tailieunhanh - Lecture Principles of Accounting: A focus on analysis and interpretation (8th edition): Chapter 1 - Hillman, Kochanek, Barsky

Chapter 1 - Accouting information system. This chapter presents the following content: Major accounting bodies, ethics, assets, retained earnings, revenues, the accounting equation, four basic financial statements,. | Accounting Information System Major Accounting Bodies American Institute of Certified Public Accountants Financial Accounting Standards Board Government Accounting Standards Board Securities and Exchange Commission Ethics The process that individuals use Ethics The process that individuals use to evaluate their conduct Ethics The process that individuals use to evaluate their conduct in light of moral principles and values Assets Anything of value held by an organization Assets have Assets Anything of value held by an organization Assets have Potential usefulness Assets Anything of value held by an organization Assets have Potential usefulness Future usefulness Assets Anything of value held by an organization Assets have Potential usefulness Future usefulness Economic Value Assets Cost principle Going-concern concept Objectivity principle Stable dollar concept Equities Claims against the total assets of an organization Liabilities Claims of nonowners Owners Equity Claims of owners . | Accounting Information System Major Accounting Bodies American Institute of Certified Public Accountants Financial Accounting Standards Board Government Accounting Standards Board Securities and Exchange Commission Ethics The process that individuals use Ethics The process that individuals use to evaluate their conduct Ethics The process that individuals use to evaluate their conduct in light of moral principles and values Assets Anything of value held by an organization Assets have Assets Anything of value held by an organization Assets have Potential usefulness Assets Anything of value held by an organization Assets have Potential usefulness Future usefulness Assets Anything of value held by an organization Assets have Potential usefulness Future usefulness Economic Value Assets Cost principle Going-concern concept Objectivity principle Stable dollar concept Equities Claims against the total assets of an organization Liabilities Claims of nonowners Owners Equity Claims of owners Retained Earnings Cumulative total of net income, net loss, and dividends since start of business Revenues Inflows of assets that result from performing services or selling goods Revenues are realized when the service is performed or Revenues Inflows of assets that result from performing services or selling goods Revenues are realized when the service is performed or the goods are delivered Expenses Outflows of assets or incurrence of liabilities while earning revenues A business incurrs expenses to earn revenues The Accounting Equation Things of Value = Claims Assets = Equities Assets = Liabilities + Owners Equity Assets - Liabilities = Net Assets Analyzing Transactions Use accounting equation Is there a change in assets? Which asset? How much was the change? Is there another change in assets? Analyzing Transactions Is there a change in liabilities? Which liability? How much was the change? Is there another change in liabilities? Is there a change in owners’ equity? How much was the .