财务会计(英文版·原书第5版)ch01

Chapter1-1Yu-wanHuang黄玉婉Location:SchoolofEconomics,Technologybuilding,level6,room605.科技楼605室CourseCoordinatorChapter1-2TEACHINGANDLEARNINGARRANGEMENTSLectures:Discussionofmainbodyknowledgepresentedintextbook.acoursereview/examinationpreparationsessionwillbeheldinweek16.Tutorials:Discussionofthereviewquestionsandproblems.Chapter1-3RequiredResourcesTextbookFinancialCalculator：Stronglyrecommended!Chapter1-4AssessmentSummaryClassparticipationTutorialquestionsMid-testAssignmentFinalexamChapter1-5Chapter1-6AccountingInActionFinancialAccounting,SixthEditionChapter1Chapter1-71.Explainwhataccountingis.2.Identifytheusersandusesofaccounting.3.Understandwhyethicsisafundamentalbusinessconcept.4.Explaingenerallyacceptedaccountingprinciplesandthecostprinciple.5.Explainthemonetaryunitassumptionandtheeconomicentityassumption.6.Statetheaccountingequation,anddefineassets,liabilities,andstockholders’equity.7.Analyzetheeffectsofbusinesstransactionsontheaccountingequation.8.Understandthefourfinancialstatementsandhowtheyareprepared.StudyObjectivesChapter1-8AccountinginActionEthicsinfinancialreportingGenerallyacceptedaccountingprinciplesAssumptionsWhatisAccounting?TheBuildingBlocksofAccountingTheBasicAccountingEquationUsingtheBasicAccountingEquationFinancialStatementsThreeactivitiesWhousesaccountingdataAssetsLiabilitiesStockholders'equityTransactionanalysisSummaryoftransactionsIncomestatementStatementofretainedearningsBalancesheetStatementofcashflowsChapter1-9WhatisAccounting?SO1Explainwhataccountingis.Thepurposeofaccountingisto:(1)identify,record,andcommunicatetheeconomiceventsofan(2)organizationto(3)interestedusers.Chapter1-10ThreeActivitiesWhatisAccounting?SO1Explainwhataccountingis.Illustration1-1AccountingprocessTheaccountingprocessincludesthebookkeepingfunction.Chapter1-11ManagementCommonQuestionsHumanResourcesIRSLaborUnionsSECMarketingFinanceInvestorsCreditorsWhoUsesAccountingData?SO2Identifytheusersandusesofaccounting.CustomersInternalUsersExternalUsersChapter1-12CommonQuestionsAskedUser1.Canweaffordtogiveouremployeesapayraise?HumanResources2.Didthecompanyearnasatisfactoryincome?3.Shouldanyproductlinesbeeliminated?4.Iscashsufficienttopaydividendstothestockholders?5.Whatpriceforourproductwillmaximizenetincome?WhoUsesAccountingData?SO2Identifytheusersandusesofaccounting.6.Willthecompanybeabletopayitsshort-termdebts?InvestorsManagementFinanceMarketingCreditorsChapter1-13DiscussionQuestionSO3Understandwhyethicsisafundamentalbusinessconcept.Q1.“Accountingisingrainedinoursocietyanditisvitaltooureconomicsystem.”Doyouagree?Explain.SeenotespagefordiscussionWhoUsesAccountingData?Chapter1-14TheBuildingBlocksofAccountingEthicsInFinancialReportingSO3Understandwhyethicsisafundamentalbusinessconcept.Standardsofconductbywhichone’sactionsarejudgedasrightorwrong,honestordishonest,fairornotfair,areEthics.Recentfinancialscandalsinclude:Enron,WorldCom,HealthSouth,AIG,andothers.CongresspassedSarbanes-OxleyActof2002.Effectivefinancialreportingdependsonsoundethicalbehavior.Chapter1-15Ethicsarethestandardsofconductbywhichone'sactionsarejudgedas:a.rightorwrong.b.honestordishonest.c.fairornotfair.d.alloftheseoptions.ReviewQuestionEthicsSO3Understandwhyethicsisafundamentalbusinessconcept.Chapter1-16VarioususersneedfinancialinformationTheaccountingprofessionhasattemptedtodevelopasetofstandardsthataregenerallyacceptedanduniversallypracticed.FinancialStatementsBalanceSheetIncomeStatementRetainedEarningsStatementStatementofCashFlowsNoteDisclosureGenerallyAcceptedAccountingPrinciples(GAAP)TheBuildingBlocksofAccountingSO4Explaingenerallyacceptedaccountingprinciplesandthecostprinciple.Chapter1-17OrganizationsInvolvedinStandardSetting:SecuritiesandExchangeCommission(SEC)FinancialAccountingStandardsBoard(FASB)InternationalAccountingStandardsBoard(IASB)SO4Explaingenerallyacceptedaccountingprinciplesandthecostprinciple.TheBuildingBlocksofAccounting://://(Historical)–dictatesthatcompaniesrecordassetsattheircost.Issues:Reportedatcostwhenpurchasedandalsooverthetimetheassetisheld.Costeasilyverified,whereasmarketvalueisoftensubjective.Fairvalueinformationmaybemoreuseful.TheBuildingBlocksofAccountingSO4Explaingenerallyacceptedaccountingprinciplesandthecostprinciple.Chapter1-19MonetaryUnitAssumption–includeintheaccountingrecordsonlytransactiondatathatcanbeexpressedintermsofmoney.EconomicEntityAssumption–requiresthatactivitiesoftheentitybekeptseparateanddistinctfromtheactivitiesofitsownerandallothereconomicentities.Proprietorship.Partnership.Corporation.AssumptionsSO5Explainthemonetaryunitassumptionandtheeconomicentityassumption.FormsofBusinessOwnershipChapter1-20ProprietorshipPartnershipCorporationOwnedbytwoormorepersons.Oftenretailandservice-typebusinessesGenerallyunlimitedpersonalliabilityPartnershipagreementOwnershipdividedintosharesofstockSeparatelegalentityorganizedunderstatecorporationlawLimitedliabilityFormsofBusinessOwnershipGenerallyownedbyoneperson.Oftensmallservice-type