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1、Chapter Chapter 1 1 Introduction to Accounting Introduction to Accounting and Businessand Business Accounting,21stEdition Warren Reeve Fess 1.Nature of a Business 2.The Role of Accounting in Business 3.Profession of Accounting 4.Accounting Principles 5.Assets, Liabilities and Owners Equity 6.Busines
2、s Transactions and the Accounting Equation 7.Financial Statements ContentsContents Contents Business 企业 Business Business 企业企业 A business 企业企业is an organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services (outputs) to custo
3、mers. Manufacturing Business 生产性企业 Manufacturing Business Manufacturing Business 生产性企业生产性企业 Product ProductProduct General MotorsCars, trucks, vans IntelComputer chips BoeingJet aircraft NikeAthletic shoes and apparel Coca-ColaBeverages SonyStereos and television General MotorsCars, trucks, vans Int
4、elComputer chips BoeingJet aircraft NikeAthletic shoes and apparel Coca-ColaBeverages SonyStereos and television Types of Businesses Merchandising Business 商业企业 Merchandising BusinessMerchandising Business 商业企业商业企业 Product ProductProduct Wal-MartGeneral merchandise Toys “R” UsToys Circuit CityConsum
5、er electronics Lands EndApparel AInternet books, music, video retailer Wal-MartGeneral merchandise Toys “R” UsToys Circuit CityConsumer electronics Lands EndApparel AInternet books, music, video retailer Types of Businesses Service Business 服务性 企业 Service Business Service Business 服务服务性 企业企业 Product
6、 ProductProduct DisneyEntertainment Delta Air LinesTransportation Marriott HotelsHospitality and lodging Merrill LynchFinancial advice SprintTelecommunication DisneyEntertainment Delta Air LinesTransportation Marriott HotelsHospitality and lodging Merrill LynchFinancial advice SprintTelecommunicatio
7、n Types of Businesses There are three types of business organizations There are three types of business organizations ?Proprietorship (业主制企业) ?Partnership (合伙制企业) ?Corporation (股份有限公司) A proprietorship is owned by one individual. A proprietorship is owned by one individual. Advantages Ease in organi
8、zing Low cost of organizing Disadvantage Limited source of financial resources Unlimited liability Joes A partnership is owned by two or more individuals. A partnership is owned by two or more individuals. Advantages More financial resources than a proprietorship. Additional management skills. Disad
9、vantage Unlimited liability. Joe and Martys A corporation is organized under state or federal statutes as a separate legal entity. A corporation is organized under state or federal statutes as a separate legal entity. Advantage The ability to obtain large amounts of resources by issuing stocks. Limi
10、ted Liability Disadvantage Double taxation. J rent, $800; utilities, $450; and miscellaneous, $275. e. NetSolutions paid the following e. NetSolutions paid the following expenses: wages, $2,125; rent, $800; expenses: wages, $2,125; rent, $800; utilities, $450; and miscellaneous, $275.utilities, $450
11、; and miscellaneous, $275. Owners Liabilities + Equity = Bal. 12,5001,35020,0001,35032,500 = Bal.8,8501,35020,0001,35028,850 Accounts Chris Clark, Cash + Supplies + Land Payable Capital Assets f. NetSolutions paid $950 to creditors during the month. f. NetSolutions paid $950 to f. NetSolutions paid
12、$950 to creditors during the month.creditors during the month. Owners Liabilities + Equity = Bal.8,8501,35020,0001,35028,850 f. 950 950 = Bal.7,9001,35020,00040028,850 Accounts Chris Clark, Cash + Supplies + Land Payable Capital Assets g. At the end of the month, the cost of supplies on hand is $550
13、, so $800 of supplies were used. g. At the end of the month, the cost g. At the end of the month, the cost of supplies on hand is $550, so of supplies on hand is $550, so $800 of supplies were used.$800 of supplies were used. Owners Liabilities + Equity = Bal.7,9001,35020,00040028,850 g. 800 800 = B
14、al.7,90055020,00040028,050 Supplies expense Accounts Chris Clark, Cash + Supplies + Land Payable Capital Assets h. At the end of the month, Chris withdrew $2,000 in cash from the business for personal use. h. At the end of the month, Chris h. At the end of the month, Chris withdrew $2,000 in cash fr
15、om the withdrew $2,000 in cash from the business for personal use.business for personal use. Owners Liabilities + Equity Bal. 7,90055020,00040028,050 h. 2,0002,000 Bal.5,90055020,00040026,050 With- drawal = = Owners withdrawals Expenses Decreased byDecreased by Owners Equity Effects of Transactions
16、on Owners Equity Effects of Transactions on OwnerEffects of Transactions on Owner s Equitys Equity Increased byIncreased by Owners investments Revenues Net income Accounting reports, called financial statements 财务 报告 财务 报告, provide summarized information to the owner. Accounting reports, called financial statements 财务 报告 财务 报告, provide summarized information to the ow
