会计学原理英文课件Chapter_01Concept of Accounting教程文件.pptVIP

ACCOUNTING IN BUSINESS;MAIN CONTENTS;IdentifyingSelect transactions and events;USERS OF ACCOUNTING INFORMATION;USERS OF ACCOUNTING INFORMATION; Identify ethical concerns;Financial accounting practice is governed by concepts and rules known as generally accepted accounting principles (GAAP).;The Securities and Exchange Commission is the government group that establishes reporting requirements for companies that issue stock to the public.;PRINCIPLES AND ASSUMPTIONS OF ACCOUNTING;PRINCIPLES AND ASSUMPTIONS OF ACCOUNTING;FORMS OF BUSINESS ENTITIES;* Proprietorships and partnerships that are set up as LLCs provide limited liability. ;Owners of a corporation are called shareholders (or stockholders). Shareholders are not personally liable for corporate acts. When a corporation issues only one class of stock, wecall it common stock (or capital stock).;TRANSACTION ANALYSIS AND THE ACCOUNTING EQUATION;Land;Taxes Payable;Equal to Assets MinusLiabilities(Net Assets);Liabilities;TRANSACTION ANALYSIS EQUATION;TRANSACTION ANALYSIS;TRANSACTION ANALYSIS; The accounts involved are: (1) Cash (asset) (2) Supplies (asset);TRANSACTION ANALYSIS; The accounts involved are: (1) Cash (asset) (2) Equipment (asset) ;TRANSACTION ANALYSIS; The accounts involved are: (1) Supplies (asset) (2) Accounts Payable (liability);; The accounts involved are: (1) Cash (asset) (2) Revenues (equity) ;TRANSACTION ANALYSIS;FINANCIAL STATEMENTS;Net income is the difference between Revenues and Expenses.;The net income of $4,400 increases Owners Equity by $4,400.;The Balance Sheet describes a company’s financial position at a point in time.;STATEMENT OF CASH FLOWS;END OF CHAPTER 1