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Accounting Information: Users and Uses

This chapter delves into the essential role of accounting in business and society by covering its purpose, relevance, and the process of bookkeeping. Key topics include the functions of accounting systems, sources of business capital, the decision-making process, and the analysis of accounting reports. Additionally, it highlights the importance of Generally Accepted Accounting Principles (GAAP) and ethical considerations within accounting practices. By grasping these concepts, students and professionals can appreciate the vital importance of accounting in facilitating sound business operations and decision-making.

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Accounting Information: Users and Uses

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  1. 1 • C H A P T E R Accounting Information: Users and Uses

  2. Learning Objective 1 • Describe the purpose of accounting and explain its role in business and society.

  3. What is the definition and purpose of bookkeeping? • How is this done? 3 Step Process

  4. What are the functions of anaccounting system?

  5. What is the Nature of Accounting? Explain What Each Term Means. Quantitative Financial Useful Decision Making

  6. What Are the Four Steps of the Decision-making Process?

  7. What are the Sources of Business Capital? Sources of Business Capital

  8. What are Uses of Business Resources? Uses of Business Resources

  9. To produce and market goods and services (resulting in revenues) Why Do Businesses Perform the Following Functions?

  10. Produce and market goods and services (resulting in revenues) How is the Revenue a Business Generates Used?

  11. Learning Objective 2 • Identify the primary users of accounting information.

  12. Investment, purchase, sale, or transaction 2. Record, 3. Classify, and 4. Summarize transaction Account, amount, classification Balance sheet, Income statement, Statement of cash flows 5. Report summaries The Accounting Cycle 1. Analyze business event

  13. What are Two Types of Reports from Accounting Information?

  14. What Are Accounting Reports Used For?

  15. Learning Objective 3 • Describe the environment of accounting, including the effects of generally accepted accounting principles, international business, ethical considerations, and technology.

  16. Accounting Environment • Accountants follow generally accepted accounting principles (GAAP), which are authoritative guidelines that define accounting practice at a particular time.

  17. What are the Standard-Setting Organizations in the United States?

  18. What is a CPA?

  19. Name Some Other Accounting Organizations

  20. Ethics in Accounting • The Code of Professional Conduct (www.aicpa.org) • Adopted by the AICPA. • Holds to what three key principles? Members are subject to disciplinary action.

  21. What are Three Advantages of Technology?

  22. Why Doesn’t Technology Replace People?

  23. Learning Objective 4 • Analyze the reasons for studying accounting.

  24. Why Study Accounting?

  25. Public Accounting Industry Government or Nonprofit Graduate Education Accounting Opportunitieswww.startheregoplaces.com

  26. The End of Chapter One Advice From Kids "If You're Gonna Fight, Use Pillows."

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