Accounting Chapter 2

In: Business and Management

Submitted By abah
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Pages 25
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|CHAPTER | |Financial Statements and |
|2 | |Accounting Concepts/Principles |
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CHAPTER OUTLINE:

I. Financial Statements

A. From Transactions to Financial Statements B. Financial Statements Illustrated 1. Explanations and Definitions a. Balance Sheet b. Income Statement c. Statement of Changes in Owners' Equity d. Statement of Cash Flows 2. Comparative Statements in Subsequent Years 3. Illustration of Financial Statement Relationships

II. Accounting Concepts and Principles A. Schematic Model of Concepts and Principles B. Concepts/Principles Related to the Entire Model C. Concepts/Principles Related to Transactions D. Concepts/Principles Related to Bookkeeping Procedures and the Accounting Process E. Concepts/Principles Related to Financial Statements F. Limitations of Financial Statements

III. The Corporation’s Annual Report

TEACHING/LEARNING OBJECTIVES:

Principal:

1. To illustrate the four principal financial statements and their basic form.

2. To introduce students to the terminology of financial statements.

3. To present the accounting equation.

4. To explain several of the concepts of financial accounting and…...

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