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CHAPTER 1: INTRODUCING FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING Fundamentals, Ch. 1, Wild, 2009. Page 1 CHAPTER 1: INTRODUCING FINANCIAL ACCOUNTING I. IMPORTANCE OF ACCOUNTING ACCOUNTING is the language of business and is called this because all organizations set up an ACCOUNTING information system to communicate data to help people make better decisions. ACCOUNTING is a system that Indentifies Records Communicates relevant, reliable, and comparable information about an organization s business activities. Identifying means selecting transactions and events relevant to an organization. Example: sale of iPods by Apple, receipt of ticket money by TicketMaster. Recording means keeping a chronological log of transactions and events measured in dollars and classified and summarized in a useful format.

basis. Cash Example: cash is given for a service, its cost is measured as the amount of ... Going-Concern Assumption Accounting information reflects a presumption that the business will continue operating instead of being closed or sold. Financial Accounting Fundamentals, Ch. 1, …

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Transcription of CHAPTER 1: INTRODUCING FINANCIAL ACCOUNTING

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CHAPTER 1: INTRODUCING FINANCIAL …

www.ccs.edu

Financial Accounting Fundamentals, Ch. 1, Wild, 2009. Page 1 CHAPTER 1: INTRODUCING FINANCIAL ACCOUNTING I. IMPORTANCE OF ACCOUNTING Accounting is the language of business and is

  Chapter, Financial, Accounting, 1 chapter, Introducing, Accounting accounting, Introducing financial, Introducing financial accounting

CHAPTER 3: PREPARING FINANCIAL STATEMENTS

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CHAPTER 3: PREPARING FINANCIAL STATEMENTS I. TIMING AND REPORTING A. The Accounting Period Time period assumption—an organization’s activities can be divided into specific time periods. Examples: a month, a three-month quarter, a six-month interval, or a year Accounting (Reporting) periods—length of

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CHAPTER 7: OFFER AND ACCEPTANCE

www.ccs.edu

Page 6 Law for Business & Personal Use Adamson-Mietus, 2000 Pages 98-109 revocation removal of an offer before acceptance Modification or revocation is not effective until it is communicated to the offeree or received at the offeree’s mailing address. B. TIME STATED IN THE OFFER When making the offer, the offeror may state how and when the offer must be …

  Acceptance

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Presentation of Financial Statements— Going Concern ...

www.fasb.org

basis of accounting. Under GAAP, an entity applies the going concern basis of accounting unless and until its liquidation becomes imminent, at which time the entity applies the liquidation basis of accounting in accordance with Subtopic 205-30. Under IFRS, disclosures are required when management is aware of material

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2 ACCOUNTING CONCEPTS AND CONVENTIONS

nios.ac.in

near future is known as _____ (going concern concept, money measurement concept) iv. On the basis of going concern concept, a business prepares its _____ (financial statements, bank statement, cash statement) Accounting Concepts and Conventions INTEXT QUESTIONS 2.3 MODULE - I Introduction and Basic Concepts

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INTERNATIONAL ACCOUNTING STANDARDS

www.cambridgeinternational.org

Going concern – the presumption is that the entity will not cease trading in the foreseeable future. (This is generally taken to mean within the next 12 months) . • Accrual basis of accounting – with the exception of the statement of cash flows, the information is

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Going concern, Basis of accounting, Going concern basis of accounting, ACCOUNTING, Basis