Kế toán, kiểm toán - Accounting information system

Accounting Information SystemMajor Accounting BodiesAmerican Institute of Certified Public AccountantsFinancial Accounting Standards BoardGovernment Accounting Standards BoardSecurities and Exchange CommissionEthicsThe process that individuals useEthicsThe process that individuals use to evaluate their conductEthicsThe process that individuals use to evaluate their conduct in light of moral principles and valuesAssetsAnything of value held by an organizationAssets haveAssetsAnything of value held by an organizationAssets havePotential usefulnessAssetsAnything of value held by an organizationAssets havePotential usefulnessFuture usefulnessAssetsAnything of value held by an organizationAssets havePotential usefulnessFuture usefulnessEconomic ValueAssetsCost principleGoing-concern conceptObjectivity principleStable dollar conceptEquitiesClaims against the total assets of an organizationLiabilitiesClaims of nonownersOwner's EquityClaims of ownersRetained EarningsCumulative total of net income, net loss, and dividends since start of businessRevenuesInflows of assets that result from performing services or selling goodsRevenues are realized whenthe service is performed orRevenuesInflows of assets that result from performing services or selling goodsRevenues are realized whenthe service is performed orthe goods are deliveredExpensesOutflows of assets or incurrence of liabilities while earning revenuesA business incurrs expenses to earn revenuesThe Accounting EquationThings of Value = ClaimsAssets = EquitiesAssets = Liabilities + Owner's EquityAssets - Liabilities = Net AssetsAnalyzing TransactionsUse accounting equationIs there a change in assets?Which asset?How much was the change?Is there another change in assets?Analyzing TransactionsIs there a change in liabilities?Which liability?How much was the change?Is there another change in liabilities?Is there a change in owners’ equity?How much was the change?Four Basic Financial StatementsIncome StatementStatement of Owners’ EquityClassified Balance SheetStatement of Cash FlowsIncome StatementReports changes in owners’ equity from operating activitiesRevenues - Expenses = Net Income(Loss)Statement of Owners’ EquityChanges in owners’ interest in assetsIssuances of new stockRetained earningsNet income or lossDividendsClassified Balance SheetClassification - arrangement of financial statement items into groupings that have common basisAssetsCurrentProperty, plant, and equipmentClassified Balance SheetLiabilitiesCurrentLong-ternOwners’ EquityCommon stockRetained earningsStatement of Cash FlowsReports cash flows during periodCategories of activitiesOperating activitiesInvesting activitiesFinancing activitiesAnalyzing InformationBalance Sheet AnalysisAre total assets higher or lower?What is percent change in total assets?Is the percent of total liabilities to total liabilities plus owner’s equity increasing or decreasing?Income Statement AnalysisAre revenues higher or lower?What is the precentage change in total revenues?Is the percentage of total expenses to total revenues increasing or decreasing?Integrative AnalysisIs the business operating efficiently by using the least amount of asset investment to generate a given level of total revenues?Calculate Total Asset TurnoverTotal revenuesdivided byAverage total assets