Slide 1-1

Slide 1-2

Accounting in Accounting in ActionAction

Financial Accounting, Seventh Edition

Slide 1-3

1. Explain what accounting is.

2. Identify the users and uses of accounting.

3. Understand why ethics is a fundamental business concept.

4. Explain generally accepted accounting principles and the measurement principle.

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 four financial statements and how they are prepared.

Study ObjectivesStudy ObjectivesStudy ObjectivesStudy Objectives

Slide 1-4

Ethics in Ethics in financial financial reportingreporting

Generally Generally accepted accepted accounting accounting principlesprinciples

AssumptionsAssumptions

What is What is

Accounting?Accounting?What is What is

Accounting?Accounting?

The Building The Building

Blocks of Blocks of

AccountingAccounting

The Building The Building

Blocks of Blocks of

AccountingAccounting

The Basic The Basic

Accounting Accounting

EquationEquation

The Basic The Basic

Accounting Accounting

EquationEquation

Using the Using the Accounting Accounting

EquationEquation

Using the Using the Accounting Accounting

EquationEquation

Financial Financial

StatementsStatementsFinancial Financial

StatementsStatements

Three Three activitiesactivities

Who uses Who uses accounting accounting datadata

AssetsAssets

LiabilitiesLiabilities

Stockholders’ Stockholders’ equityequity

Transaction Transaction analysisanalysis

Summary of Summary of transactionstransactions

Income Income statementstatement

Retained Retained earnings earnings statementstatement

Balance Balance sheetsheet

Statement of Statement of cash flowscash flows

Accounting in ActionAccounting in ActionAccounting in ActionAccounting in Action

Slide 1-5

What is Accounting?What is Accounting?What is Accounting?What is Accounting?

SO 1 Explain what accounting is.

The purpose of accounting is to:

(1)(1) identifyidentify, recordrecord, and communicatecommunicate the

economic events of an

(2) organization to

(3) interested users.

Slide 1-6

Three Activities

What is Accounting?What is Accounting?What is Accounting?What is Accounting?

The accounting process includes the bookkeeping function.

Illustration 1-1The activities of theaccounting process

SO 1 Explain what accounting is.

Slide 1-7

Management

There are two broad groups of users of

financial information: internal users and

external users.

Human Resources

IRS

Labor Unions

SEC

Marketing

Finance

Investors

Creditors

Who Uses Accounting DataWho Uses Accounting DataWho Uses Accounting DataWho Uses Accounting Data

SO 2 Identify the users and uses of accounting.

Customers

Internal Users

External Users

Slide 1-8

Common Questions Asked User

1. Can we afford to give our employees a pay raise?

Human Resources

2. Did the company earn a satisfactory income?

3. Do we need to borrow in the near future?

4. Is cash sufficient to pay dividends to the stockholders?

5. What price for our product will maximize net income?

Who Uses Accounting DataWho Uses Accounting DataWho Uses Accounting DataWho Uses Accounting Data

SO 2 Identify the users and uses of accounting.

6. Will the company be able to pay its short-term debts?

Investors

Management

Finance

Marketing

Creditors

Slide 1-9

Discussion Question

SO 3 Understand why ethics is a fundamental business concept.

Q1. “Accounting is ingrained in our society and it is vital to our economic system.” Do you agree? Explain.

Who Uses Accounting DataWho Uses Accounting DataWho Uses Accounting DataWho Uses Accounting Data

Solution on notes page

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The Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of Accounting

Ethics In Financial Reporting

SO 3 Understand why ethics is a fundamental business concept.

Standards of conduct by which one’s actions are

judged as right or wrong, honest or dishonest,

fair or not fair, are Ethics.

Recent financial scandals include: Enron,

WorldCom, HealthSouth, AIG, and others.

Congress passed Sarbanes-Oxley Act of 2002.

Effective financial reporting depends on sound

ethical behavior.

Slide 1-11

The Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of Accounting

Ethics In Financial Reporting

SO 3 Understand why ethics is a fundamental business concept.

Slide 1-12

Ethics are the standards of conduct by which one's actions are judged as:

a. right or wrong.

b. honest or dishonest.

c. fair or not fair.

d. all of these options.

Review Question

SO 3 Understand why ethics is a fundamental business concept.Solution on notes page

The Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of Accounting

Ethics are the standards of conduct by which one's actions are judged as:

a. right or wrong.

b. honest or dishonest.

c. fair or not fair.

d. all of these options.

Slide 1-13

Various users need financial information

Various users need financial information

The accounting profession has

attempted to develop a set of standards that are generally accepted and universally practiced.

Financial StatementsBalance SheetIncome StatementStatement of Owner’s EquityStatement of Cash FlowsNote Disclosure

Financial StatementsBalance SheetIncome StatementStatement of Owner’s EquityStatement of Cash FlowsNote Disclosure

Generally Generally Accepted Accepted

Accounting Accounting Principles Principles

(GAAP)(GAAP)

Generally Generally Accepted Accepted

Accounting Accounting Principles Principles

(GAAP)(GAAP)

The Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of Accounting

SO 4 Explain generally accepted accounting principles and the

measurement principle.

Slide 1-14

Organizations Involved in Standard Setting:

The Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of Accounting

http://www.sec.gov/

SO 4

Securities and Exchange Commission (SEC)

Public Company Accounting Oversight Board (PCAOB)http://www.pcaobus.org/

Securities and Exchange Commission (SEC)http://www.fasb.org/

International Accounting Standards Board (IASB)

http://www.iasb.org/

Slide 1-15

Cost Principle (Historical) – dictates that companies

record assets at their cost.

Issues:

Reported at cost when purchased and also over the time

the asset is held.

Cost easily verified, whereas market value is often

subjective.

Fair value information may be more useful.

The Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of Accounting

Measurement Principles

SO 4 Explain generally accepted accounting principles and the

measurement principle.

Slide 1-16

Fair Value Principle – indicates that assets and

liabilities should be reported at fair value (the price

received to sell an asset or settle a liability).

FASB indicates that most assets must follow the cost

principle because market values are not

representationally faithful.

Only in situations where assets are actively traded, such

as investment securities, is the fair value principle

applied.

The Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of Accounting

SO 4 Explain generally accepted accounting principles and the

measurement principle.

Measurement Principles

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Monetary Unit Assumption – include in the accounting records only transaction data that can be expressed in terms of money.

Economic Entity Assumption – requires that activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities.

Proprietorship.

Partnership.

Corporation.

Forms of Business

Ownership

Assumptions

The Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of Accounting

SO 5 Explain the monetary unit assumption and the economic entity assumption.

Slide 1-18

Proprietorship

Partnership Corporation

Owned by two or more persons.

Often retail and service-type businesses

Generally unlimited personal liability

Partnership agreement

Ownership divided into shares of stock

Separate legal entity organized under state corporation law

Limited liability

Forms of Business OwnershipForms of Business OwnershipForms of Business OwnershipForms of Business Ownership

Generally owned by one person.

Often small service-type businesses

Owner receives any profits, suffers any losses, and is personally liable for all debts.SO 5 Explain the monetary unit assumption and the economic entity

assumption.

Slide 1-19

Combining the activities of Kellogg and General Mills would violate the

a. cost principle.

b. economic entity assumption.

c. monetary unit assumption.

d. ethics principle.

Review Question

SO 5 Explain the monetary unit assumption and the economic entity assumption.

The Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of Accounting

Solution on notes page

Combining the activities of Kellogg and General Mills would violate the

a. cost principle.

b. economic entity assumption.

c. monetary unit assumption.

d. ethics principle.

Slide 1-20

A business organized as a separate legal entity under state law having ownership divided into shares of stock is a

a. proprietorship.

b. partnership.

c. corporation.

d. sole proprietorship.

SO 5 Explain the monetary unit assumption and the economic entity assumption.

Review Question

The Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of Accounting

A business organized as a separate legal entity under state law having ownership divided into shares of stock is a

a. proprietorship.

b. partnership.

c. corporation.

d. sole proprietorship.

Solution on notes page

Slide 1-21

Indicate whether each of the following statements presented below is true or false.

Solution on notes page

SO 5 Explain the monetary unit assumption and the economic entity assumption.

The Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of Accounting

1. The three steps in the accounting process are

identification, recording, and communication.

2. The two most common types of external users

are investors and company officers.

3. Congress passed the Sarbanes-Oxley Act of

2002 to reduce unethical behavior and

decrease the likelihood of future corporate

scandals.

True

False

True

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False

True

Indicate whether each of the following statements presented below is true or false.

Solution on notes page

SO 5 Explain the monetary unit assumption and the economic entity assumption.

The Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of AccountingThe Building Blocks of Accounting

4. The primary accounting standard-setting body

in the United States is the Financial Accounting

Standards Board (FASB).

5. The cost principle dictates that companies

record assets at their cost. In later periods,

however, the fair value of the asset must be

used if fair value is higher than its cost.

Slide 1-23 SO 5 Explain the monetary unit assumption and the economic entity

assumption.

Slide 1-24

AssetsAssetsAssetsAssets LiabilitiesLiabilitiesLiabilitiesLiabilitiesStockholderStockholder

’s Equity’s EquityStockholderStockholder

’s Equity’s Equity= +

Provides the underlying framework for recording and summarizing economic events.

Assets are claimed by either creditors or owners.

Claims of creditors must be paid before ownership claims.

The Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting Equation

SO 6 State the accounting equation, and define its components.

Slide 1-25

AssetsAssetsAssetsAssets

Provides the underlying framework for recording and summarizing economic events.

The Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting Equation

Resources a business owns.

Provide future services or benefits.

Cash, Supplies, Equipment, etc.

Assets

LiabilitiesLiabilitiesLiabilitiesLiabilitiesStockholderStockholder

’s Equity’s EquityStockholderStockholder

’s Equity’s Equity= +

SO 6 State the accounting equation, and define its components.

Slide 1-26

Provides the underlying framework for recording and summarizing economic events.

The Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting Equation

Claims against assets (debts and obligations).

Creditors - party to whom money is owed.

Accounts payable, Notes payable, etc.

SO 6 State the accounting equation, and define its components.

Liabilities

AssetsAssetsAssetsAssets LiabilitiesLiabilitiesLiabilitiesLiabilitiesStockholderStockholder

’s Equity’s EquityStockholderStockholder

’s Equity’s Equity= +

Slide 1-27

Provides the underlying framework for recording and summarizing economic events.

The Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting Equation

Ownership claim on total assets.

Referred to as residual equity.

Common stock and retained earnings.

SO 6 State the accounting equation, and define its components.

Stockholders’ Equity

AssetsAssetsAssetsAssets LiabilitiesLiabilitiesLiabilitiesLiabilitiesStockholderStockholder

’s Equity’s EquityStockholderStockholder

’s Equity’s Equity= +

Slide 1-28

Revenues result from business activities entered into for the purpose of earning income.

Common sources of revenue are: sales, fees, services, commissions, interest, dividends, royalties, and rent.

Illustration 1-6

SO 6 State the accounting equation, and define its components.

The Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting Equation

Slide 1-29

Expenses are the cost of assets consumed or services used in the process of earning revenue.

Common expenses are: salaries expense, rent expense, utilities expense, tax expense, etc.

Illustration 1-6

SO 6 State the accounting equation, and define its components.

The Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting Equation

Slide 1-30

Dividends are the distribution of cash or other assets to stockholders.

Dividends reduce retained earnings. However, dividends are not an expense.

Illustration 1-6

SO 6 State the accounting equation, and define its components.

The Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting Equation

Slide 1-31

Classification

Classify the following items as issuance of

stock, dividends, revenues, or expenses.

Solution on notes page

1. Rent expense

2. Service revenue

3. Dividends

4. Salaries expense

SO 6 State the accounting equation, and define its components.

The Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting EquationThe Basic Accounting Equation

Then indicate whether each item increases or decreases

stockholders’ equity. Effect on Equity

Expense Decrease

Revenue Increase

Dividends Decrease

Expense Decrease

Slide 1-32

Using The Accounting EquationUsing The Accounting EquationUsing The Accounting EquationUsing The Accounting Equation

Transactions are a business’s economic events recorded by accountants.

May be external or internal.

Not all activities represent transactions.

Each transaction has a dual effect on the accounting equation.

SO 7 Analyze the effects of business transactions on the accounting equation.

Slide 1-33

Illustration: Are the following events recorded in the accounting records?

Event

Purchase computer.

Criterion

Is the financial position (assets, liabilities, or owner’s equity) of the company

changed?

SO 7 Analyze the effects of business transactions on the accounting equation.

Discuss product

design with customer.

Pay rent.

Record/ Don’t Record

Using The Accounting EquationUsing The Accounting EquationUsing The Accounting EquationUsing The Accounting Equation

Illustration 1-7

Slide 1-34

Discussion Question

Q1-19. In February 2011, Paula King invested

an additional $10,000 in Hardy Company.

Hardy’s accountant, Lance Jones, recorded this

receipt as an increase in cash and revenues. Is

this treatment appropriate? Why or why not?

SO 7 Analyze the effects of business transactions on the accounting equation.

Solution on notes page

Using The Accounting EquationUsing The Accounting EquationUsing The Accounting EquationUsing The Accounting Equation

Slide 1-35

Transactions AnalysisTransactions AnalysisTransactions AnalysisTransactions Analysis

SO 7 Analyze the effects of business transactions on the accounting equation.

Slide 1-36

Transaction (1). Investment by Stockholders.Transaction (1). Investment by Stockholders. Ray and Barbara Neal decides to open a computer programming service which he names Softbyte. On September 1, 2011, they invest $15,000 cash in exchange for common stock. The effect of this transaction on the basic equation is:

Transactions AnalysisTransactions AnalysisTransactions AnalysisTransactions Analysis

SO 7 Analyze the effects of business transactions on the accounting equation.

Slide 1-37

Transaction (2). Purchase of Equipment for Cash.Transaction (2). Purchase of Equipment for Cash. Softbyte purchases computer equipment for $7,000 cash.

Transactions AnalysisTransactions AnalysisTransactions AnalysisTransactions Analysis

SO 7 Analyze the effects of business transactions on the accounting equation.

Slide 1-38

Transactions AnalysisTransactions AnalysisTransactions AnalysisTransactions Analysis

SO 7 Analyze the effects of business transactions on the accounting equation.

Transaction (3). Purchase of Supplies on Credit.Transaction (3). Purchase of Supplies on Credit. Softbyte purchases for $1,600 from Acme Supply Company computer paper and other supplies expected to last several months.

Slide 1-39

Transactions AnalysisTransactions AnalysisTransactions AnalysisTransactions Analysis

SO 7 Analyze the effects of business transactions on the accounting equation.

Transaction (4). Services Provided for Cash.Transaction (4). Services Provided for Cash. Softbyte receives $1,200 cash from customers for programming services it has provided.

Slide 1-40

Transactions AnalysisTransactions AnalysisTransactions AnalysisTransactions Analysis

SO 7 Analyze the effects of business transactions on the accounting equation.

Transaction (5). Purchase of Advertising on Credit.Transaction (5). Purchase of Advertising on Credit. Softbyte receives a bill for $250 from the Daily News for advertising but postpones payment until a later date.

Slide 1-41

Transactions AnalysisTransactions AnalysisTransactions AnalysisTransactions Analysis

SO 7 Analyze the effects of business transactions on the accounting equation.

Transaction (6). Services Provided for Cash and Transaction (6). Services Provided for Cash and Credit.Credit. Softbyte provides $3,500 of programming services for customers. The company receives cash of $1,500 from customers, and it bills the balance of $2,000 on account.

Slide 1-42

Transactions AnalysisTransactions AnalysisTransactions AnalysisTransactions Analysis

SO 7 Analyze the effects of business transactions on the accounting equation.

Transaction (7). Payment of Expenses.Transaction (7). Payment of Expenses. Softbyte pays the following Expenses in cash for September: store rent $600, salaries of employees $900, and utilities $200.

Slide 1-43

Transactions AnalysisTransactions AnalysisTransactions AnalysisTransactions Analysis

SO 7 Analyze the effects of business transactions on the accounting equation.

Transaction (8). Payment of Accounts Payable.Transaction (8). Payment of Accounts Payable. Softbyte pays its $250 Daily News bill in cash.

Slide 1-44

Transactions AnalysisTransactions AnalysisTransactions AnalysisTransactions Analysis

SO 7 Analyze the effects of business transactions on the accounting equation.

Transaction (9). Receipt of Cash on Account.Transaction (9). Receipt of Cash on Account. Softbyte receives $600 in cash from customers who had been billed for services [in Transaction (6)].

Slide 1-45

Transactions AnalysisTransactions AnalysisTransactions AnalysisTransactions Analysis

SO 7 Analyze the effects of business transactions on the accounting equation.

Transaction (10). Dividends.Transaction (10). Dividends. The corporation pays a dividend of $1,300 in cash.

Slide 1-46

Transactions AnalysisTransactions AnalysisTransactions AnalysisTransactions Analysis

SO 7 Analyze the effects of business transactions on the accounting equation.

Summary of TransactionsSummary of TransactionsIllustration 1-9Tabular summary ofSoftbyte transactions

Slide 1-47

Companies prepare four financial statements from the summarized accounting data:Companies prepare four financial statements from the summarized accounting data:

Balance Sheet

Income Statemen

t

Statement of Cash

Flows

Retained Earnings Statemen

t

Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements

SO 8 Understand the four financial statements and how they are prepared.

Slide 1-48

Net income will result during a time period when:

a. assets exceed liabilities.

b. assets exceed revenues.

c. expenses exceed revenues.

d. revenues exceed expenses.

Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements

SO 8 Understand the four financial statements and how they are prepared.

Review QuestionReview QuestionNet income will result during a time period when:

a. assets exceed liabilities.

b. assets exceed revenues.

c. expenses exceed revenues.

d. revenues exceed expenses.

Solution on notes page

Slide 1-49

Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements

SO 8 Understand the four financial statements and how they are prepared.

Income Statement

Reports the revenues and expenses for a specific period of time.Net income – revenues exceed expenses.Net loss – expenses exceed revenues.

Illustration 1-10Financial statements andtheir interrelationships

Slide 1-50

Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements Net income is needed to determine the ending balance in retained

earnings.

Illustration 1-10Financial statements andtheir interrelationships

SO 8SO 8

Slide 1-51

Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements

SO 8 Understand the four financial statements and how they are prepared.

Statement indicates the reasons why retained earnings has increased or decreased during the period.

Retained Earnings Statement

Illustration 1-10Financial statements andtheir interrelationships

Slide 1-52

Financial Financial StatementStatementss

Financial Financial StatementStatementss

The ending balance in retained earnings is needed in preparing the balance sheet

Illustration 1-10Financial statements andtheir interrelationships

SO 8 Understand the four financial statements and how they are prepared.

Slide 1-53

Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements

SO 8 Understand the four financial statements and how they are prepared.

Balance Sheet

Illustration 1-10Financial statements andtheir interrelationships

Slide 1-54

Financial Financial StatementStatementss

Financial Financial StatementStatementss

Illustration 1-10Financial statements andtheir interrelationships

Slide 1-55

Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements

SO 8 Understand the four financial statements and how they are prepared.

Information for a specific period of time.

Answers the following:

1. Where did cash come from?

2. What was cash used for?

3. What was the change in the cash balance?

Statement of Cash Flows

Slide 1-56

Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements

SO 8 Understand the four financial statements and how they are prepared.

Statement of Cash Flows

Illustration 1-10Financial statements andtheir interrelationships

Slide 1-57

SO 8 Understand the four financial statements and how they are prepared.

Slide 1-58

Which of the following financial statements is prepared as of a specific date?

a. Balance sheet.

b. Income statement.

c. Owner's equity statement.

d. Statement of cash flows.

Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements

SO 8 Understand the four financial statements and how they are prepared.

Review QuestionReview Question

Solution on notes page.

Which of the following financial statements is prepared as of a specific date?

a. Balance sheet.

b. Income statement.

c. Owner's equity statement.

d. Statement of cash flows.

Slide 1-59

Discussion Question

Q1-20. “A company’s net income appears

directly on the income statement and the

retained earnings, and it is included indirectly in

the company’s balance sheet.” Do you agree?

Explain.

Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements

SO 8 Understand the four financial statements and how they are prepared.

Solution on notes page

Slide 1-60

After adjusting for inflation, private-college tuition and fees have increased 37% over the past decade; public-college tuition has risen 54%.

Two-thirds (65.6%) of undergraduate students graduate with some debt.

Among graduating seniors, the average debt load is $19,202, according to an analysis of data from the Department of Education’s National Postsecondary Student Aid Study. That does not include any debt that their parents might incur.

Ethics: Managing Personal Financial Reporting

Slide 1-61

Colleges are required to audit the FAFSA forms of at

least one-third of their students; some audit 100%.

(Compare that to the IRS, which audits a very small

percentage of tax returns.) Thus, if you lie on your

financial aid forms, there’s a very good chance you’ll

get caught.

Slide 1-62

Slide 1-63

Consider the following and decide what action you would take: Suppose you have $4,000 in cash and $4,000 in credit card bills. The more cash and other assets that you have, the less likely you are to get financial aid. Also, if you have a lot of consumer debt (credit card bills), schools are not more likely to loan you money. To increase your chances of receiving aid, should you use the cash to pay off your credit card bills, and therefore make yourself look “worse off” to the financial aid decision makers?YES: You are playing within the rules. You are not hiding assets. You are restructuring your assets and liabilities to best conform with the preferences that are built into the federal aid formulas. NO: You are engaging in a transaction solely to take advantage of a loophole in the federal aid rules. You are potentially depriving someone who is actually worse off than you from receiving aid.

Slide 1-64

Public accounting

Private accounting

SO 9 Explain the career opportunities in accounting.

Career OpportunitiesCareer OpportunitiesCareer OpportunitiesCareer Opportunities APPENDIX

Government

Forensic accounting

“Show me the Money”

Slide 1-65

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