1-1 1 Accounting in Action Learning Objectives 1 2 Explain


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I need help with a last minute Accounting 1 assignment. My regular tutor is off the grid so I am looking for a replacement. I have created the outline for you and enclosed the rubric, plus all f the reading that we have used to date. I need accounting tutor for the next three weeks, 2-3 assignments per week, plus I am a good tipper. Assignment: PowerPoint Assignment A clear understanding of the accounting cycle is important in comprehending the accounting process. Written communication and presentation skills are critical to successful accountants. The accountant must understand and be able to communicate various aspects of the accounting process. This Assignment provides you with the opportunity to hone these skills. Prepare a PowerPoint Presentation explaining the various steps in the accounting cycle. The ppt is about the the main steps of the accounting cycle, feel free to add or adjust my slides. Book Info : Title:Accounting Principles, 12th Edition Author:Weygandt, J., Kimmel, P., &Kieso, D. ISBN:978-1-118-87505-6 Publisher:Wiley eBookor Physical text or Digital Book:Digital Book ch1ppt.pdf 1-1 1 Accounting in Action Learning Objectives 1 2 Explain the building blocks of accounting: ethics, principles, and assumptions. 3 State the accounting equation, and define its components. 4 Analyze the effects of business transactions on the accounting equation. 5 1-2 Identify the activities and users associated with accounting. Describe the four financial statements and how they are prepared. LEARNING OBJECTIVE 1 Identify the activities and users associated with accounting. Accounting consists of three basic activities—it identifies, records, and communicates the economic events of an organization to interested users. 1-3 LO 1 Three Activities Illustration 1-1 The activities of the accounting process The accounting process includes the bookkeeping function. 1-4 LO 1 Who Uses Accounting Data INTERNAL USERS Illustration 1-2 Questions that internal users ask 1-5 LO 1 1-6 LO 1 Who Uses Accounting Data EXTERNAL USERS Illustration 1-3 Questions that external users ask 1-7 LO 1 DO IT! 1 Basic Concepts Indicate whether the following statements are true or false. 1. The three steps in the accounting process are identification, recording, and communication. 2. Bookkeeping encompasses all steps in the accounting process. 3. Accountants prepare, but do not interpret, financial reports. 4. The two most common types of external users are investors and company officers. 5. Managerial accounting activities focus on reports for internal users. Solution: 1-8 1. True 2. False 3. False 4. False 5. True LO 1 LEARNING OBJECTIVE 2 Explain the building blocks of accounting: ethics, principles, and assumptions. Ethics in Financial Reporting Recent financial scandals include: Enron, WorldCom, HealthSouth, AIG, and other companies. Regulators and lawmakers concerned that economy would suffer if investors lost confidence in corporate accounting. In response, ► 1-9 Congress passed Sarbanes-Oxley Act (SOX). Effective financial reporting depends on sound ethical behavior. LO 2 Ethics in Financial Reporting Illustration 1-4 Steps in analyzing ethics cases and situations 1-10 LO 2 Ethics in Financial Reporting Question Ethics are the standards of conduct by which one’s actions are judged as: a. right or wrong. b. honest or dishonest. c. fair or not fair. d. all of these options. 1-11 LO 2 1-12 LO 2 Generally Accepted Accounting Principles Various users need financial information Financial Statements The accounting profession has developed standards that are generally accepted and universally practiced. 1-13 Balance Sheet Income Statement Statement of Owner’s Equity Statement of Cash Flows Note Disclosure Generally Accepted Accounting Principles (GAAP) LO 2 Generally Accepted Accounting Principles Generally Accepted Accounting Principles (GAAP) – Standards that are generally accepted and universally practiced. These standards

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