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1、Copyright 2010 Pearson Education CanadaThe Financial StatementsChapter 11Copyright 2010 Pearson Education CanadaLearning Objective 1Use accounting vocabulary.2Copyright 2010 Pearson Education CanadaAccounting LanguageAccounting is an information system that:Measures business activitiesProcess data i
2、nto reports(financial statements)Communicates results to decision makers3Copyright 2010 Pearson Education CanadaAccounting LanguageFinancial Statements:Financial information about a business entity that is prepared in a systematic report format that can be used by decision makers to make decisionsIn
3、comeStatementBalanceSheetStatement ofCash Flow4Copyright 2010 Pearson Education CanadaThe Flow of Accounting Information3.Businesses report their results.2.Business transactions occur.1.People make decisions.5Copyright 2010 Pearson Education CanadaIndividualsUsers of Financial StatementsInvestors an
4、dcreditorsGovernmentregulatoryagenciesNon-profitorganizationsTax Authorities6Copyright 2010 Pearson Education CanadaFinancial AccountingSummarize business transactions of business entity for a specified periodUsers External decision makersInformation must:Be presented in systematic reports meet GAAP
5、 standards for relevance and reliability 7Copyright 2010 Pearson Education CanadaManagement AccountingFinancial and operating data about an organizations activities,processes,operating units products services and customersUsers -internal decision makersInformation-can generated using assumptions-Fut
6、ure oriented -not governed by GAAP8Copyright 2010 Pearson Education CanadaEthics in AccountingInformation must be:1.RelevantInformation has predictiveor feedback valueCan influence a decisionTimely2.ReliableInformation is verifiableInformation must be objective9Copyright 2010 Pearson Education Canad
7、aEthics in AccountingIntegrity is built in financial accounting as follows:Generally accepted accounting principles(GAAP)Audits of financial statementsSecurities commissionsInternal Control StructureAccounting Standards Board of the Canadian Institute of Chartered Accountants10Copyright 2010 Pearson
8、 Education CanadaEthics in Accounting and BusinessStandards of professional conduct for accountantsSelf-regulating bodies of accountants11Copyright 2010 Pearson Education CanadaProprietorshipsPartnershipsCorporationsHow to Organize a Business12Copyright 2010 Pearson Education CanadaCorporationsStock
9、sShareholdersCanadian Business Corporation ActBoard ofDirectorsChief Operating Officers,Presidents,Managers13Copyright 2010 Pearson Education CanadaHow to Do Accounting:Principles and ConceptsThe rules that govern accounting are called GAAP(generally accepted accounting principles).Accountants follo
10、w professional guidelines.14Copyright 2010 Pearson Education CanadaGAAPCICA Handbook:official source of GAAP;sanctioned by federal and provincial governments and the Canadian Securities AdministratorsAccounting Standards Board(AcSB)Public Sector Accounting Standards Board Emerging Issues Committee(E
11、IC)International Accounting Standards Board(IASB)15Copyright 2010 Pearson Education CanadaInternational Accounting Standards Board(IASB)IASB is charged with setting International Financial Reporting Standards(IFRSs)Canadian GAAP will converge with IFRSs1st year for reporting under IFRS-based standar
12、ds will be 201116Copyright 2010 Pearson Education CanadaLearning Objective 2Learnaccounting conceptsand principles.17Copyright 2010 Pearson Education CanadaConceptual Framework Information must be useful for decision makersRelevanceReliabilityComparabilityUnderstandabilityGAAP18Copyright 2010 Pearso
13、n Education CanadaGAAP Requirements for Financial InformationGAAP requires:business entity conceptcost principlegoing concern assumptionobjectivity principleadequate disclosurestable dollar assumption19Copyright 2010 Pearson Education CanadaThe Business Entity Concept20Copyright 2010 Pearson Educati
14、on CanadaThe Cost Principle21Copyright 2010 Pearson Education CanadaThe Going-Concern Concept22Copyright 2010 Pearson Education Canada(1)are verifiable and(2)can be confirmed by anindependent observer.The Objectivity Principle23Copyright 2010 Pearson Education CanadaAdequate Disclosure24Copyright 20
15、10 Pearson Education CanadaThe Stable-Monetary-Unit Concept25Copyright 2010 Pearson Education CanadaLearning Objective 3Apply the accounting equation to business organizations.26Copyright 2010 Pearson Education CanadaThe Accounting Equation27Copyright 2010 Pearson Education CanadaThe Accounting Equa
16、tionAssets=Liabilities+Owners Equity28Copyright 2010 Pearson Education CanadaThe Accounting EquationAssets are the economic resourcesof a business that are expected toproduce a benefit in the future.Liabilities are“outsider claims”or economic obligationspayable to outsiders.Owners equity represents
17、the“insider claims”of a business.29Copyright 2010 Pearson Education CanadaThe Accounting EquationFor a corporation,shareholders equityis divided into two main categories.Contributed capitalRetained earningsAssets=Liabilities+Shareholders equityAssets=Liabilities+Contributed capital+Retained earnings
18、30Copyright 2010 Pearson Education CanadaThe Accounting EquationContributed capital is the amount investedin the corporation by its owners.The basic component of contributedcapital is common shares.Retained earnings is the amount earnedby income-producing activities andkept for use in the business.3
19、1Copyright 2010 Pearson Education CanadaThe Accounting Equation:Net incomeRevenues are increases in retainedearnings from delivering goodsor services to customers.Expenses are decreases in retainedearnings that result from operations.32Copyright 2010 Pearson Education CanadaComponents of Retained Ea
20、rningsRevenues forthe periodExpenses forthe period=Net income(or Net loss)for theperiodDividendsfor theperiodEndingbalance ofretainedearningsEnd ofthe periodStart ofthe periodBeginningbalance ofretainedearnings+or=33Copyright 2010 Pearson Education CanadaLearning Objective 4Evaluate business operati
21、ons.34Copyright 2010 Pearson Education CanadaThe Financial Statements35Copyright 2010 Pearson Education CanadaInformation Reported on the Financial Statements1.How well did the company perform (or operate)during the period?Revenues Expenses Net income(Net loss)IncomestatementQuestionAnswerFinancialS
22、tatement2.Why did the companys retained earnings change during the period?Beginning Retained Earnings+Net income(or Net loss)-Dividends=Ending R.E.Statement of Retained Earnings36Copyright 2010 Pearson Education CanadaInformation Reported on the Financial Statements3.What is the companys financial p
23、osition at the end of the period?Assets=Liabilities+Owners equityBalancesheetQuestionAnswerFinancialStatement4.How much cash did the company generate and spend during the period?Operating cash flows Investing cash flows Financing cash flowsIncrease or decrease in cashCashflowstatement37Copyright 201
24、0 Pearson Education CanadaThe Balance Sheet:Measuring Operating PerformanceThe balance sheet or statement of financial position reports the companys assets,liabilities and owners equityas of a specific date.38Copyright 2010 Pearson Education CanadaThe Income Statement:Measuring Operating Performance
25、The income statement,statement ofoperations,or statement of earnings reports the companys revenues,expenses,and net incomeor net loss for the period.39Copyright 2010 Pearson Education CanadaThe Cash Flow Statement40Copyright 2010 Pearson Education CanadaLearning Objective 5Use financial statements.4
26、1Copyright 2010 Pearson Education CanadaRelationships Among the Financial StatementsIncome Statement Net IncomeStatement of Retained Earnings-Add net incomeBalance Sheet-Report retained earnings Cash Flow Statement-Report cash balance from balance sheet42Copyright 2010 Pearson Education CanadaStarti
27、ng a Business Example:Hot Dog VendorOwner(s)provide the fundsThese funds are used by the managers of the company to buyEquipmentInventoryOther Assets43Copyright 2010 Pearson Education CanadaHotdog BusinessDetermine Business Structure:-proprietorship-partnership-corporation44Copyright 2010 Pearson Ed
28、ucation CanadaHotdog BusinessAdministrative RequirementsRegister business with local business authoritiesRegister business with tax authorities-Obtain GST/PST/Income tax accountsContact lawyer to set up businessContact external accountant45Copyright 2010 Pearson Education CanadaHotdog VendorManagers
29、 develop plans&set goalsMake a profitSell a high quality product Set selling price to enable profit46Copyright 2010 Pearson Education CanadaHotdog BusinessBusiness decisions that must be made before you open:Where to locate your hotdog standHow many standsWill you hire employeesHours of operationAdv
30、ertisingContact suppliersFinancing requirements47Copyright 2010 Pearson Education CanadaHot Dog BusinessAs the business operates:Goods are sold(Revenue)Expenses are incurredProfit is invested in inventory,equipment,etc.Management-Prepare financial statementsExternal Auditors-Review financial stateme
31、ntsUsers-Use them to make decisions48Copyright 2010 Pearson Education CanadaEnd of Chapter 1491、每一个成功者都有一个开始。勇于开始，才能找到成功的路。11月-2211月-22Monday,November 7,20222、成功源于不懈的努力，人生最大的敌人是自己怯懦。23:10:5623:10:5623:1011/7/2022 11:10:56 PM3、每天只看目标，别老想障碍。11月-2223:10:5623:10Nov-2207-Nov-224、宁愿辛苦一阵子，不要辛苦一辈子。23:10:562
32、3:10:5623:10Monday,November 7,20225、积极向上的心态，是成功者的最基本要素。11月-2211月-2223:10:5623:10:56November 7,20226、生活总会给你另一个机会，这个机会叫明天。07 十一月 202211:10:56 下午23:10:5611月-227、人生就像骑单车，想保持平衡就得往前走。十一月 2211:10 下午11月-2223:10November 7,20228、业余生活要有意义，不要越轨。2022/11/7 23:10:5623:10:5607 November 20229、我们必须在失败中寻找胜利，在绝望中寻求希望。11:10:56 下午11:10 下午23:10:5611月-2210、一个人的梦想也许不值钱，但一个人的努力很值钱。11/7/2022 11:10:56 PM23:10:5607-11月-2211、在真实的生命里，每桩伟业都由信心开始，并由信心跨出第一步。11/7/2022 11:10 PM11/7/2022 11:10 PM11月-2211月-22谢谢大家谢谢大家