ACC1701: Accounting for Decision Makers - 1)Accounting in Business
1-1: What is the aim of accounting?
The main aims of accounting (the language of the business world) are to Identify, Record, and Communicate Economic Information about a Business Organization
1-2: External and Internal Users of Accounting Information
Example External Users
Tax Authorities
Customers
Competitors
Investors/ Shareholders
Creditors - To gauge if the organization can pay debt eventually
Suppliers - To gauge if the organization can pay for supplies eventually Regulator - To assess fairness in the financial market
Example Internal Users
Managers - To plan for operations
Employees - To gauge opportunity for pay/ promotion etc
1-3: Types of Accounting
Financial Accounting - External Users (財務会計)
Managerial Accounting - Internal users (管理会計)
Tax Accounting - Tax Authorities
1-4: Types of Business Entities
Sole Proprietorship (Single Owner) - Unlimited Liability
Partnership (2 or more Partners) - Unlimited Liability
Corporation (Owned by many shareholders) - Limited Liability
1-5: Financial Accounting Standards around the world
Global🌎
IASB (International Accounting Standards Board) sets up IFRS (International Financial Reporting Standards)
Singapore🇸🇬
ASC (Accounting Standards Council for Singapore) sets up FRS(Financial Reporting Standards )
日本🇯🇵
日本では日本独自の会計基準(IFRSと3点で異なる)を使用しています。
①原則主義(🌎) vs 細則主義(🇯🇵)
②資産負債アプローチ(🌎) vs 収益費用アプローチ(🇯🇵)
③公正価値評価(🌎)vs 取得原価主義(🇯🇵)
1-6: Qualitative Characteristics of Accounting Information
Relevance - Gives numbers that users need for decisions
Predictive - Can predict future outcomes
Confirmatory - Can confirm with past evaluations
Faithful Representation - Provides a fair, true, and neutral view
Neutrality - supported by prudence and caution
Comparability - Compare to other companies and accounting years
Verifiability - How accurate and correct the information and numbers are
Timeliness - up-to-date information up
Understandability - Information that is easy to understand
1-7: Auditor
Independent certified public accountant who examines and verifies the financial statements prepared by a corporation's management
1-8: Dual Entry System Journal Entry
Each transaction affects two or more accounts
Each transaction has at least one Debit(借方) and one Credit(貸方)
The debit and credit add up to the same number
1-9: Accrual Accounting vs Cash Accounting
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