Financial Accounting
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Financial Accounting
财务会计
March 2010
Lecturer
夏明会
CPA China
CPA Australia
Assessment
Attendance
10
Homework
10
Mid exam
30
Final exam
50
Total marks
100
Textbook
• Financial Accounting (5th): Weygandt,
Kieso, Kimmel
• This is US-base textbook
Question
References
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任何一本中文的 财务会计
国际会计准则委员会: www.iasb.org.uk
中国注册会计师协会: www.cicpa.org.cn
PWC: www.pwcglobal.com
ACCA: www.accaglobal.com
AICPA: www.aicpa.org
Chapter 1
ACCOUNTING MATTERS
Study Objectives
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What accounting is
Uses and users of accounting
Ethics as a fundamental business concept
GAAP
Monetary unit & economic entity assumptions
The accounting equation
How business transactions affect the
accounting equation
• Basic financial statements
WHAT IS ACCOUNTING
Accounting is an information system that
Identifies （确认）, records（记录）, and
communicates （沟通）the economic events
(transactions 业务) of an organization to
interested users
THE ACCOUNTING PROCESS
Communication
Identification
Recording
Accounting
Reports
Prepare accounting
reports
SOFTBYTE
Annual Report
Select economic events
(transactions)
Record, classify
and summarize
记录、分类
总结
Analyze and interpret
for users
Accounting...
is called the language of business
Why do we need accounting information
Making decisions !
The bigger the decision, the greater the
need.
USERS OF ACCOUNTING
• Internal Users 内部使用者
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Marketing managers
Production supervisors
Finance directors
Company officers
QUESTIONS ASKED BY INTERNAL USERS
• Is cash sufficient to pay bills
• Can we afford to give employee pay
raises this year
• What is the cost of manufacturing each
unit of product
• Which product line is the most profitable
USERS OF ACCOUNTING
• External Users 外部使用者
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Investors 投资者
Creditors 债权人
Tax Department 税务当局
Customers
Labor unions
QUESTIONS ASKED BY EXTERNAL USERS
• Is the company earning satisfactory
income?
• How does the company compare in size
and profitability with its competitors
• Will the company be able to pay its debts
as they come due到期?
Accounting and bookkeeping
• Bookkeeping 记账
- Involves only the recording of economic
events
- Is just one part of accounting
Field of Accounting 会计领域
• Accounting can be divided into two fields.
• Financial accounting (财务会计):
provides information for people outside
the company, such as investors and
creditors
• Managerial accounting (管理会计) :
focuses on information for internal
decision makers, such as mangers of the
company
Financial Accounting
As financial accounting information relates
to public
Regulating accounting! 会计规范
All professions have been regulated.
Governing organizations in US
• In US, the following organizations relate to the
regulation of accounting.
- FASB(财务准则委员会): formulates accounting
standards
- SEC(美国证监会): regulate security markets
- AICPA(美国注册会计师协会): regulate Certified
Public Accountants 注册会计师
- IMA: regulate Certified Management
Accountants 注册管理会计师.
www.fasb.org
www.sec.gov
www.aicpa.org
www.ima.org
The rules that govern public accounting
information are called Generally Accepted
Accounting Principles 公认的会计原则
Public Sector
(SEC)
Private Sector
(AICPA) (IMA)
Private Sector
(FASB)
GAAP
Reliable information
• Investors and creditors need relevant and
reliable information about a company.
• But is the accounting information of the
company reliable?
Reliable information
• There are so many ways to keep
accounting information reliable.
- SEC requires firms to have their financial
statements audited 审计 by independent
accountants.
- Accounting information must be prepared
under the standards and the principles
standards and the principles
These standards and the principles are
viewed as the building blocks of
accounting
