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1、Financial Accounting,Fourteenth Edition,Williams Haka Bettner Carcello,McGraw-Hill/Irwin,Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved.,Accounting:Information for Decision Making,Chapter 1,1-2,Accounting Information,The Accounting Process,Decision Makers,Economic Activities,A
2、ctions (decisions),Accounting links decision makers with economic activities and with the results of their decisions.,Reported Results of Actions (decisions),Types of Accounting Information,Financial,Management,Tax,Accounting Systems,An accounting system consists of the personnel, procedures, techno
3、logy, and records used by an organization to develop accounting information and to communicate this information to decision makers.,Information Users Investors Creditors Managers Owners Customers Employees Regulators -SEC -IRS -FTC,Decisions Supported Performance evaluations Stock investments Tax st
4、rategies Labor relations Resource allocations Lending decisions Borrowing,Information System,Financial Information Provided Profitability Financial position Cash flows,Although much accounting information clearly is essential to business operations, management still has many choices as to the types
5、and amount of accounting information to be developed.,Determining Information Needs,Basic Functions of an Accounting System,Interpret and record business transactions.,Components of Internal Control,Control Environment,Risk Assessment,Control Activities,Information and Communication,Monitoring,Exter
6、nal Users of Accounting Information,Owners Creditors Potential investors Labor unions Governmental agencies Suppliers Customers Trade associations General public,Objectives of External Financial Reporting,Objectives of External Financial Reporting,The primary financial statements.,Balance Sheet,Stat
7、ement of Cash Flows,Income Statement,Characteristics of Externally Reported Information,A Means to an End,Broader than Financial Statements,Historical in Nature,Results from Inexact and Approximate Measures,Based on General-Purpose Assumption,Usefulness Enhanced via Explanation,Users of Internal Acc
8、ounting Information,Board of directors Chief executive officer (CEO) Chief financial officer (CFO) Vice presidents Business unit managers Plant managers Store managers Line supervisors,1-15,Objectives of Management Accounting Information,To help achieve goals and missions,To help evaluate and reward
9、 decision makers,Characteristics of Management Accounting Information,Timeliness,Identify Decision Maker,Oriented Toward Future,Measures of Efficiency and Effectiveness,A Means to an End,Institutional Features,Generally Accepted Accounting Principles (GAAP) Financial Accounting Standards Board Inter
10、national Accounting Standards Board Securities and Exchange Commission Public Company Accounting Oversight Board Audits of Financial Statements Legislation,Professional Organizations,American Institute of Certified Public Accountants Institute of Management Accountants Institute of Internal Auditors
11、 American Accounting Association Committee of Sponsoring Organizations of the Treadway Commission (COSO),Competence, Judgment and Ethical Behavior,Certified Public Accountant (CPA) Certified Management Accountant (CMA) Certified Internal Auditor (CIA),Ethical behavior is the cornerstone of the accou
12、nting profession.,Careers in Accounting,Public Accounting Management Accounting Governmental Accounting Accounting Education,What About Bookkeeping?,Bookkeeping is the clerical side of accountingthe recording of routine transactions and day-to-day record keeping.,Professional accountants are involve
13、d more with the interpretation and use of accounting information than with its actual preparation.,Im Not An Accounting Major,Accounting is the language of business, and trying to run a business without understanding accounting information is analogous to trying to play sports without understanding
14、the rules.,Ethics, Fraud & Corporate Governance,Corporate governance entails corporate structures and processes for overseeing the companys affairs to ensure that the company is being managed with the best interests of shareholders in mind.,Dennis Kozlowski, the former CEO of Tyco, was sentenced to 8 1/3 to 25 years in prison for his conviction for conspiracy, securities fraud, and falsifying records.,End of Chapter 1,
