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8/29 Chapter 1 Notes

by: Rachel Dragoy

8/29 Chapter 1 Notes ACCT211

Rachel Dragoy

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About this Document

These notes cover the first lecture on Chapter 1.
Financial Accounting
Professor Kamlet
Class Notes
financial accounting, Managerial Accounting Notes, Accounting




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This 3 page Class Notes was uploaded by Rachel Dragoy on Monday August 29, 2016. The Class Notes belongs to ACCT211 at SUNY at Binghamton taught by Professor Kamlet in Fall 2016. Since its upload, it has received 219 views. For similar materials see Financial Accounting in Accounting (ACCT) at SUNY at Binghamton.

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Date Created: 08/29/16
Monday, August 29, 2016 ACCT 211 Chapter 1 Notes - Business: A business is an organization in which basic resources (inputs) , such as materials and labor are assembled and processed to provide goods or services (outputs) to customers. • Prof. K: Labor and capital put together to create more than what you started with. - The objective of a business is to earn profit. • Prof. K: The objective of a business is to earn enough profit to satisfy shareholders. - Profit: The difference between the amounts received from goods and services (revenues) and amounts paid for inputs (expenses). - Accounting: An information system that provides reports to users about the economic activities and conditions of a business (“The Language of Business”). • Prof K.: Accounting is to communicate the experience of the corporation, the activities are over a period, the condition is at a single point in time. - An information System - Report of economic activity - Condition of the business • Select Activities • Analyze Transactions • Record Transactions Communicate with stakeholders • - Accounting Process: (1) Identify Users (2) Assess information needs (3) Design a system that will meet the needs users 1 Monday, August 29, 2016 (4) Prepare the reports the users need (economic data about business activities and events) - Managerial Accounting: • The area of accounting that provides information to internal users. • Provides relevant and timely information for internal users’ decision making needs. • It is called Private Accounting. • Prof. K: Only Rule: Information must be useful. - Financial Accounting: This area of accounting provides information to external users with information. • Prof. K: External users are investors and creditors. These are the big - Investors: Owners of a corporation customers and the people who we work - Creditors: Lenders to corporations for. - Customers - Government - Information we provide must be relevant, reliable, and timely. Prof. K: • - Relevant: If result is capable of impacting a decision. - Reliable: If other accountant can come to the same result. - Timely: If information is delivered in time to make a decision. - Accountants must behave in an ethical manner so that information they provide users will be trustworthy and useful for decision making. - Prof. K: There are differences between accounting and law. • Lawyers work for their clients. • Accountants work for investors and creditors; Not advocates for their clients. - Managers and employees must also behave in an ethical manner in managing and operating a business. - Ethics: Ethics are moral principles that guide the conduct of individuals. 2 Monday, August 29, 2016 - What goes wrong with managers and companies? • Failure of individual character. • Culture (tone at the top) of greed and ethical indifference. • Prof. K: The top must show they are ethical and that they care. - Sarbanes-Oxley Act (SOX): Congress passed laws to monitor the behavior of accounting and business as a result of accounting and business frauds. • Public Company Accounting Oversight Board: New oversight of accounting. • Prof. K: SOX established standards for independence, corporate responsibility and disclosure. 3


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