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1、Financial Accounting Environment The primary focus of financial accounting is on the information needs of investors and creditors.pWho provides financial information?pWho uses financial information?pFinancial accounting & managerial accountingpWhat is financial information?Financial Accounting Envir
2、onment Providers of financial informationProfit-oriented companiesNot-for-profit entitiesHouseholdsFinancial accountingGovernmental and nonprofit accountingFinancial Accounting Environment Users of financial information (external)pInvestors pCreditors (banks, bondholders)pEmployees pLabor unionspCus
3、tomerspSupplierspGovernment regulatory agencies (Securities and Exchange Commission)pFinancial intermediaries (financial analysts, credit-rating organizations)Primary usersFinancial Accounting Environment Users of financial information (external) Users of financial information (internal)pManagers, C
4、FO, CEOpthe board of directorsFinancial AccountingManagerial AccountingFinancial Accounting Environment Financial information: financial statements and related disclosure notes Financial statements:a. Balance sheet or statement of financial positionb. The income statement or statement of operationc.
5、 The statement of cash flowsd. The statement of shareholders equityObjective of Financial Accounting The objective of financial accounting is to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in making d
6、ecisions in their capacity as capital providers. Who: Reporting entity Do what: Provide financial information (useful in decision-making) To whom: Capital providersObjective of Financial Accounting Useful information:Provide insight into future cash flow (future performance)helps decision makers ide
7、ntify the companys financial strengths and weaknesses and assess liquidity and solvency. Financial information (financial reports): three major financial statementsObjective of Financial Accounting Capital providers: investors + creditors (lenders)Acquired capitalFrom creditors by borrowingFrom inve
8、stors in exchange for ownershipLiability Shareholders equityCash VS. Accrual Accounting Two accounting methods:Cash Basis AccountingAccrual Basis AccountingCash Basis Accounting Cash Basis Accounting 收付实现制收付实现制 One of the accounting methods Revenue is recorded when cash is received, expenses are rec
9、orded when cash is paid out. Net operating cash flow=cash receipts-cash disbursement 净经营性现金流量净经营性现金流量=现金收入现金收入-现金支出现金支出 NOCF0 A major drawback: over short periods of time, operating cash flows may not be indicative of the companys long-run cash-generating ability. 企业短企业短期的经营性现金流量可能不能很好反映其长期获取现金的能期的经
10、营性现金流量可能不能很好反映其长期获取现金的能力。力。Cash Basis Accounting123TotalSales (on credit)100,000100,000100,000300,000Cash receipts50,000125,000125,000300,000Three years rent-60,00000-60,000salaries-50,000-50,000-50,000-150,000Utilities -5,000-15,000-10,000-30,000NOCF-65,00060,00065,00060,000Accrual Basis Accounting
11、 Accrual Basis Accounting One of the accounting methods Revenue is recorded when earned, expenses are recorded when incurred. Net income=revenues-expenses 净利润净利润=收入收入-费用费用 （or net loss if expenses are greater than revenues.） Net income Net operating cash flowAccrual Basis Accounting 123TotalRevenues
12、100,000100,000100,000300,000Cash receipts50,000125,000125,000300,000Rent-20,000-20,000-20,000-60,000Salaries-50,000-50,000-50,000-150,000Utilities -10,000-10,000-10,000-30,000Net income20,00020,00020,00060,000Exercise The company incurred utility costs of $35,000 in year one, and the insurance cover
13、s a three-year period.12Revenues170,000220,000Cash receipts160,000190,000Salaries-90,000-100,000Utilities -30,000-40,000Purchase of insurance-60,0000Qualitative Characteristics of Financial ReportsQualitative CharacteristicsDecision usefulnessRelevance相关性相关性Faithful representation如实反映如实反映Overridingo
14、bjectivePrimarycharacteristicsQualitative Characteristics of Financial ReportsRelevance相关性相关性Faithful representation如实反映如实反映PredictiveValue预测价值预测价值ConfirmatoryValue验证价值验证价值Completeness完整性完整性Neutrality中立性中立性Free frommaterial error无重大错报无重大错报PredictiveValue预测价值预测价值Neutrality中立性中立性Qualitative Characteri
15、stics of Financial ReportsQualitative CharacteristicsDecision usefulnessRelevance相关性相关性Faithful representation如实反映如实反映OverridingobjectiveComparability可比性可比性Verifiability可验证性可验证性Timeliness及时性及时性Understandability可理解性可理解性EnhancingcharacteristicsPrimarycharacteristicsConstraints to Achieving Qualitative
16、 Characteristics Two constraints: 两个约束条件两个约束条件Cost Effectiveness 成本效益原则成本效益原则s Segment reportMateriality 重要性重要性s Dollar amount of an item (bad debts)s Nature of an item (unlawful transaction) One practical justification: 一个实务判断一个实务判断Conservatism 谨慎性谨慎性Elements of Financial Statements In America, it has 10 elements of financial statements.AssetsLiabilitiesEquity (or net assets)Investments by owners 业主投资Distributions to owners 业主派得Comprehensive income 综合收益RevenuesExpensesGains 利得Losses 损失Elements
