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Mujahid Ali Chapter 1 Accounting In Business
1.
Accounting in
Chapter Business 1 © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
2.
Learning Objectives
Identify users and uses of Identify professional accounting accounting bodies and standards setting in Malaysia Identify opportunities in accounting and related fields Define and interpret the accounting equation and Explain he meaning of each of its components generally accepted accounting principles, and Analyze business define and apply several key transactions using the principles of accounting accounting equation Identify and prepare basic financial statements and explain how they interrelate © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
3.
Importance of Accounting
is a Identifies Accounting system that Records information Relevant Communicates that is Reliable to help users make better decisions. Comparable © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
4.
Accounting Activities
Identifying Recording Business Business Activities Activities Communicating Business Activities © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
5.
Users of Accounting
Information Internal Users External Users •Lenders •Consumer Groups •Managers •Sales Staff •Shareholders •External Auditors •Officers •Budget Officers •Governments •Customers •Internal Auditors •Controllers © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
6.
Users of Accounting
Information External Users Internal Users Financial accounting provides external users with financial Managerial accounting provides statements. information needs for internal decision makers. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
7.
Characteristics of Accounting
Information USEFUL FINANCIAL INFORMATION RELEVANCE RELIABILITY 1. Predictive value 1. Verifiable 2. Feedback value 2. Faithful representation 3. Timely 3. Neutral COMPARABILITY CONSISTENCY © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
8.
Opportunities in Accounting
Financial Managerial Taxation •Preparation •General accounting •Preparation •Analysis •Cost accounting •Planning •Auditing •Budgeting •Regulatory •Regulatory •Internal auditing •Investigations •Consulting •Consulting •Consulting •Planning •Controller •Enforcement •Criminal •Treasurer •Legal services •Strategy •Estate planning investigation •Lenders •FBI investigators •Consultants •Market researchers •Analysts •Systems designers Accounting- •Traders •Merger services related •Directors •Business valuation •Underwriters •Human services •Planners •Litigation support •Appraisers •Entrepreneurs © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
9.
Generally Accepted Accounting
Principles Financial accounting practice is governed by concepts and rules known as Generally Accepted Accounting Principles (GAAP). Relevant Information Affects the decision of its users. Reliable Information Is trusted by users. Comparable Is helpful in contrasting Information organizations. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
10.
Setting Accounting Principles
Financial Accounting Standards Board is the private group that sets both broad and specific principles. The Securities Commission is the government group that establishes reporting requirements for companies that issue share to the public. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
11.
The Operating Guidelines
of Accounting ASSUMPTIONS PRINCIPLES CONSTRAINTS Economic entity Historical costs Conservatism Monetary unit Revenue recognition Materiality Going concern Matching Time period Full disclosure © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
12.
Accounting Assumptions
Now Future Going-Concern Principle Economic Entity Reflects assumption that the The business is accounted for business will continue operating separately from other business instead of being closed or sold entities, including its owner Time Period Monetary Unit Principle The economic life of business can be Express transactions and events in divided into artificial time period for monetary, or money, units the purpose of financial reporting © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
13.
Accounting Principles
Revenue Recognition 2. Recognize revenue when it is Historical Cost earned. Accounting information is based 3. Proceeds need not be in cash. on actual cost. 4. Measure revenue by cash received plus cash value of items received. Full Disclosure Matching Report enough information for Expenses are matched against users to make knowledgeable revenues, and recorded in the decisions about the company same period in which the related revenues are earned © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
14.
Accounting Constraints
Conservatism Income and assets be reported at their lowest reasonable amounts (i.e. minimizing the assets and Materiality understating the income) Accountants are required to accurately account for significant items and transactions © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
15.
Professional Accounting Bodies
and Standard Setting in Malaysia Malaysian Institute of Accountant (MIA) http://www.mia.org.my Malaysian Institute of Certified Public Accountant (MICPA) Malaysian Accounting Standards Board (MASB) http://www.masb.org.my Financial Reporting Foundation (FRF) © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
16.
Malaysian Institute of
Accountant (MIA) established under the Accountants Act 1967 regulating the accounting profession. play a significant role in the development and advancement of accounting profession globally. Its membership in such bodies include the: • Asean Federation of Accountants (AFA) • Confederation of Asian and Pacific Accountants (CAPA) • International Federation of Accountants (IFAC) • Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
17.
Malaysian Institute of
Accountant (MIA) Objectives: • To promote and regulate professional and ethical standards • To enhance competency through continuous education and training to meet the challenges of the global economy • To enhance the status of members • To lead research and development for the enhancement of the profession • To inculcate a high sense of social responsibility © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
18.
Malaysian Institute of
Certified Public Accountant (MICPA) Objectives: • To advance the theory and practice of accountancy in all its aspects. • To recruit, educate, train and assess by means of examination or otherwise a body of members skilled in these areas. • To preserve at all times the professional independence of accountants in whatever capacities they may be serving. • To maintain high standards of practice and professional conduct by all its members. • To do all such things as may advance the profession of accountancy in relation to public practice, industry, commerce, education and the public service. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
19.
Malaysian Accounting Standards
Board (MASB) established under the Financial Reporting Act 1997 (the Act) as an independent authority to develop and issue accounting and financial reporting standards in Malaysia. Working with FRF to make up the new framework for financial reporting in Malaysia, with representation from all relevant parties in the standard-setting process, including preparers, users, regulators and the accountancy profession. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
20.
Financial Reporting Federation
(FRF) established under the Financial Reporting Act 1997 (Act), comprises representation from all relevant parties in the standard setting process, including preparers, users, regulators and accountancy profession. oversight the MASB's performance, financial and funding arrangements, and as an initial source of views for the MASB on proposed standards and pronouncements. It has no direct responsibility with regard to standard setting. This responsibility rests solely with the MASB. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
21.
Business Entity Forms
Proprietorship Partnership Corporation © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
22.
Characteristics of Businesses
Characteristics Proprietorship Partnership Corporation Business entity yes yes yes Legal entity no no yes Limited liability no* no* yes Unlimited life no no yes Business taxed no no yes One owner allowed yes no yes * Proprietorships and partnerships that are set up as LLC’s provide limited liability. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
23.
Corporation
Owners of a corporation are called shareholders (or stockholders). When a corporation issues only one class of share, we call it common share (or capital share). © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
24.
Accounting Equation
= + Assets Liabilities Equity Liabilities Assets & Equity © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
25.
Assets
Cash Accounts Notes Receivable Receivable Resources owned or controlled Vehicles Land by a company Buildings Store Supplies Equipment © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
26.
Liabilities
Accounts Notes Payable Payable Creditors’ claims on assets Taxes Wages Payable Payable © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
27.
Equity
Owner Owner Withdrawals Investments Owner’s claims on assets Revenues Expenses © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
28.
Expanded Accounting Equation
= + Assets Liabilities Equity _ _ Owner Owner + Revenues Expenses Capital Withdrawals © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
29.
Transaction Analysis Equation
The accounting equation must remain in balance after each transaction. = + Assets Liabilities Equity © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
30.
Transaction Analysis
J. Scott, the owner, contributed $20,000 cash to start the business. The accounts involved are: (1) Cash (asset) (2) J. Scott, Capital (equity) © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
31.
Transaction Analysis
J. Scott, the owner, contributed $20,000 cash to start the business. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
32.
Transaction Analysis
Purchased supplies paying $1,000 cash. The accounts involved are: (1) Cash (asset) (2) Supplies (asset) © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
33.
Transaction Analysis
Purchased supplies paying $1,000 cash. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
34.
Transaction Analysis
Purchased equipment for $15,000 cash. The accounts involved are: (1) Cash (asset) (2) Equipment (asset) © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
35.
Transaction Analysis
Purchased equipment for $15,000 cash. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
36.
Transaction Analysis
Purchased Supplies of $200 and Equipment of $1,000 on account. The accounts involved are: (1) Supplies (asset) (2) Equipment (asset) (3) Accounts Payable (liability) © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
37.
Transaction Analysis
Purchased Supplies of $200 and Equipment of $1,000 on account. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
38.
Transaction Analysis
Borrowed $4,000 from 1st American Bank. The accounts involved are: (1) Cash (asset) (2) Notes payable (liability) © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
39.
Transaction Analysis
Borrowed $4,000 from 1st American Bank. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
40.
Transaction Analysis
The balances so far appear below. Note that the Balance Sheet Equation is still in balance. Now let’s look at transactions involving revenue, expenses and withdrawals. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
41.
Transaction Analysis
Rendered consulting services receiving $3,000 cash. The accounts involved are: (1) Cash (asset) (2) Revenues (equity) © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
42.
Transaction Analysis
Rendered consulting services receiving $3,000 cash. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
43.
Transaction Analysis
Paid salaries of $800 to employees. The accounts involved are: (1) Cash (asset) (2) Salaries expense (equity) Remember that the balance in the salaries expense account actually increases. But, equity actually decreases because expenses reduce equity. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
44.
Transaction Analysis
Paid salaries of $800 to employees. Remember that expenses decrease equity. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
45.
Transaction Analysis
J. Scott withdrew $500 from the business for personal use. The accounts involved are: (1) Cash (asset) (2) J. Scott, Withdrawals (equity) Remember that the balance in the J. Scott, Withdrawals account actually increases. But, equity actually decreases because withdrawals reduce equity. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
46.
Transaction Analysis
J. Scott withdrew $500 from the business for personal use. Remember that withdrawals decrease equity. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
47.
Financial Statements
Let’s prepare the Financial Statements reflecting the transactions we have recorded. 1. Income Statement 2. Statement of Owner’s Equity 3. Balance Sheet 4. Statement of Cash Flows © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
48.
Net income is
the difference between Revenues and Expenses. The income statement describes a company’s revenues and expenses along with the resulting net income or loss over a period of time due to earnings activities. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
49.
The net income
of $2,200 increases Scott’s capital by $2,200. The Statement of Owner’s Equity explains changes in equity from net income (or net loss) and from owner investments and withdrawals for a period of time. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
50.
The Balance
Sheet describes a company’s financial position at a point in time. Owner’s Equity in Balance Sheet © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
51.
From Statement of
Owner’s Equity © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
52.
The Statement of
Cash Flows identifies cash inflows and cash outflows over a period of time. © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
53.
End of Chapter
1 © The McGraw-Hill Companies, Inc., 2005 Ropidah, Haslinda, Aryati, Liana
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