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,General View of Accounting,CHAPTER 1,Introduction of accounting,* Second oldest profession,* Participated in the development of nations, trade, finance, money and banking,* Double-entry bookkeeping fueled the Renaissance,Introduction of accounting,Luca Pacioli (1445-1517),Summa di Arithmetica,treatise on book-keeping,People have understood accounting on a scientific principle in Italy,Introduction of accounting,John Gouge, 1543,The first known English book on accounting,A Profitable Treatyce called the Instrument or Boke to learn to know the good order of the kepying of the famouse reconynge, called in Latyn, Dare and Habdare,and, in Englysh Debitor and Creditor.,Introduction of accounting,The first public recognition of accountants,A Bankruptcy Act,In 1831,It mentions accountants alongside merchants and bankers as properly skilled to conduct audits.,Introduction of accounting,Management accounting,World War One (1914-1918),Accountants assist in the control of costs in relationto the production of ammunitions: bullets, bombs, explosives, etc.,Introduction of accounting,After the Second World War,Development of accounting,Enron financial scandal,In August 2002, theSarbanes-Oxley Act is passed in the United States.,Accounting Definition,Accounting,Bookkeeping,It is the means of recording transactions and keeping records.,Accounting,Bookkeeping,Bookkeeping is the day-to-day record-keeping involved in the process of accounting.,Accounting Definition,Accounting,Accurate financial reports,Useful to managers, regulators, andshareholders, creditors or owners,Accounting Definition,Major goal of accounting,Analysis,Interpretation,Use of information,Accounting Definition,The American Institute of Certified Public Accountants,“The art of recording, classifying, and summarizingin a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the resultsthereof.”,(AICPA),Early definitions of accounting focused on the traditional record-keeping functions of the accountant.,Accounting Definition,The modern definition of accounting,It is defined as an information system that measures, processes, and communicates financial informationabout an identifiable economic entity.,Encyclopedia,Accounting is defined as the process of maintaining, auditing, and processing financial information for business purposes.,Accounting Definition,The modern accountant,record-keeping,Planning and problem solving Control and attention directing Evaluation Review Auditing,Accounting Definition,Business activities,Accounting,Data,Useful information,Decision maker,The Users of Accounting Information,Users,those who have a direct interest in thebusiness including management;,2. those who have indirect interest in the business.,Users with Direct Financial Interest,Present and Potential Investors,Present and Potential Creditors,Management,Management,Management,Management is the group in a business who has overall responsibility for operating the business and for achieving the business goals.,Owners of the business,Hired managers,Major function of accounting,To provide management with relevant and usefulinformation,Such as: what was the companys net income during the past year? What products are most profitable? What is the cost of manufacturing each product?,Management,Present and Potential Investors,They are interested in the past success of the businessand its potential earnings in the future.,Operating results of business,Profit sharing policy,Make decisions,Whether to increase, or decrease investments,Present and Potential Creditors,They are interested in whether the company willhave the cash to pay the interest and repay thedebt at fixed time.,Banks,Finance companies,Mortgage companies,Securities firms,Insurance firms,Suppliers,Individuals,Users withIndirect Financial Interest,Tax Authorities,Other Groups,Tax Authorities,Tax authorities dont have directfinancial interest in the company,but they usually analyze the taxstatus undertaken by a business to establish tax policy.,Governments,Income taxes Social security Payroll taxes Excised taxesSales taxes,Each tax requires special tax returns and often a complex set of records as well.,Other Groups,They advise investors and creditors and have an Indirect interest in the financial performance ofa business.,Financial analysts and advisers,brokers,lawyers,economists,the financial press,Other Groups,Customers,The general public,They are concerned about the operating results, the effects that corporations have on inflation, the environment, social problems, and the quality of life.,Other Group,Accounting Profession,Public Accounting,GovernmentAccounting,Internal Auditing,ManagementAccounting,Public Accountants,Certified Public Accountants,The Work of Public Accountants,Work for their own compay Work for other accouting companiesprovide accounting services toindividuals, businesses, and governments Concentrate on tax matters Specialize in forensic accounting,Government Accountants,work for the localor state level,The Work of Government Accountants,Keep and examine the records of government units administer and formulate budgets, to track costs and to analyze programs They must follow special procedures and regulations and reports for government officials,Management Accountants,work in companiesand help the Managementmake decisions,Work of Management Accoutants,Provide the management advice about capital budgeting and business analysis Record and analyze the financial accounting information, market share, competition, and expansion opportunities of the company,Internal Auditors,check accounting ledgers and financial statements within companies,Work of Internal Auditors,Take training to keep skills up to date. Create and develop auditing systems for companies or agencies. Conduct research to learn auditing needs for companies or individuals. Determine and record the value of real property. Analyze the financial data and records to ensure that they comply with legal and financial standards.,WE ARE SAILING RIGHT ALONG!,
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