ACTG 211 Lecture Notes - Lecture 1: Financial Accounting, International Accounting Standards Board, Financial Accounting Standards Board
5 Apr 2018
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Accounting 211 lecture 1 introducing financial. Importance of accounting: accounting is a system that identifies, records, and communicates information that is. Relevant, reliable, and comparable about an organization"s business activities. Identifies business activities: records business activities, communicates business activities, external users, lenders, shareholders, consumer groups, external auditors, customers, governments. Internal users: managers, officers, internal auditors, sales staff, budget officers, controllers. Opportunities in accounting: financial, preparation, analysis, auditing, regulatory, consulting, planning, criminal investigation, managerial, general accounting, cost accounting, budgeting, internal auditing, consulting, controller, treasurer, strategy, taxation, preparation, planning, regulatory, investigations, consulting, enforcement, legal services, estate plans. Ethics a key concept: beliefs that distinguish right from wrong, accepted standards of good and bad behavior. More than 115 countries now require or permit companies to prepare financial reports following ifrs. Business entity forms: sole proprietorship, partnership, corporation. Accounting equation: assets = liabilities + equity. Assets: resources owned or controlled by a company, cash, accounts receivable, vehicles, store supplies, equipment, buildings, land, notes receivable.
