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Lecture Financial accounting (3/e): Chapter 1 - Spiceland, Thomas, Herrmann

Chapter 1 - A framework for financial accounting. After completing this chapter, students will be able to: Describe the two primary functions of financial accounting, understand the business activities that financial accounting measures, determine how financial accounting information is communicated through financial statements, describe the role that financial accounting plays in the decision-making process. | A Framework for Financial Accounting Chapter 1 1 Learning Objectives Describe the two primary functions of financial accounting Understand the business activities that financial accounting measures Determine how financial accounting information is communicated through financial statements Describe the role that financial accounting plays in the decision-making process Learning Objectives Explain the term generally accepted accounting principles (GAAP) and describe the role of GAAP in financial accounting Identify career opportunities in accounting Explain the nature of the conceptual framework used to develop generally accepted accounting principles Part A Accounting as a Measurement/ Communication Process 1-4 There is a common misconception about accounting that it is a math class, much like college algebra, calculus, or business statistics, but it is not a math class. Though it’s true that accounting uses numbers heavily, accounting is far more than adding, subtracting, and solving for unknown variables. 4 Learning Objective 1 Describe the two primary functions of financial accounting 1-5 Accounting A system of maintaining records of a company’s operations and communicating that information to decision makers Accounting is “the language of business.” It is a system of maintaining records of a company’s operations and communicating this information to decision makers. The decision makers are people who make decisions about the company based on accounting information. 6 Accounting Information Managerial accounting: information provided for internal users Financial accounting: information provided for external users Internal users Accounting can be classified into two broad categories: managerial accounting and financial accounting. Managerial accounting deals with the methods accountants use to provide information to an organization’s internal users; that is, its own managers. It is not the subject of the course. The course focuses on financial accounting. The two | A Framework for Financial Accounting Chapter 1 1 Learning Objectives Describe the two primary functions of financial accounting Understand the business activities that financial accounting measures Determine how financial accounting information is communicated through financial statements Describe the role that financial accounting plays in the decision-making process Learning Objectives Explain the term generally accepted accounting principles (GAAP) and describe the role of GAAP in financial accounting Identify career opportunities in accounting Explain the nature of the conceptual framework used to develop generally accepted accounting principles Part A Accounting as a Measurement/ Communication Process 1-4 There is a common misconception about accounting that it is a math class, much like college algebra, calculus, or business statistics, but it is not a math class. Though it’s true that accounting uses numbers heavily, accounting is far more than adding, subtracting, and solving