Accounting for Managers TOPIC A: AN INTRODUCTION TO ACCOUNTING Investors – Individual and groups provide initial capital. Creditors – Company which loans money to another company (Suppliers/Bank). Managers – Oversee the day-to-day operations. What is accounting? * Process of Recognising‚ measuring‚ recording (also known as transactions)‚ disclosing and attesting to information. *Information – Decision Making (Value Creation)‚ Control (Monitoring). Process of Accounting: Transactions
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U. S. Generally Accepted Accounting Principles (U. S. GAAP) and International Financial Reporting Standards (IFRS) There are numerous companies that use different types of accounting standards or rules. International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles the most popularly used by companies. IFRS is a set of accounting standards that provides a global framework for how public companies prepare and disclose their financial statements. The U.S. Generally
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The formation of the debit and credit concept In this simplified form we can begin to see what the mathematician and Father of Accounting (Luca Pacioli) saw in 1494 when he codified the double-entry bookkeeping system. It is his codified system that outlined the rules for applying debits and credits when recording the financial transactions of a business in the double-entry bookkeeping system. Now remember that Luca’s book in 1494 was written and published in Latin and at a time when the concept
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to suppliers. Liability (D) Bonds payable. Liability (E) Amount earned from selling a product. Revenue (F) Cost of advertising. Expense Part 2 Ex 1-8 (A) An expression about whether financial statements conform with generally accepted accounting principles. – 8 Auditors opinion (B) A business that raised money by issuing shares of stock. – 1 Cooperation (C) The portion of stockholders’ equity that results from receiving cash from investors. – 6 Common Stock. (D) Obligations to suppliers
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8/2/2012 Objective of Lecture 2 CLASSIFICATION OF ACCOUNTS & ACCOUNTING EQUATION • By end of lecture 2‚ all students should be able to:(a) Understand the five categories of accounts and able to classify them into the respective categories (b) Understand the accounting equation and the relationship between assets‚ liabilities and owner’s equity. Classifications of accounts • • 1. 2. 3. 4. 5. An account is used to record all information regarding an item. The five major
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How To Find The Purpose Of Life “The purpose of life is not to be happy. It is to be useful‚ to be honorable‚ to be compassionate‚ to have it make some difference that you have lived and lived well.”-Ralph Waldo Emerson What is the point of having a TV with no cable? What is the point of living life‚ if it has no purpose? In order to make life worthwhile and to get the most of it you have to give it purpose. But what is the purpose of life? The purpose of each individual’s life may be different
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Purpose of American Government American Government is necessary for society to maintain an orderly life with the people; that provides a governing body to help protect and carry out the laws that maintain freedom and liberty of the American People. When our founders came to America they were tired of living under a British monarchy and developed the constitution to help with fairness and make sure our community does not end up in tyranny. Within the constitution there are three branches of government
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The purposes of punishment. What are the purposes of punishment? Which do you consider to be the most important and why? Student: *********** Student number: ******* Tutor name: ************* Hand-in date: 21st of November 2011 To begin with‚ it is necessary to say that punishment is an integral part of modern countries’ legal systems‚ because countries have a duty to protect society from wrongdoers and authorities could reach success in it by punishing offenders. Oxford English
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Chapter 5 Accounting for Merchandising Operations Chapter Summary Merchandising Operations • A merchandising company is an enterprise that buys and sells goods to earn a profit. • Measuring net income for a merchandising company is the same as for a service company through matching of expenses with revenues. • In a merchandising company‚ the primary source of revenue is the sale of merchandise‚ which is called sales revenue or sales. • Expenses for merchandising
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Financial Accounting Part I Textbook for Class XI © no N C tt E o R be T re pu bl is he Accountancy d ISBN 81-7450-507-5 First Edition February 2006 Phalguna 1927 Reprinted October 2006 Kartika 1928 October 2007 Kartika 1929 January 2009 Magh 1930 January 2010 Magha 1931 January 2011 Magha 1932 PD 90T RPS © National Council of Educational Research and Training‚ 2006 ALL RIGHTS RESERVED No part of this publication may be reproduced‚ stored in a retrieval system or transmitted‚
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