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Powerpoint Chapter 1 Essay

1207 words - 5 pages

Chapter
1


The
Nature
and
 Purpose
of
 Accoun3ng


McGraw-Hill/Irwin

Copyright © 2011. The McGraw-Hill Companies. All Rights Reserved.

What
Accoun0ng
Does

•  Accoun3ng
is
a
system
that
provides
 informa3on
on:

–  Amounts
of
resources.
 –  How
resources
were
financed.
 –  Results
achieved
by
using
resources.


•  For
either:

–  Par3es
inside
or
outside
of
organiza3on.
 –  Profit
and
nonprofit
organiza3ons.

1-2

Categories
of
Accoun0ng
 Informa0on

•  Opera3ng
 •  Financial
accoun3ng.
 •  Management
accoun3ng.
 •  Tax
accoun3ng.


1-3

Opera0ng
Informa0on

•  Needed
to
conduct
day‐to‐day
 ac3vi3es.
 •  Largest
quan3ty
of
accoun3ng
data.
 •  Examples:

...view middle of the document...


 •  Must
change
plans
as
condi3ons
 require.


1-9

Control

•  Process
to
ensure
employees
perform
 properly.
 •  Accoun3ng
informa3on
is
used
to:

–  Communicate
plans
and
expected
ac3ons.
 –  Mo0vate
employees
to
act
consistently
with
 organiza3on’s
goals.
 –  Focus
a>en0on
on
problem
areas
(via
 feedback).
 –  Appraise
performance
of
managers
and
other
 employees.

1-10

Tax
Accoun0ng
Informa0on

•  Prepare
returns
for
taxing
authori3es:

– Federal
 – State
 – Local
 – Interna3onal


•  Tax
accoun3ng
rules
can
differ
from
 financial
accoun3ng
rules.

1-11

Defini0on
of
Accoun0ng

•  Process
of:

– Iden3fying
 – Measuring
 – Communica3ng


•  Economic
informa3on.
 •  To
make
decisions.

1-12

Accountants
in
Organiza0ons

•  Bookkeepers
and
other
data
entry
 personnel.
 •  Staff
accountants.


– Maintain
detailed
opera3ng
records.

 – Prepare
and
interpret
reports.
 – Design
and
operate
informa3on
systems.
 – Ensure
accuracy
of
informa3on.


1-13

Cer0fied
Public
Accountants
 (CPAs)

•  Independent
public
accountants.
 •  Audit
publicly
owned
companies
and
 provide
other
services.
 •  Licensed
by
state.
 •  Work
in
large
firms,
small
firms,
 independent
prac3ces.
 •  American
Ins3tute
of
CPAs
(AICPA).

1-14

Public
Company
Accoun0ng
 Oversight
Board
(PCAOB)

•  Monitors
auditors
of
public
companies.
 •  Has
power
to:

– Set
audi3ng
standards.
 – Discipline
auditors
who
do
not
follow
 standards.


1-15

Other
Professional
Organiza0ons
 and
Designa0ons

•  Ins3tute
of
Management
Accountants
(IMA).
 –  Cer3fied
Management
Accountants
(CMAs).
 •  Ins3tute
of
Internal
Auditors
(IIA).
 –  Cer3fied
Internal
Auditors
(CIAs).
 •  American
Accoun3ng
Associa3on
(AAA).
 –  Academic
accountants.


1-16

Role
of
Controller

•  Top
accoun3ng
manager.
 •  Oversees:

–  Accoun3ng
professionals
in
areas
of
 management
accoun3ng,
financial
accoun3ng,
 and
tax
accoun3ng.
 –  Requests
for
informa3on
and
reports.
 –  Compliance
with
applicable
rules
and
 regula3ons.
 –  Design,
installa3on,
and
opera3on
of
 informa3on
systems.


1-17

Approaches
to
Study
 Accoun0ng

•  Viewpoint
of
accountant
(preparer).

 •  Viewpoint
of
user.
 •  Our
authors:

–  Collec3ng,
summarizing
and
repor3ng
accoun3ng
 informa3on.
 –  Understanding,
analyzing,
and
interpre3ng
 accoun3ng
reports
to
make
decisions.
 –  Emphasize
perspec3ve
of
current
and
poten3al
 future
users.
 –  However,
recognize
need
for
some
knowledge
of
 how
accoun3ng
reports
are
prepared.

1-18

Misconcep0ons
about
 Accoun0ng

•  Actual
value
or
“worth”
of
a
business
 may
not
be
included
in
usual
financial
 reports.
 •  Not
all
resources
(assets)
of
 organiza3ons
are
(or
can
be)
measured
 and
reported.

– e.g.,
knowledge
and
skills
of
employees.

1-19

Plan
of
Book/Course

•  Part
One:

Financial
Accoun3ng

–  Chapters
1‐4:
Overview
of
basic
structure
 underlying
all
accoun3ng.
 –  Chapters
5‐14:
Reviews
same
material
in
more
 detail.


• ...

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