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Principles of Accounting 的introductionACCOUNTING INFORMATIONYou likely have a general concept of what accountants They capture information about the transactions and events of a business, and summarize that activity in reports that are used by persons interested in the But, you likely do not realize the complexity of accomplishing this It involves a talented blending of technical knowledge and measurement artistry that can only be fully appreciated via extensive study of the The best analogy is to say that you probably know what a heart surgeon does, but you no doubt appreciate that considerable knowledge and skill is needed to successfully treat a If you were studying to be a surgeon, you would likely begin with some basic anatomy In this chapter, you will begin your study of accounting by looking at the overall structure of accounting and the basic anatomy of Be advised that a true understanding of accounting does not come It only comes with determination and hard But, if you persevere, you will be surprised at what you discover about Knowledge of accounting is very valuable to business And, once you conquer the basics, accounting is actually quite an interesting ACCOUNTING DEFINED: It seems fitting to begin with a more formal definition of accounting: Accounting is a set of concepts and techniques that are used to measure and report financial information about an economic The economic unit is generally considered to be a separate The information is potentially reported to a variety of different types of interested These include business managers, owners, creditors, governmental units, financial analysts, and even In one way or another, these users of accounting information tend to be concerned about their own interests in the Business managers need accounting information to make sound leadership Investors hold out hope for profits that may eventually lead to distributions from the business (, "dividends") Creditors are always concerned about the entity's ability to repay its Governmental units need information to tax and Analysts use accounting data to form their opinions on which they base their investment Employees want to work for successful companies to further their individual careers, and they often have bonuses or options tied to enterprise Accounting information about specific entities helps satisfy the needs of all these interested The diversity of interested parties leads to a logical division in the discipline of accounting: financial accounting and managerial Financial accounting is concerned with external reporting of information to parties outside the In contrast, managerial accounting is primarily concerned with providing information for internal You may have some trouble seeing why a distinction is needed; after all aren't we just reporting financial facts? Let's look closer at the FINANCIAL ACCOUNTING: Consider that financial accounting is targeted toward a broad base of external users, none of whom control the actual preparation of reports or have access to underlying Their ability to understand and have confidence in reports is directly dependent upon standardization of the principles and practices that are used to prepare the Without such standardization, reports of different companies could be hard to understand and even harder to As a result, there are well organized processes to bring consistency and structure to financial In the United States, a private sector group called the Financial Accounting Standards Board (FASB) is primarily responsible for developing the rules that form the foundation of financial With the increase in global trade, the International Accounting Standards Board (IASB) has been steadily gaining prominence as a global accounting rule Financial reports prepared under the generally accepted accounting principles (GAAP) promulgated by such standard setting bodies are intended to be general purpose in This means they are not prepared especially for owners, or creditors, or any other particular user Instead, they are intended to be equally useful for all user As such, attempts are made to keep them free from bias (neutral)MANAGERIAL ACCOUNTING: In sharp contrast to financial accounting, managerial accounting information is intended to serve the specific needs of Business managers are charged with business planning, controlling, and decision As such, they may desire specialized reports, budgets, product costing data, and other details that are generally not reported on an external Further, management may dictate the parameters under which such information is to be accumulated and For instance, GAAP may require that certain research costs be deducted immediately in computing a business's externally reported income; on the other hand, management may see these costs as a long-term investment and stipulate that internal decision making be based upon income numbers that exclude such This is their Hopefully, such internal reporting is being done logically and rationally, but it need not follow any particular set of A QUALITY INFORMATION SYSTEM: Both financial accounting and managerial accounting depend upon a strong information system to reliably capture and summarize business transaction Information technology has radically reshaped this mundane part of the practice of accounting during the past 30 The era of the "green eye-shaded" accountant has been relegated to the annals of Now, accounting is more of a dynamic, decision-making discipline, rather than a bookkeeping INHERENT LIMITATIONS: Accounting data is not absolute or Considerable amounts of judgment and estimation are necessary to develop the specific accounting measurements that are reported during a particular month, quarter, or year (, how much pension expense should be reported now for the future benefits that are being earned by employees now, but the amounts will not be known with certainly until many years to come?) About the only way around the problem of utilizing estimation in accounting is to wait until all facts are known with certainty before issuing any However, by the time any information could be reported, it would be so stale as to lose its Thus, in order to timely present information, it is considered to be far better to embrace reasonable estimations in the normal preparation of ongoing financial In addition, accounting has not yet advanced to a state of being able to value a business (or a business's assets) As such, many transactions and events are reported based upon on the historical cost principle (in contrast to fair value) This principle holds that it is better to maintain accountability over certain financial statement elements at amounts that are objective and verifiable, rather than opening the door to random adjustments for value changes that may not be For example, land is initially recorded in the accounting records at its purchase That historical cost will not be adjusted even if the fair value is perceived as While this enhances the "reliability" of reported data, it can also pose a limitation on its "" THE ACCOUNTING PROFESSION AND CAREERS THE ACCOUNTING PROFESSION: To decide to be an accountant is no more descriptive than deciding to be a Obviously, there are many specialty Many accountants engage in the practice of "public" accounting, which involves providing audit, tax, and consulting services to the general To engage in the practice of public accounting usually requires one to be licensed as a CPA (Certified Public Accountant) Auditing involves the examination of transactions and systems that underlie an organization's financial reports, with the ultimate goal of providing an independent report on the appropriateness of financial Tax services relate to the providing of help in the preparation and filing of tax returns and the rendering of advice on the tax consequences of alternative Consulting services can vary dramatically, and include such diverse activities as information systems engineering to evaluating production Many accountants are privately employed directly by small and large businesses (, "industry accounting") and not-for-profit agencies (such as hospitals, universities, and charitable groups) They may work in areas of product costing and pricing, budgeting, and the examination of investment They may focus on internal auditing, which involves looking at controls and procedures in use by their Objectives of these reviews are to safeguard company resources and assess the reliability and accuracy of accounting information and accounting They may serve as in-house tax accountants, financial managers, or countless other And, it probably goes without saying that many accountants work in the governmental sector, whether it be local, state, or national You would expect to find many accountants at the Internal Revenue Service, General Accounting Office, Securities and Exchange Commission ("SEC" -- the USA governmental agency body charged with regulating accounting and reporting by companies whose shares of stock is bought and sold in public markets), and even the Federal Bureau of IACCOUNTING AND PROFESSIONAL ETHICS: Because investors and creditors place great reliance on financial statements in making their investment and credit decisions, it is imperative that the financial reporting process be truthful and Accountants are expected to behave in an entirely ethical fashion, and this is generally the To help insure integrity in the reporting process, the profession has adopted a code of ethics to which its licensed members must In addition, checks and balances via the audit process, government oversight, and the ever vigilant "plaintiff's attorney" all serve a vital role in providing additional safeguards against the errant If you are preparing to enter the accounting profession, you should do so with the intention of behaving with honor and If you are not planning to enter the profession, you will likely rely upon accountants in some aspect of your personal or professional You have every right to expect those accountants to behave in a completely trustworthy and ethical After all, you will be entrusting them with your financial resources and confidential