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McGraw-Hill/Irwin
Chapter 1
AccountingPresent and Past
PowerPoint Authors:
Susan Coomer Galbreath, Ph.D.,
CPA
Charles W. Caldwell, D.B.A., CMA
Jon A. Booker, Ph.D., CPA, CIA
Cynthia J. Rooney, Ph.D., CPA
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What is Accounting?
LO 1
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LO 2
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Financial Accounting
LO 3
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LO 3
Managerial Accounting/
Cost Accounting
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LO 3
AuditingPublic
Accounting
Public accounting firms
and individual Certified
Public Accountants (CPAs)
provide auditing services
and issue an independent
auditors report.
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LO 3
Internal Auditing
Internal auditors are
professional
accountants who
perform functions much
like those of an external
auditor. However,
internal auditors are
employed in industry
rather than public
accounting.
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LO 3
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LO 3
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LO 6
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LO 6
Cost Accounting
Standards Board (CASB)
for government contracts
Governmental
Accounting Standards
Board (GASB)
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LO 6
International Accounting
Standards
The goal of the International Accounting
Standards Board (IASB) is to develop a single
set of high-quality, understandable, enforceable
and globally accepted financial reporting
standards based upon clearly articulated
principles.
The IASB has
issued 41 IASs and
13 IFRSs.
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LO 7
Objectivity
Independence
Competence
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The Conceptual
Framework
LO 8
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LO 9
External Users
Historical cost
Benefits exceed
costs
Timely
information
Notes and
disclosures
Accrual
accounting
Evolving
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End of Chapter 1
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