TAILIEUCHUNG - Intermediate Accounting - Chap002

The first objective of any accounting system is to identify the economic events that can be expressed in financial terms by the system. Economic events cause changes in the financial position of a company. | Review of the Accounting Process 2 Insert Book Cover Picture Chapter 2: Review of the Accounting Process The Basic Model Economic events cause changes in the financial position of a company. External events involve an exchange between the company and another entity. Internal events do not involve an exchange transaction but do affect the company’s financial position. The first objective of any accounting system is to identify the economic events that can be expressed in financial terms by the system. Economic events cause changes in the financial position of a company. External events involve an exchange between the company and another entity. Examples are purchasing merchandise inventory for cash and borrowing cash from a bank. Internal events do not involve an exchange transaction but do affect the company’s financial position. Examples are the depreciation of machinery and the use of supplies. Learning Objectives Analyze routine economic events—transactions—and record their effects

• Kế toán - Kiểm toán
• Intermediate Accounting
• Balance Sheet
• Income Statement
• Cash Flows
• Economic Environment
• Financial Reporting
• Accrual Accounting
• Lecture Intermediate accounting
• Financial Accounting
• Accounting process
• Accounting equation
• Accounting processing cycle
• Stock issuance
• Estimating reserves
• Liquidating dividends
• Accounting changes
• Error corrections
• Accounting choices
• Theoretical structure
• Financial accounting environment
• Accounting for leases
• Leasing environment
• Accounting by lessee
• Special accounting problems
• Cash versus accrual accounting
• International standard setting
• Accounting standards
• Accounting assists
• The challenges facing accounting
• Income taxes
• Accounting for income taxes
• Deferred tax liabilities
• Error analysis
• Accounting policy
• Accounting estimate
• Accounting policies
• Accounting information system
• Measurement issues
• Characteristics of accounting
• Capital allocation process