1. Chapter 41 Cash, Short-term Investments and Accounts Receivable Chapter 4

2. Chapter 1 An Introduction to the Role of Accounting in the Business World

3. Chapter 13 Read the chapter before class Spend time on the homework Ask questions during class Do a little bit each day Accounting can be fun! Class Suggestions

4. Chapter 14 Identify the major types of business entities, their principal legal forms, and their key internal functions. Identify the primary means by which accountants communicate financial information to decision makers. Briefly describe how financial data are collected by an organization’s accounting system. Define the nature, structure, and major segments of the accounting profession. Discuss some key changes taking place in the accounting profession. Chapter 1 Learning Objectives

5. Chapter 15 Business Entities Service Manufacturing Merchandising –Wholesalers –Retailers

6. Chapter 16 Legal Forms of Businesses Sole proprietorship Partnership Corporation

7. Chapter 17 US Business Organizations

8. Chapter 18 Financial or Managerial? External users Rigid rules Historical perspective Aggregate information Quantitative information Internal users Flexible format Future perspective Detailed information Quantitative and qualitative information

9. Chapter 19 External Decision Makers

10. Chapter 110 Hierarchy of Accounting

11. Chapter 111 Financial Statements Balance sheet Income statement Statement of cash flows Statement of owners’ equity

12. Chapter 112 Balance Sheet Assets= Liabilities + Owners’ Equity At a Point in Time Consolidates Activity

13. Chapter 113 Income Statement Revenues minus expenses For a period of time Measures gains and losses

14. Chapter 114 Statement of Cash Flows Details all cash inflows and outflows For a period of time Like a checkbook

15. Chapter 115 Statement of Owners’ Equity Changes in the owners’ equity For a period of time Owners’ claim on the assets

16. Chapter 116 The Four Financial Statements

17. Chapter 117 Other Annual Report Components Footnotes Management discussion & analysis Independent auditors’ report

18. Chapter 118 Public Versus Private Accounting Private accountants are employed by businesses, not-for-profit organizations, and governmental agencies. Public accounting firms offer services to the public including auditing, tax preparation and advice.

19. Chapter 119 Certifications Certified Public Accounting (CPA) Certified Management Accountant (CMA) Certified Internal Auditor (CIA) Becoming certified required a candidate to pass a rigorous comprehensive examination, meet certain experience requirements, and agree to abide by continuing education and ethics rules.

20. Chapter 120 Regulation of the Accounting Profession Congress established the Securities and Exchange Commission (SEC) in the early 1930s to deter the abusive accounting and financial reporting practices that contributed to the 1929 stock market collapse. After the financial scandals in 2000-2001, Congress passed the Sarbanes-Oxley Act of 2002 to enhance the accuracy and reliability of corporate financial reporting, strengthen corporate governance, and improve public accounting regulation.

21. Chapter 121 Regulation and Standard Setting

22. Chapter 122 THE END!