会计基础horngrenacct7ch01—1.pptVIP

Mr. 王金喜 E-mail: www3men@163.com Tel-: ;Accounting and theBusiness Environment;Objective 1;is called the language of business.;is an information system that...;Financing Activities. Obtaining capital from owners and creditors. Repaying creditors and paying a return to owners. Investing Activities. Spending the capital it receives in ways that are productive and will help the business achieve its objectives. Buying and selling assets to be used in the business.;Business Activities (continued);Identifies;;External users make decisions about the entity.;Users of Accounting Information;Financial vs. Managerial Accounting;Governing Organizations;AICPA’s Code of Professional Conduct;Public Sector (SEC);Ethics;Types of Business Organizations;Proprietorships;Partnerships;Corporations;* Proprietorships and partnerships that are set up as LLCs provide limited liability. ;Objective 2; GAAP ;GAAP;Entity Concept;Accounting information is based on the most reliable data available Verifiable Free from bias Individuals would arrive at similar conclusions using same data ;Cost Principle;Going Concern Concept;Stable-Monetary-Unit Concept;Objective 3;Assets;Claims to the Assets;Claims to the Assets;Economic Resources;Transactions that AffectOwner’s Equity;Revenues;Expenses;Exercise 1-18;Objective 4;Transaction;Exercise 1-17;Exercise 1-17;Date;Date;Date;Date;Date;Date;Date;Objective 5;Financial Statements;Income Statement;Statement of Owner’s Equity;Balance Sheet;Statement of Cash Flows;Maria Lange, M.D.Income StatementFor the Month Ended July 31, 2006;Maria Lange, capital, July 1, 2006 $ 0 Add: Investment by owner 45,000 Net income for the month 4,000 Subtotal $49,000 Less: Withdrawals by owner 0 Maria Lange, capital, July 31, 2006 $49,000;Maria Lange, M.D.Balance SheetJuly 31, 2006;Cash $2,000 Accounts receivable 6,000 Supplies 500 Equipment 15,500  Total Assets $24,000;Exercise 1-26;Exercise 1-26;End of Chapter 1