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Business Environment
Chapter 1
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
1-1
Objective 1
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
1-2
Accounting...
isis an
an information
information system
system that...
that...
measures
measures business
business activities,
activities,
processes
processes information,
information, and...
and...
communicates
communicates financial
financial information.
information.
2002 Prentice Hall, Inc.
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
1-3
Accounting...
isis called
called the
the language
language of
of business.
business.
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
1-4
Fields of Accounting
Financial
Financial Accounting
Accounting
Management
Management Accounting
Accounting
2002 Prentice Hall, Inc.
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
1-5
Private
Private Sector
Sector
(FASB)
(FASB)
GAAP
GAAP
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
1-6
External
External users
users
make
make decisions
decisions
about
about the
the entity.
entity.
Business Publishing
Internal
Internal users
users
make
make decisions
decisions
for
for the
the entity.
entity.
Accounting, 5/E
Horngren/Harrison/Bamber
1-7
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
1-8
Objective 2
Apply accounting
concepts and principles
to business situations.
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
1-9
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Accounting, 5/E
Horngren/Harrison/Bamber
1-10
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Generally Accepted
Accounting Principles
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
1 - 11
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Accounting, 5/E
Horngren/Harrison/Bamber
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Accounting, 5/E
Horngren/Harrison/Bamber
1 - 13
Information
Information must
must
be
be free
free from
from bias.
bias.
Information
Information must
must
report
report what
what
actually
actually happened.
happened.
Individuals
Individuals would
would
arrive
arrive at
at similar
similar
conclusions
conclusions using
using
same
same data.
data.
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
1 - 14
Assets
Assets and
and services
services
acquired
acquired
should
should be
be recorded
recorded
at
at their
their actual
actual cost.
cost.
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
1 - 15
The
The entity
entity will
will continue
continue
to
to operate
operate in
in the
the future.
future.
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
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The Stable-Monetary-Unit
Concept
The
The dollars
dollars purchasing
purchasing
power
power isis relatively
relatively
stable.
stable.
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
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Objective 3
Use the accounting equation
to describe an organizations
financial position.
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Accounting, 5/E
Horngren/Harrison/Bamber
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Assets
Economic
Resources
Business Publishing
Claims to
Economic
Resources
Accounting, 5/E
Horngren/Harrison/Bamber
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Assets
What is an asset?
It is something a company owns which
has future economic value.
land
building
equipment
goodwill
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Accounting, 5/E
Horngren/Harrison/Bamber
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Liability
What is a liability?
It is something a company owes.
money
service legal retainers
product magazines
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Accounting, 5/E
Horngren/Harrison/Bamber
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Owners Equity
What is owners equity?
It is whats left of the assets after liabilities
have been deducted.
the same as net assets
the owners claim on the entitys assets
Paid-in
capital
Retained earnings
2002 Prentice Hall, Inc.
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
1 - 22
OWNERS EQUITY
DECREASES
Owner Withdrawals
from the Business
Owner Investments
in the Business
Owners Equity
Revenues
2002 Prentice Hall, Inc.
Expenses
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
1 - 23
Revenues
What are revenues?
They are amounts received or to be received
from customers for sales of products or services.
sales
performance of services
rent
interest
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Accounting, 5/E
Horngren/Harrison/Bamber
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Expenses
What are expenses?
They are amounts that have been paid or will be
paid later for costs that have been incurred to
earn revenue.
salaries and wages
utilities
supplies used
advertising
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Accounting, 5/E
Horngren/Harrison/Bamber
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Objective 4
Use the accounting equation to
analyze business transactions.
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Accounting, 5/E
Horngren/Harrison/Bamber
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Accounting, 5/E
Horngren/Harrison/Bamber
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Accounting, 5/E
Horngren/Harrison/Bamber
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Accounting, 5/E
Horngren/Harrison/Bamber
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300
300
Totals
+ $35,600
+ 200
+ $35,400
2002 Prentice Hall, Inc.
Business Publishing
Accounting, 5/E
Horngren/Harrison/Bamber
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Accounting, 5/E
Horngren/Harrison/Bamber
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Accounting, 5/E
Horngren/Harrison/Bamber
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End of Chapter 1
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Accounting, 5/E
Horngren/Harrison/Bamber
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