Define Accounting, Accounting Equation, Assignments, ExpertsMind

Category: Education

Presentation Description

ExpertsMind offers accounting theory and concepts, assignments and homework. Visit:


Presentation Transcript

PowerPoint Presentation:

Generally accepted accounting principles Ethics in financial reporting Assumptions Define Accounting? Building Blocks of Accounting Accounting Equation Using the Accounting Equation Financial Statements Definition of three activities Who uses accounting data Liabilities Assets Stockholders’ equity Summary of transactions Transaction analysis Retained earnings statement Income statement Balance sheet Statement of cash flows Accounting in Action


Main Three Activities Accounting? Accounting process involves the bookkeeping function. I The activities & accounting process Visit:

Who Uses Accounting Data:

Management two broad groups of users of financial information: internal users & external users. HR IRS Labor Unions SEC Marketing Finance Investors Creditors Who Uses Accounting Data Visit: . Customers Internal Users External Users

Who Uses Accounting Data:

Common Questions Asked User 1. May we afford to give our employees a pay raise? Human Resources 2. Did the company earn a satisfactory income? 3. Do we need to borrow in the near future? 4. Is cash sufficient to pay dividends to the stockholders? 5. What price for our product will maximize net income? Who Uses Accounting Data Visit” 6. Will the company be able to pay its short-term debts? Investors Management Finance Marketing Creditors And Employees!!!!

Define Basic Accounting Equation:

Assets Liabilities Stockholder’s Equity = + Provides the underlying framework for recording & summarizing economic events. Assets are claimed by creditors or owners. Claims of creditors must be paid before ownership claims. Define Basic Accounting Equation Visit:

authorStream Live Help