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Lecture Fundamental accounting principles (21/e) - Chapter 1: Accounting in business

After completing this chapter you should be able to: Explain the purpose and importance of accounting; Identify users and uses of, and opportunities in, accounting; explain why ethics are crucial to accounting; explain generally accepted accounting principles and define and apply several accounting principles. | Accounting in Business Chapter 1 Chapter 1: Accounting in Business Accounting in Business C1 Today’s world is one of information — its preparation, communication, analysis, and use. Accounting is at the core of this information age. Knowledge of accounting gives us career opportunities and the insight to take advantage of them. Importance of Accounting C1 For example, the sale by Apple of an iPhone. Keep a chronological log of transactions. Prepare reports such as financial statements. Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization’s business activities. Identifying business activities requires that we select relevant transactions and events. Recording business activities requires that we keep a chronological log of transactions and events measured in dollars. Communicating business activities includes preparing accounting reports such as financial statements, which we analyze and interpret. Users of Financial Information C1 Accounting is called the language of business because all organizations set up an accounting information system to communicate data to help people make better decisions. Accounting serves many users who can be divided into two groups: external users and internal users. Accounting is called the language of business because all organizations set up an accounting information system to communicate data to help people make better decisions. Accounting serves many users who can be divided into two groups: external users and internal users. External users of accounting information are not directly involved in running the organization. They include shareholders (investors), lenders, directors, customers, suppliers, regulators, lawyers, brokers, and the press. External users have limited access to an organization’s information. Internal users of accounting information are those directly involved in managing and operating an organization. | Accounting in Business Chapter 1 Chapter 1: Accounting in Business Accounting in Business C1 Today’s world is one of information — its preparation, communication, analysis, and use. Accounting is at the core of this information age. Knowledge of accounting gives us career opportunities and the insight to take advantage of them. Importance of Accounting C1 For example, the sale by Apple of an iPhone. Keep a chronological log of transactions. Prepare reports such as financial statements. Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization’s business activities. Identifying business activities requires that we select relevant transactions and events. Recording business activities requires that we keep a chronological log of transactions and events measured in dollars. Communicating business activities includes preparing accounting reports such as financial statements, which we