ACG 2021 Chapter 1 Power Points S15 After Lecture On 1-20-15

Accounting Information and Decision
Making
Chapter 1
Copyright 2010 Pearson Education Inc. Publishing as Prentice Hall.
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4. Which financial statement is always completed first?
5. Which financial statement is more like a movie over a
period of timeversus a camera picture?
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Block 1
Introduction to Accounting and Financial
Reporting
Chapter 1
Accounting Cycle analyze business

transactions to aggregate and construct
financial statements for decision makers
Chapter 2 External transactions
Chapter 3 Internal transactions
6
Overall Question to be answered this semester:
What is financial reportings role in todays

American society?
Discussion Posting:
Ifcompanies could select whatinformation to report and how toreport in their
financial statements this would greatly change American business. GAAP
gives both private and public companies guidelines so they can accurately
and honestly report finances. This helps keep these companies from making
errors and committing fraud. Basically, keeping the greedy XXX honest.
Why Accounting
Bank United
Suppliers
https
://www.sec.gov/cgi-bin/viewer?action=view&cik=1166126&accession_number=0001166126-14-000
017&xbrl_type=v
#
https://www.sec.gov/cgi-bin/viewer?action=view&cik=1378950&accession_number=0001193125-1
4-094601&xbrl_type=v
#
Budgets - Sales Manager - EBITDA

8
How a corporation begins
Corporation and Stock Ownership

A type of security that signifies ownership in a corporation and represents a
claim on part of the corporation's assets and earnings.
A holder of stock (a shareholder) has a claim to a part of the corporation's
assets and earnings. In other words, a shareholder is an owner of a
company. Ownership is determined by the number of shares a person owns
relative to the number of outstanding shares. For example, if a company
has 1,000 shares of stock outstanding and one person owns 100 shares,
that person would own and have claim to 10% of the company's assets.
10
Legal Forms of Business Organization

Sole Proprietorship
Owned by a single person
Partnership
Owned by more than one person
Corporation
Owned by multiple shareholders
Pros limited liability: stockholders are not personally responsible
for financial obligations of corporation.
Cons
Double taxation
Corporate income is taxed
Shareholders taxed on distributions of earnings (dividends)
11
Two Functions of Financial Accounting

To measure business activities of a
company and to communicate those
measurements to external parties for
decision-making purposes.
12
Types of Accounting
Managerial Accounting
Deals with the methods
accountants use to provide
information to an
organizations internal
users; that is, its own
managers.
Financial Accounting
Measures business
activities of a company and
communicates those
measurements to external
parties for decision-making
purposes.
Focus of the Course
13
Accounting Information - The Language of

Business
People
Make Decisions About
Communicate information
to:
Companies
Activities
Measured by:
Accountants
(WHO) Users of Accounting Information

The two primary users of accounting information for decision-making:
Investors - for present & potential capital providers
Creditors - Bonds and Banks for Investment & lending decisions
Other users include:
Customers
Suppliers
Managers
Employees
Competitors
Regulators
Tax authorities
15
15
What is Measured?
BUSINESS ACTIVITIES
These transaction are from the COMPANY PERSPECTIVE
Operating Activities
Involves transactions in primary operations of business
Purchase inventory (lemonade) to sell $1,000

Financing Activities
Involves funding from external sources
Individual invests $500 in a business in return for company stock.
Bank loan of $1,000.

Investing Activities
Involves purchase and sale of long-term resources
Purchased lemonade stand to operate business - $100

16
16
How to Measure Business Activities
The Accounting Equation
Assets
= Liabilities
Companys
resources
+ Stockholders Equity*
Claims to those resources
*Stockholders Equity is also known as Owners Equity
17
17
Accounting Equation
Elements
Assets
Resources owned by
company
Liabilities
Amounts owed to creditors
Stockholder
s Equity
Owners claim to resources

(stockholders of the
corporations)
18
Claims on Assets
ASSETS
Cash
Inventory
Equipment
Building
OWNERS CLAIMS
AMOUNTS OWED
OWNERS (STOCKHOLDER)
LIABILITIES
EQUITY
Bank
Supplier
Stockholders common
Government
and preferred
Employees
Copyright 2010 Pearson Education
19
Company Profits Operating Cycle
Revenu
e
Expens
es
Net
Profit
Amounts earned from selling

products and services to
customers
Cost of providing products
and services
Difference between revenue
and expense
20
Net Income (aka the bottom line)

Revenues
Minus
Expenses
Net Income
If
expense
s exceed
revenue
s
A net loss
results
21
Net Income and (Net Loss) Examples
2011
2010
Revenues
1,000,000
1,000,000
Expenses
850,000
1,075,000
Net Income/(Net Loss)
150,000
(75,000)
23
24
Accounts - Revenues and Expense of Apple Computers

What is an Account a place to aggregate similar transactions (Chart of
Accounts)
What Constitutes Revenue?
What constitutes Expenses?
25
Revenues and Expenses of Apple

What Constitutes Revenue?
Products
Repairs
Itunes
Iphone contracts
Iwatch???
What constitutes Expenses?
Rent
Employee wages
Insurance
Furniture and fixtures
Utilities
Supplies
Marketing
26
http://www.sec.gov/cgi-bin/viewer?action=view&cik=320193&accession_number=0001193125-14-383437&xbrl_type=v
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative
expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly
linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale
of specific products, for example telephone expenses, Internet, and postal charges. General and administrative
expenses include salaries of non-sales personnel, rent, utilities, communication, etc.
27
Reality Check
____ Assets
A. Costs of selling products and services
____ Liabilities
B. Amounts received from sales of
products or services
____ Owners Equity C. Amounts owed to creditors
____ Revenues D. Owners claims to company resources
____ Expenses E. Resources owned
28
28
The Basic Financial Statements

Fiscal or Calendar Year
1.) Income
Statement
2.)
Statement of
Stockholder
s Equity
3.) Balance
Sheet
4.) Cash
Flow
Statement
Data flows from one financial

statement to the other based on the
order above.
Income Statement
Revenues Expenses = Net Income
Reports how the company performed operationally based
on the companys revenues and expenses over a period
of time.
MOVIE
Income Statement flows to Statement of Stockholders
Equity Flows
Balance Sheet
Shows resources and obligations (account balances)

at ONE point in time.
SNAPSHOT
Summarized using the basic ACCOUNTING EQUATION

Assets = Liabilities + Stockholders Equity
Statement of Stockholders Equity Flows to Balance

Sheet
ASSETS Sample of Accounts

Cash liquid assets
Accounts Receivable amounts the company expects to
collect from customers.
Notes Receivable amounts company expects to collect from
a party who has a signed promissory note with company
Inventory items for sale by company
Supplies items that will be consumed by the company
during the operation of the business such as office supplies.
Prepaid expenses prepayments for advertisements, rent,
insurance, and supplies.
Property, plant, and equipment land, buildings,
computers, store fixtures, manufacturing equipment.
LIABILITIES Sample of Accounts

Accounts Payable amounts owed to vendors
for the purchase of materials or services.
Salaries Payable amounts due employees
Interest Payable - amounts owed to lenders
based on loans
Utilities Payable amounts owed to utility
companies
Notes payable amounts due to another party
for loaning money to the company
Receivable versus Payable

Receivable the firm will receive dollars, so it is a
resource to the firm that can be utilized in the
future. ALWAYS AN ASSET
Payable the firm owes money to creditors, such
as suppliers or the bank. ALWAYS AN LIABILITY
STOCKHOLDERS EQUITY Two Primary Accounts
Paid-in-Capital
Stock external source
Amount shareholders have invested in
the business
Retained Earnings internal source
Cumulative amount of net income earned
and kept in business less dividends paid
out.
Financial Statements
Income Statement
Activity over a period of time

(performance)
One Month
One Quarter
One Year
Balance Sheet
Resources and obligations at

a point in time
As of a certain date
such as December 31,
20XX
ACCOUNTING EQUATION
Assets = Liabilities + Stockholders
Equity
Retained Earnings
Paid in Capital (Stock)
Revenue
Expenses
Dividends
Statement of Stockholders
Equity
Summarizes the changes to Stockholders Equity
over an interval of time.
Common Stock Account
Retained Earnings Account
Net income
Dividends
Net income (or net loss) flows from the Income

Statement to Stockholders Equity
Components of Common Stock (CS)

Beginning
Balance of
CS
Plus
Issuance of
Stock ($
received)
Equals
Ending
Balance of
CS
Retained Earnings
Net Income (Net Loss)
Inflows (outflows) to retained
earnings based on the profits
retained by the company.
Dividends
Outflow of cash from retained
earnings.
43
Net
Income
Increase
Net Loss
decreas
e
Retain
ed
earnin
gs
Dividen
ds
decreas
e
Components of Retained Earnings (Example Apple for 2013)

Beginning
Balance of RE
Plus or
Minus
Minus
Equals
http://www.sec.gov/cgi-bin/viewer?action=view&cik=320
193&accession_number=0001193125-13-416534&xbrl_type=v
#
Net Income (or

Net Loss) for
the Period
Dividends for
the Period
Ending
Balance of RE
Components of RE Example 1 Net Income

100,000
Plus
Beginning of
Period RE
Net Income
150,000
Minus
Dividends
50,000
Equals
200,000
End of Period
RE
Components of RE Example 2 Net

Loss
100,000
Minus
Beginning of
Period RE
Net Loss
(250,000)
Minus
Dividends
0
Equals
(150,000)
End of Period
RE
The Statement of Cash

Flows
Measures cash receipts and cash payments

Investors & creditors like this statement
Categorizes into three types of activities:
Operating
Investing
Financing
Cash Flow Categories
Operating
Cash receipts and payments from selling goods
and services
Investing
Purchasing & selling long-term assets
Financing
Issuing stock and borrowing
How Do You Use Financial Statements to Evaluate Performance?
Copyright 2014 Pearson Education,

Inc. publishing as Prentice Hall
1-51

Fiscal or Calendar Year
1.) Income
Statement
2.)
Statement of
Stockholder
s Equity
3.) Balance
Sheet
4.) Cash
Flow
Statement
Data flows from one financial

statement to the other based on the
order above.
Relationships between Financial Statements

Income Statement
For the year ended December 31, 2010
Revenues
$$$,$$$
Expenses
($$,$$$)
Net income
$$,$$$
Statement of Stockholders Equity
Beginning retained earnings

Net income
$$$,$$$
$$,$$$
Cash dividends
($$,$$$)
Ending retained earnings

$$,$$$
53

Beginning retained earnings

Net income
$$,$$$
Cash dividends
($$,$$$)
Ending retained earnings
Changes to
Common
Stock shown
from above
statement
also
$$$,$$$
$$,$$$
Balance Sheet
December 31, 2010
Assets
$$$,$$$
Liabilities
$$$,$$$
Stockholders equity:
Common stock
$$$,$$$
Retained earnings
$$$,$$$
Total liabilities and equity

$$$,$$$
Balance Sheet
December 31, 2010
Assets
Liabilities
$$$,$$$
$$$,$$$
Stockholders equity:
Common stock
$$$,$$$
Retained earnings
$$$,$$$
Total liabilities and equity
$$$,$$$
Statement of Cash Flows

Cash flows from operating activities
$$$,$$$
Cash flows from investing activities
$$,$$$
Cash flows from financing activities
$$,$$$
Net cash flows
$$,$$$
Cash balance, December 31, 2009
$$,$$$
Cash balance, December 31, 2010
$$,$$$
Cash from
the Asset
section of
the Balance
Sheet
equals
ending
Cash on
the
Statement
of Cash
Flows
Next four slides show Apples

1. Income Statement (Statement of Operations)
2. Statement of Stockholders Equity
3. Balance Sheet
4. Statement of Cash Flows
56
57
58
59
60
How Do You Analyze A Transaction?

Smart Touch performs computer training.
1.
2.
3.
4.
5.
Smart Touch Learning starts a new business. The company issues

$30,000 of Common Stock. How does this impact the Accounting
Equation?
Next, Smart Touch purchases land for $20,000 cash.
In Transaction #3, Smart Touch buys $500 of office supplies,
offering to pay in 30 days.
In Transaction #4, Smart Touch provides training services to
customers for $5,500 cash.
In Transaction #5, Smart Touch performs $3,000 of services for a
customer who will pay in one month.
1-61
Assets = Liabilities + Equity

Paid-in-Capital + Retained Earnings
62
Part B
Information
1-63
Misconceptions about Accounting
It is not an exact science differing treatments can yield differing

results.
Receivables Allowances
Inventory valuation
Depreciation methods
Revenue
Cost of goods sold
Gross Profit
Less: Expenses
Operating Income
LIFO
100,000
33,000
67,000
60,000
7,000
7.0%
FIFO
100,000
30,000
70,000
60,000
10,000
10.0%
1-64
The Accounting Profession

Certified Public Accountants CPAs are
licensed professional accountants that serve
the general public.
Certified Management Accountants CMAs
are certified professionals who specialize in
accounting and financial management, usually
for private industry.
65
The Organizations That Govern Accounting

SEC
Securities and
Exchange Commission
(SEC)
Securities Act of 1934
Oversees the US
financial markets
Oversees FASB
FASB
Standards Board
(FASB)
Privately funded
Creates the rules and
standards that govern
financial accounting
Copyright 2014 Pearson Education,

Inc. publishing as Prentice Hall
1-66
Generally Accepted Accounting

Principles (GAAP)
Relevant = The info
Issued by the FASB.
allows users to make
Establishes the rules for
a decision.
recording transactions and
preparing financial statements.
Published online as part of the
Accounting Standards
Codification.
Requires that information be
useful.
Faithfully
Representative =
The info is complete,
neutral, and free
from material error.
1-67
Role of Auditors
Auditors are trained individuals hired by a company
as an independent party to express a professional
opinion of the accuracy of that companys financial
statements.
Role of auditors
Help ensure that
management has in fact
appropriately applied GAAP
in preparing the companys
financial statements
Help investors and

creditors in their decisions
by adding credibility to the
financial statements.
68
1-68
Income
Statement
Statement
Flowofof
Retained
Earnings
Accounting
Balance
Sheet
Statement of
Cash Flows
Accounting Equation: Assets =

Liabilities + Owners Equity
GAAP (Rules) formulated by FASB
69
Part C
Careers in Accounting
1-70
Accounting Profession
http://fortune.com/2014/08/06/15-mos
t-profitable-business-sectors
/
Kramer at work
http://www.youtube.com/watch?v
=bU6m5UqLx9M&list=RDXEL65gywwH
71
Careers in Accounting
Private Accounting
Clients:
Clients:
Public Accounting
(Big
(Big 44 and
and Non
Non-Big
-Big 4)
Corporations
Governments
Nonprofit organizations
Individuals
Traditional
Traditional
roles:
roles:
Auditors
Tax preparers/planners
Business consultants
Financial accountants
Managerial
accountants
Managerial
accountants
Budget
analysts
Budget analysts
Internal
auditors
Internal
auditors
Tax preparers
Tax preparers
Payroll
managers
Payroll managers
Your employer
72
1-72
Careers in Accounting (cont.)

Expanding
Expanding
roles:
roles:
Financial planners
Info. tech. developers
Financial analysts
Forensic accountants
Information risk
managers
Investment bankers
Environmental
accountants
Financial advisors
Tax lawyers
Information managers
Management advisors
Tax planners
Acquisition specialists
FBI agents
Sports agents
Other career options : Governmental accounting, sole proprietorship,

and education.
73
1-73
The Audit - Monty Python's The Flying Circus
https://
www.youtube.com/watch?v=cFW7yTOmRM
8
$1.00 = 1.50 British pound currency
1 shilling = $0.08 today
74
Chapter 1 Practice Set from Connect

Descriptions
Account Classifications
Amounts earned from sale of products or services
Owners claims to resources
Distributions to shareholders
Amounts owed to creditors

Costs of selling products or services
Resources owned
1.
2.
3.
4.
5.
6.
Assets
Revenues
Dividends
Liabilities
Expenses
StockholdersEquity
75
Financial Statements
Descriptions
Financial
Statements
Change to Owners claim to resources
Profitability of the company
Change in cash as a result of operating, investing, and

financing activities
Resources equal creditors and owners claims to the

resources
1.
2.
3.
4.
BalanceSheet
StatementofCashFlows
IncomeStatement
StatementofStockholdersEquity
76
Accounts
Balances
Cash
$4,370
Salaries expense
1,590
Accounts payable
2,390
Retained earnings 3,610
Utilities expense
970
Supplies
12,250
Service revenue
8,560
Common stock
4,620
Cowboy Law Firm

Income Statement
Service Revenue
Expenses:
Total expense
Net income (loss)
77
Accounts
Balances
Cash
$4,370
Salaries expense
1,590
Accounts payable
2,390
Retained earnings 3,610
Utilities expense
970
Supplies
12,250
Service revenue
8,560
Common stock
4,620
Cowboy Law Firm

Income Statement
Service Revenue
$8,560
Expenses:
Salaries expense
$1,590
Utilities expense
970
Total expense
2,560
Net income (loss)
$6,000
78
Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughout the
Northeast. At the end of the current period, the company reports the following
amounts:
Assets = $41,900
Liabilities = $21,100
Dividends = $2,100
Revenues = $11,100
Expenses = $8,200.
Net Income = ?
79
At the beginning of the year (January 1), Buffalo Drilling has $9,400 of common stock outstanding and
retained earnings of $7,100. During the year, Buffalo reports net income of $7,400 and pays dividends of
$2,340. In addition, Buffalo issues additional common stock for $6,800.
Buffalo Drilling
Common Stock
Retained
Earnings
Total Stockholders
Equity
Beginning Balance
Issuance of Common Stock
Add: Net Income
Less: Dividends
Ending Balance
80
At the beginning of the year (January 1), Buffalo Drilling has $9,400 of common stock outstanding and
retained earnings of $7,100. During the year, Buffalo reports net income of $7,400 and pays dividends of
$2,340. In addition, Buffalo issues additional common stock for $6,800.
Buffalo Drilling
Common Stock
$9,400
Retained
Earnings
$7,100
Total Stockholders
Equity
$16,500
6,800
6,800
Add: Net Income
7,400
7,400
Less: Dividends
(2,340)
(2,340)
Ending Balance
$16,200
$12,160
$28,360
Beginning Balance
Issuance of Common Stock
81
Accounts and Balances at Year End

Equipment
$21,300
Servicerevenue 30,800
Accountspayable(A/P) 2,060 Cash
10,920
Salariesexpense 26,300
Retainedearnings ?
Commonstock 16,200
Land
14,150
Notespayable(N/P)
15,950
Buffalo Drilling
Balance Sheet
Assets
Liabilities
TotalLiabilities
Stockholders Equity
TotalStockholdersEquity
Total Assets
TotalLiabilitiesandStockholdersEquity
82
Accounts and Balances at Year End

Equipment
$21,300
Servicerevenue 30,800
Accountspayable(A/P) 2,060 Cash
10,920
Salariesexpense 26,300
Retainedearnings ?
Commonstock 16,200
Land
14,150
Notespayable(N/P)
15,950
Wolfpack Construction
Balance Sheet
Assets
Cash
Liabilities
$10,920 AccountsPayable
$2,060
Land
14,150 NotesPayable
15,950
Equipment
21,300 TotalLiabilities
18,010
CommonStock
Total Assets
Stockholders Equity
16,200
RetainedEarnings
12,160
TotalStockholdersEquity
28,360
$46,370 TotalLiabilitiesandStockholdersEquity
83
$46,370
During its first five years of operations, Red Raider Consulting reports net income and pays dividends as follows.
Calculate the balance of retained earnings at the end of each year of Red Raider Consulting. Note that retained
earnings will always equal $0 at the beginning of year 1.
Year
1
Net Income
$1,100
Dividends
$500
1,900
400
2,150
1,050
3,450
1,100
4,150
850
Retained Earnings
84

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Accounting Information and Decision

Copyright 2010 Pearson Education Inc. Publishing as Prentice Hall.

Accounting Cycle analyze business

Overall Question to be answered this semester:

What is financial reportings role in todays

Budgets - Sales Manager - EBITDA

How a corporation begins

Corporation and Stock Ownership

Legal Forms of Business Organization

Two Functions of Financial Accounting

Accounting Information - The Language of

Make Decisions About

(WHO) Users of Accounting Information

These transaction are from the COMPANY PERSPECTIVE

Purchase inventory (lemonade) to sell $1,000

Individual invests $500 in a business in return for company stock.

Bank loan of $1,000.

Purchased lemonade stand to operate business - $100

How to Measure Business Activities

The Accounting Equation

Claims to those resources

*Stockholders Equity is also known as Owners Equity

Amounts owed to creditors

Owners claim to resources

Company Profits Operating Cycle

Amounts earned from selling

Net Income (aka the bottom line)

Copyright 2010 Pearson Education Inc. Publishing as Prentice Hall.

Net Income and (Net Loss) Examples

Net Income/(Net Loss)

Copyright 2010 Pearson Education Inc. Publishing as Prentice Hall.

Accounts - Revenues and Expense of Apple Computers

What constitutes Expenses?

Revenues and Expenses of Apple

The Basic Financial Statements

Copyright 2010 Pearson Education Inc. Publishing as Prentice Hall.

The Basic Financial Statements

Data flows from one financial

Copyright 2010 Pearson Education Inc. Publishing as Prentice Hall.

Shows resources and obligations (account balances)

Summarized using the basic ACCOUNTING EQUATION

Statement of Stockholders Equity Flows to Balance

ASSETS Sample of Accounts

LIABILITIES Sample of Accounts

Receivable versus Payable

STOCKHOLDERS EQUITY Two Primary Accounts

Copyright 2010 Pearson Education Inc. Publishing as Prentice Hall.

Activity over a period of time

Resources and obligations at

Net income (or net loss) flows from the Income

Components of Common Stock (CS)

Copyright 2010 Pearson Education Inc. Publishing as Prentice Hall.

Components of Retained Earnings (Example Apple for 2013)

Net Income (or

Components of RE Example 1 Net Income

Copyright 2010 Pearson Education Inc. Publishing as Prentice Hall.

Components of RE Example 2 Net

Copyright 2010 Pearson Education Inc. Publishing as Prentice Hall.

Copyright 2010 Pearson Education Inc. Publishing as Prentice Hall.

The Statement of Cash

Measures cash receipts and cash payments

Cash Flow Categories

Purchasing & selling long-term assets