Introduction to Financial Accounting, 11th Edition Class Notes

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1-1CHAPTER 1Accounting:The Language of BusinessLEARNING OBJECTIVESAfter studying this chapter you should be able to:1.Explain how accounting information assists in making decisions.2.Describe the components of the balance sheet.3.Analyze business transactions and relate them to changes in the balance sheet.4.Prepare a balance sheet from transactions data.5.Compare the features ofsoleproprietorships, partnerships, and corporations.6.Identify how the owners’ equity section in a corporate balance sheet differs from that in a soleproprietorship or a partnership.7.Explain the regulation of financial reporting, including differences between U.S. GAAP and IFRS.8.Describe auditing and how it enhances the value offinancial information.9.Evaluate the role of ethics in the accounting process.10.Recognize career opportunities in accounting, and understand that accounting is important to both for-profit and nonprofit organizations.Chapter 1 provides a glimpse of the entire field of accounting. It describes the nature of accounting and itsrole in providing useful information for a wide variety of decisions. In addition, the balance sheet equation isintroduced: Assets = Liabilities +Owners’equity.An introduction to the basic terms accountants use—the accounting vocabulary—is an overall theme ofthe chapter.Transaction analysis is introduced as well as the effect of a transaction on the balance sheetequation. The chapter also looks at types of business organizations.The chapter concludes with a discussionof the accounting profession, regulation,the auditing function, andprofessional ethics.

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Introduction To Financial Accountin...

Introduction to Financial Accounting, 11th Edition Class Notes

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