Acc 561 Week 1 Guide

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Week One Student Guide

This course begins with a general overview of financial statements. Different financial statement users will have different needs for each of the financial statements. Each financial statement provides internal and external users with specific information, and each is like one piece of a jigsaw puzzle. People need all the pieces to get all the information to evaluate the true financial status of the organization.

In addition to financial statements, you discuss regulatory factors such as the Sarbanes-Oxley Act and the regulatory agencies responsible for national and international accounting standards.

Financial Reporting and Analysis

OBJECTIVE: Differentiate between financial statements.

Resources: Ch. 1 of Accounting

Content

• Ch. 1: Introduction to Financial Statements of Accounting

o Forms of Business Organization

o Users and Uses of Financial Information

• Internal Users
• External Users
• Ethics in Financial Reporting

o Business Activities

• Financing Activities
• Investing Activities
• Operating Activities

o Communicating with Users

• Income Statement
• Retained Earnings Statement
• Balance Sheet
• Statement of Cash Flows
• Interrelationships of Statements

OBJECTIVE: Evaluate financial statements of nongovernment organizations.

Resources: Ch. 1 of Accounting

Content

• Ch. 1: Introduction to Financial Statements of Accounting

o A Quick Look at Tootsie Roll’s Financial Statements

• Income Statement
• Retained Earnings Statement
• Balance Sheet
• Statement of Cash Flows
• Other Elements of an Annual Report

OBJECTIVE: Recognize the major aspects of the regulatory environment.

Resources: Ch. 1 of Accounting

Content

• Ch. 1: Introduction to Financial Statements of Accounting

o Users and Uses of...
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