Introduction to Accounting

Headline News

  1. What is the headline about?
  2. What GAAP’s and IFRS are involved?
  3. Who is this important to?

Presentation

The History of Accounting

Discussion

Review: The internal and external users of accounting information

Discussion:  The three main activities of accountants – identify, report, communicate

Discussion:  The different types of business and the forms of ownership

Discussion:  The GAAPS and Assumptions and IFRS:

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Additional Practice and Review:
Read Chapter 1, 2 and 3

The Fundamental Accounting Equation and the Financial Statements

Why are we in business?

Discussion: the fundamental accounting equation and how is it that all the financial statements spring forth from this equation?
What are the main financial statements – BS, IS, SOE, Cash Flow