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Topic 1 introduction to acctg concepts practice

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Financial Accounting IFRS 4th Edition Weygandt ● Kimmel ● Kieso Chapter 1 Accounting in Action (Topic 1) Chapter Preview Good decision-making depends on good information. Whatever your pursuits or occupation, the need for financial information is inescapable. You cannot earn a living, spend money, buy on credit, make an investment, or pay taxes without receiving, using, or dispensing financial information. Good decision-making depends on good information. Copyright ©2019 John Wiley & Son, Inc. 2 Chapter Outline Copyright ©2019 John Wiley & Son, Inc. 3 Learning Objective 1 Identify the activities and users associated with accounting. LO 1 Copyright ©2019 John Wiley & Sons, Inc. 4 Accounting Activities and Users Three Activities LO 1 Copyright ©2019 John Wiley & Son, Inc. 5 Accounting Activities and Users Internal Users LO 1 Copyright ©2019 John Wiley & Son, Inc. 6 Accounting Activities and Users External Users (1/2) LO 1 Copyright ©2019 John Wiley & Son, Inc. 7 Accounting Activities and Users External Users (2/2) Taxing authorities: Does the company comply with the tax laws? Regulatory agencies: Is the company operating within prescribed rules? Labor unions: Does the company have the ability to pay increased wages and benefits to union members? LO 1 Copyright ©2019 John Wiley & Son, Inc. 8 DO IT! Basic Concepts ACTION PLAN • Review the basic concepts discussed. • Develop an understanding of the key terms used. LO 4 Copyri ...
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