Lecture Notes for Principles of Financial Accounting, Canadian Edition

Lecture Notes for Principles of Financial Accounting, Canadian Edition ensures you grasp difficult topics with well-organized notes that capture essential lecture material.

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Weygandt, Kieso, Kimmel, Trenholm, Kinnear, Barlow, AtkinsPrinciples of FinancialAccounting, Canadian EditionCopyright ©2014John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.CHAPTER 1Accounting in ActionLECTURE OUTLINE1.Why is Accounting Important?1.1Accountingis the information system thatidentifies, records and communicateseconomic events of organizations to interested users.Awide variety of usersdepend on transparent, relevant,understandable financial information thatprovides a true representation of the economic events.1.2Accountants use ratios, percentages, graphs, and charts to analyze and interpretfinancial information.They use this information to highlight significant financialtrends and relationships.1.3Whether you plan to own your own business, work for a business, invest in abusiness–whatever you choose,studyingaccountingwill teach you toread andinterpret financial informationwhich is a valuable set of skills.1.4Whether you plan to become a doctor, lawyer, social worker, teacher, engineer,architect or entrepreneur, a working knowledge of accounting will be relevantand useful to you.1.5In 2013, Ontario’s Chartered Accountants and Certified ManagementAccountants joined together under a new designation: Chartered ProfessionalAccountant. At the time of publication (March 2014), a Memorandum ofUnderstanding had been signed in support of continuing the unification ofOntario’s accountants by including Ontario’s Certified General Accountants asmembers of CPA Ontario.In light of these changes and anticipated changes, it islikely that current high school students who wish to pursue a career inaccounting will follow the path towards the CPA designation, rather than facing achoice among the predecessor designations.

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Lecture Notes for Principles of Financial Accounting, Canadian Edition

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