Financial-Accounting-3e-WILEY出版社-第一章.pptxVIP

WILEYIFRS EDITIONPrepared byCoby HarmonUniversity of California, Santa BarbaraWestmont CollegePREVIEW OF CHAPTER 1Financial AccountingIFRS 3rd EditionWeygandt ● Kimmel ● Kieso CHAPTER1Accounting in ActionLEARNING OBJECTIVESAfter studying this chapter, you should be able to:1 Explain what accounting is.2 Identify the users and uses of accounting.3 Understand why ethics is a fundamental business concept.4 Explain accounting standards and measurement principles.5 Explain the monetary unit assumption and the economic entity assumption.6 State the accounting equation, and define its components.7 Analyze the effects of business transactions on the accounting equation.8 Understand the five financial statements and how they are prepared.What is Accounting?Learning Objective 1 Explain what accounting is.Accounting consists of three basic activities—itidentifies, records, and communicates the economic events of an organization to interested users. LO 1Three ActivitiesIllustration 1-1The activities of the accounting processThe accounting process includes the bookkeeping function.LO 1AssumptionsReview QuestionWhich of the following is not a step in the accounting process? Identification. Recording. Economic entity. CommunicationLO 1Who Uses Accounting Data?INTERNAL USERSIllustration 1-2 Questions that internal users askLO 1Who Uses Accounting Data?Learning Objective 2 Identify the users and uses of accounting.EXTERNALUSERSIllustration 1-3Questions that external users askLO 2DO IT!Indicate whether the following statements are true or false.The three steps in the accounting process are identification, recording, and communication.Bookkeeping encompasses all steps in the accounting process.Accountants prepare, but do not interpret, financial reports.The two most common types of external users are investors and company officers.Managerial accounting activities focus on reports for internal users. True False False False True Solution: 1. 2. 3. 4. 5.LO 2The Building Blocks o