中级财务会计英文ch01

1、Chapter 1-1Intermediate Accounting, 12th EditionKieso, Weygandt, and Warfield Prepared by Coby Harmon, University of California, Santa BarbaraChapter 1-2Chapter 1-3Chapter 1-4New accounting rules pose challenges for financial accounting and projections point to increased hiring of accounting graduat

2、es.Chapter 1-5Accounting firms of all sizes plan to increase future hiring.Chapter 1-6CommunicateCollectIdentifyMeasureChapter 1-7Accumu-lateAccountingInformationCommuni-cateExternal UserInternal UserExternal Decision MakingCompanys Economic ActivitiesImpactImpactInternal Decision MakingChapter 1-8B

3、uy. A potential investor decides to purchase a particular security on the basis of communicated accounting information.Hold. An actual investor decides to retain a particular security on the basis of communicated accounting information.Sell. An actual investor decides to dispose of a particular secu

4、rity on the basis of communicated accounting information. Chapter 1-9For those who lackdirect access to theinformation generatedby the internal operations of acompany.Chapter 1-10For those who lackdirect access to theinformation generatedby the internal operations of acompany.Concepts, principles, a

5、ndprocedures known asGenerally Accepted AccountingPrinciples (GAAP) weredeveloped to meet theneeds of external users.GAAPChapter 1-11Developed tomeet the needsof management.Information thataids planning andcontrol.Much of theinformation isconfidential.Chapter 1-12Sources of AuthorityInternal needsMa

6、nagerial Accounting Financial AccountingGAAPChapter 1-13Time Frame of Reported InformationPresent and futureManagerial AccountingPrimarily historical Financial AccountingChapter 1-14ScopeTotal company& Segment reporting Financial AccountingIndividual departments, divisions, and total companyMana

7、gerial AccountingChapter 1-15Type of InformationPrimarily quantitativeSales$275,240Cost180,120Gross mar. 95,120Expenses 80,120Net inc.$15,000 Financial AccountingQualitative as well as quantitativeMaterials usage is unfavorable by $8,400.Managerial AccountingChapter 1-16Statement FormatPrescribed by

8、 GAAP; oriented toward investment and credit decisions Financial AccountingDetermined by company; focused upon specific decisions being madeManagerial AccountingChapter 1-17Decision FocusExternal Financial AccountingInternalManagerial AccountingChapter 1-18The companys accountants prepare both the f

9、inancial and the managerial accounting reportsand the information comes from the same information system.Chapter 1-19Financial reporting is the process of communicating financial accounting information about a company to external users.Chapter 1-20Companies present at least three major financial sta

10、tements:Chapter 1-21A statement of changes in stockholders equity also is included by many companies.Chapter 1-22This statement summarizes the changes in each item of stockholders equity for a period.Chapter 1-23Chapter 1-24Preparers(company)Auditors(CPAs)UsersPublishedfinancialreportsPublishedfinan

11、cialreportsPublishedfinancialreportsPublishedfinancialreportsChapter 1-25FinancialAccountingDetermineregulatorytax payments.Establish theattractivenessof a companyas an acquisition.Evaluate theeffectiveness ofindividual managers.Determinewhether bondand other contractprovisions aresatisfied.Help len

12、dersevaluate risk ofa potential loan.Serve as input tolocal, state, andfederal regulators.Chapter 1-26GAAPChapter 1-27GAAP are the guidelines, procedures, and practices that a company is required to use in recording and reporting the accounting information in its audited financial statements.They ar

13、e like laws and are the rules that must be followed in financial reporting.Chapter 1-28Chapter 1-29Chapter 1-301938CAP formedCAP issued 51 ARBs1959APB formedAPB issued 31 Opinions1973FASB formedPresentFASB issued 154 Statements of Standards as of 10/05Chapter 1-31Chapter 1-32Chapter 1-33Chapter 1-34

14、Financial Accounting Standards Advisory Council (approximately 30 members)Financial Accounting Standards Board (7 members)Appoint, fund, and overseeAdviseFinancial Accounting Foundation (16-member board of trustees)Chapter 1-35Task Forces of the Standards Board (including Emerging Issues Task Force)

15、AppointConsultSupportAdministrative StaffResearch and Technical StaffConsultFinancial Accounting Standards Board (7 members)Chapter 1-36FinancialIndependenceFASBSmaller SizeReportingAutonomyBoardRepresentationIncreasedStaffChapter 1-37Chapter 1-38Identify TopicAppoint Task ForceConduct ResearchIssue

16、 Discussion Memorandum or Invitation to CommentIssue Exposure DraftDeliberate on FindingsHold Public HearingsChapter 1-39Modify Exposure DraftsVote (simple majority)Issue Exposure DraftHold Public HearingsFrom previous pageIssue StatementChapter 1-40GAAPInternal RevenueServiceAmerican Instituteof CP

17、AsSecurities andExchangeCommissionAmericanAccountingAssociationGovernmentalAccountingStandards BoardFinancial ExecutivesInstituteInstitute ofManagement AccountantsChapter 1-41Chapter 1-42ResponsibilitiesIn carrying out their responsibilities as professionals, members should exercise sensitive profes

18、sional judgment in all their activities.Chapter 1-43The Public InterestMembers should accept the obligation to act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalism.Chapter 1-44IntegrityTo maintain and broaden public confidence, members should perform all professional responsibilities with the highest sense of integrity.Chapter 1-45Objectivity and IndependenceA member should maintain objectivity and be free fr