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    Accounting 1
    Accounting 1
    Accounting 1
    Ebook57 pages33 minutes

    Accounting 1

    By BarCharts, Inc.

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    About this ebook

    We’ve taken our popular Accounting 1 guide and made it even better! Updated content and an additional panel of information not only make this an essential companion for students in introductory accounting courses, but also a refresher for those in higher level courses. In this edition you will find more coverage of the subject including expanded sections on financial statements and accounting in business, making this a study tool you won’t want to be without!
    LanguageEnglish
    PublisherBarCharts, Inc.
    Release dateNov 30, 2009
    ISBN9781423211921
    Accounting 1

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      Book preview

      Accounting 1 - BarCharts, Inc.

      Table of Contents

      Accounting Basics

      Financial Statements: Formal Reports of an Entity

      Transactions

      The Accounting Cycle

      Recording Transactions

      Operating Cycle of a Merchandise Business

      Types of Business Organizations

      Accounting in Business

      Inventory Systems

      Corporate Characteristics

      Assets

      Obligations

      Owners’ Equity

      Accounting Basics

      Accounting Standards

      Accounting principles have been in existence since the late 1400s when devised by Luca Pacioli, an Italian mathematician, and have evolved over time

      Modern-day accounting principles in the United States are called generally accepted accounting principles (GAAP); these principles guide the work of accountants and auditors

      The U.S. Securities and Exchange Commission (SEC) has regulatory authority over accounting principles used by public corporations

      The SEC is a federal agency responsible for enforcing the federal securities laws and regulating the securities industry

      It delegates the responsibility for the development of GAAP to the accounting profession via the Financial Accounting Standards Board (FASB)

      The FASB develops new standards via due process activities that allow input from accountants and executives in business and industry

      The International Accounting Standards Board (IASB) develops global ac­counting standards

      Multinational companies follow IASB standards

      The IASB works with other key global accounting standards bodies to create a single source of accounting standards

      The Government Accounting Standards Board (GASB) sets state and local government standards for accounting

      The GASB is a private, nongovernmental organization subject to oversight and funding by the Financial Accounting Foundation (FAF)

      The federal government follows standards set by the FASB when performing accounting for its units

      Concepts & Principles

      Entity concept

      An organization stands apart from other organizations as a separate economic unit

      Assets and obligations must be accounted for separately from the personal re­sources and obligations of its owners

      Going concern concept (a.k.a. continuity assumption): The entity will continue to operate long enough to meet its contractual obligations and carry out plans

      Time period concept

      Businesses should report information at regular intervals

      Annual reports show income for the last 12 months and end on the last day of the fiscal year; therefore, annual reports show the financial position as of the

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