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Lesson1IntroductionToAccountingTaskTeamofFUNDAMENTALACCOUNTINGBusinessSchool,SunYat-senUniversity2OutlineThenatureoffirm;Thevalueofaccounting;TheEvolutionofaccounting;Accounting:Abirdview3OpeningStoryEveryonehereissupposedtoknowtheOutlawsoftheMarsh;QuestionI:Whoplaystheroleof“CFO”oftheMarshMountainLiang?→Therearetwo;4OpeningStorySomeotherpositionsrelatedtoaccounting;5OpeningStoryQuestionII:WhydoestheMarshMountaionLiangneedsuchpositionsasCFOandChiefController?WemustknowthatthetitleofSHUIHUZHUANisalsotranslatedasAllMenareBrothers.6TheValueofAccountingWhydoesaccountingexistineveryorganization?Iexplainthisquestioninanotherway:whatkindofuniquevaluedoesaccountingpossess?Thevaluemustbefundamentalandthesocietycouldnotgowithout;Anotherwaytoexplain:Darwinism;Naturalselectionandthefittestsurvive;7TheNatureofFirmAlthougheveryorganizationneedsaccounting,wejusttalkaboutenterpriseaccountingforsimplicity;Whatisthenatureoffirm?Wediscussabouthumannaturefirst;8TheNatureofManEthicMan;HumanNature:Virtuevs.Evil;Confucisvs.HsunTzuEconomicMan;ThereisnoethicsconceptinEconomists’dictionary;→Itisnotfromthebenevolenceofthebutcher,thebrewer,orthebakerthatexpectourdinner,butfromtheirregardstheirowninterest.(AdamSmith);9TheNatureofManWeneedacompoundanalyticaltool;MaslowandtheHierarchyofNeeds:themostcommontool;MichaelJensenandWilliamMecklingREMM→Resourceful,→Evaluator,→Maximizer,→Model.10TheNatureofFirmClassicaltheories;Adevicetocapturetransactioncosts;Anexusofcontracts;Agencytheory;EconomicDarwinism;,,,,REMMperspective:Acoalitionofeconomicmen;11TheNatureofFirmOnthecoalitionofeconomicmen:WhydoesREMMjoinafirm?Maximizationofhisowninterests;WhendoesREMMquitfromafirm?Seekdifferentchancetomaximizehisowninterests;WhenwedefinehumanbeingasREMM,wehavetosolvethefundamentalissue:HowdoesREMMtrusteachother?12TheValueofAccountingWithouttrust,wecouldnothaveevenafamily,letaloneafirm;911andtheincreaseoftrustingcost;REMMshavetofindefficientwaystodevelopandmaintaintrust;Theyknowthattheyhaveto;Theproblemishow;13TheValueofAccountingHistorically,REMMshavecreatedandexperimentednumerousways;Accountingisproventobecost-effective;→Itissuitabletoallkindsoffirms,→Nomatteroftheirsize,→Nomatterofthegeographiclocations;→Nomatterofownership;14TheEvolutionofAccountingNowthataccountingisconnectedwithhumannatureandtrustingissue,wemaytracethehistoryofaccountingtotheearlydaysofhumanbeings,orPrimitiveSociety;theIncasandQuipu;15SumerandCUNEIFORMPhoenicianandALPHABET16TheEvolutionofAccountingWhydoourancestorsinventAlphabet?Tobuildtrustingviaenhancedmemory;ThisistherightvalueofAccounting.ChronologyofspellingbySteveBett;3200BCWritingdevelopedasanextensionoftheaccountingsysteminBabylon;ABritishaccountingscholarclaimed:PhoenicianinventedALPHABETforthesakeofaccounting.17TheEvolutionofAccountingTheprimitivestageofaccounting;Atooltohelptomaintainthetrusts;Alphabet,numericandorganizationalcontrol;18TheEvolutionofAccountingThebirthofdouble-entrybookkeeping;A.C.LittletononthebirthofDEB;AnotherstoryTheCrusaders(1095-1270);Italiancommodityeconomy,developedbankbusiness;DEB:thesymbolofaccountingscience;19TheEvolutionofAccountingFromBookkeepingtoFinancialAccountingCapitalmarket:accountinginformationiswidelycirculated;Themostcommonusers:outsideofthereportingentity;GAAP:thesymboloftheconversion;FinancialAccountingisalsocalledExternalAccounting;20TheEvolutionofAccountingIndustrialrevolutionandmodernmassmanufacturingprocess;Businessprofitingmodelischanged;→Originally,buylow,sellhigh;→Now,buyrawmaterials,manufactureintoproductsandsellout;→Thedeterminationofthecostofmanufacturedproductsisessentialinprofitdetermination;CostAccountingis“invented”;21TheEvolutionofAccountingFromcostaccountingtomanagementaccounting;Morecomplicatedbusinessactivities;Dynamicandkeep-changingenvironment;Muchlargerbusinessscale;Decisionmaking:muchmorecomplicated;ManagementAccountingis“invented”;22TheEvolutionofAccountingFromcommoditymarkettocapitalmarket;Thedevelopingofcapitalmarketraisestwoissues:Effectivewaystoraiseandallocatecapital;Trustcrisis;WehaveCorporateFinanceandAuditingsubjectsrespectively.23AccountingFirmsFirmFinancialstatementsinvestorsFinancialAccountingAuditingFinanceManagementAccountingCorporateFinanceandAuditing24TheEvolutionofAccountingAccountingwillevolvewiththedevelopmentofeconomyandtechnology;Theinventionofcomputeranditsadoptionintoaccountingpractice;→Reducestime,effortandcostofrecord-keeping;→Improvesclericalaccuracy;→Changesthewaywestore,processandsummarizelargemassesofdata;25TheEvolutionofAccountingWebsiteandInternet;→disseminationofaccountinginformation:easyandnoincrementcost;Internetbasedfinancialreportingsystem;→ExtensibleBusinessReportingLanguage(XBRL)wasdevelopedtoprovideuserswithanefficientandeffectivemeansofpreparingandexchangingfinancialinformationovertheInternet.→ExtensibleAssuranceReportingLanguage(XARL)wasdesignedtoenableassuranceproviderstoreportontheintegrityofinformationdistributedovertheInterneta