• Cash discounts
• International financial reporting standards
• Completing the accounting cycle
• Accounting worksheet
• Classified balance sheet