Introduction to Accounting
1.) Headline News
- What is the headline about?
- What GAAP’s and IFRS are involved?
- Who is this important to?
The History of Accounting
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:
4.) 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