会计学1

nullnullCHAPTER 1CHAPTER 1Accounting—Present and PastWhat is Accounting?What is Accounting?Accounting is the process of:Users and Uses of Accounting InformationUsers and Uses of Accounting InformationFinancial AccountingFinancial AccountingFinancial accounting generally refers to the process that results in the preparation and reporting of financial statements for an entity.Financial accounting is primarily externally oriented and concerned with the historical results of an entity’s performance.Managerial Accounting/Cost AccountingManagerial Accounting/Cost AccountingManagerial accounting is concerned with the use of economic and financial information to plan and control many of the activities of the entity and to support the management decision-making process.Cost accounting relates to the determination and accumulation of product, process, or service costs.Auditing—Public AccountingAuditing—Public AccountingPublic accounting firms and individual Certified Public Accountants (CPAs) provide auditing services and issue an independent auditor’s report. An independent auditor’s report usually contains three brief paragraphs and states whether the financial statements are prepared in conformity with generally accepted accounting principles. An auditor’s report can be unqualified (a “clean” opinion) or qualified. Internal Auditing Internal AuditingInternal auditors are professional accountants who perform functions much like those of an external auditor. However, internal auditors are employed in industry rather than public accounting.Governmental and Not-for-Profit AccountingGovernmental and Not-for-Profit AccountingGovernmental units (e.g., municipal, state, and federal agencies) and not-for-profit entities (e.g., universities, hospitals, and religious organizations) require the same accounting functions to be performed as do other accounting entities.Income Tax AccountingIncome Tax AccountingTax practitioners often develop specialties in the taxation of individuals, partnerships, corporations, trusts and estates, or international tax law issues. How Has Accounting Developed?How Has Accounting Developed?Mesopotamians record tax receipts on clay tablets.3000 B.C.How Has Accounting Developed?How Has Accounting Developed?Luca Pacioli published first textbook describing a comprehensive double-entry bookkeeping system.3000 B.C.1494How Has Accounting Developed?How Has Accounting Developed?The industrial revolution of the 19th century generated the need for large amounts of capital to finance the enterprises that supplanted individual craftsmen.This need resulted in the corporate form of organization and the need to provide investors with reports showing the financial position and the results of operations.3000 B.C.14941800’sHow Has Accounting Developed?How Has Accounting Developed?Accounting professionals in this country organized themselves in the early 1900’s and worked hard to establish certification laws, standardized audit procedures, and other attributes of a profession.3000 B.C.14941800’s1900’sHow Has Accounting Developed?How Has Accounting Developed?The Securities Act of 1933 and the Securities Exchange Act of 1934 gave the Securities and Exchange Commission (SEC) the authority to establish accounting principles for companies whose securities had to be registered with the SEC.Between 1932 to 1934 the American Institute of Accountants and the New York Stock Exchange agreed on five broad principles of accounting.3000 B.C.14941800’s1900’s1932 to 19341933 & 1934How Has Accounting Developed?How Has Accounting Developed?The Committee on Accounting Procedure of the American Institute of Accountants issued 51 Accounting Research Bulletins that dealt with accounting principles.Although the SEC has the authority to establish accounting principles, the standard-setting process has been delegated to other organizations over the years.3000 B.C.14941800’s1900’s1932 to 19341933 & 19341939 to 1959How Has Accounting Developed?How Has Accounting Developed?The APB ultimately issued 39 Opinions on serious accounting issues, but it failed to develop a conceptual underpinning for accounting.In 1959, the Accounting Principles Board (APB) replaced the Committee on Accounting Procedure as the standard-setting body.3000 B.C.14941800’s1900’s1932 to 19341933 & 19341939 to 19591959How Has Accounting Developed?How Has Accounting Developed?The Financial Accounting Foundation (FAF) was created and established the Financial Accounting Standards Board (FASB) as the authoritative standard-setting body within the accounting profession. The FASB has issued 146 Statements of Financial Accounting Standards that have established standards of accounting and reporting for particular issues. 3000 B.C.14941800’s1900’s1932 to 19341933 & 19341939 to 195919731959How Has Accounting Developed?How Has Accounting Developed?The Sarbanes-Oxley Act of 2002 creates a five-member Public Company Accounting Oversight Board (PCAOB) which has the authority to set and enforce auditing, attestation, quality control, and ethics standards for public companies. 3000 B.C.14941800’s1900’s1932 to 19341933 & 19341939 to 1959197320021959nullStandards for Other Types of AccountingInternational Accounting StandardsInternational Accounting StandardsThe International Accounting Standards Committee (IASC) seeks methods of providing comparability between financial statements prepared according to the differing accounting standards of its member nations.Ethics and the Accounting ProfessionEthics and the Accounting ProfessionIndependenceIntegrityObjectivityCompetenceThe Conceptual FrameworkThe Conceptual FrameworkEnd of Chapter 1End of Chapter 1