Tổng hợp chương 1;
+Elements of Accounting
Recording
Summarising
+Business Entity
Sole Trader (one person)
Partnership (more than 1 person)
Company
+Companies
Companies are owned by shareholders or members.
Companies are almost always limited companies
Shareholders' liabilities are limited to the money they have put into the company.
+Capital The money put into a business
+Financial Statements (FS)
Sole trader and partnership - statements are private
Companies - FS are sent to shareholders and may also be publicly filed.
Users of FS
+ Managers
Managers need financial information for planning and decision-making
+Shareholders
Shareholders and potention shareholders need financial information for investment decision
+Employees
Employees and their representatives need financial information to safeguard their jobs and income.
+Lenders Lenders need financial information to safeguard loans that they have made or intend to make.
+Government Agencies
Government agencies need financial information to monitor the economy and to collect tax
Elements of FS
+Assets An assets is any tangible or intangible possession which have value
+Liabilities Liabilities are the financial obligations of an entities
+Balance sheet
A balance sheet records the assets and liabilities of an enterprise at a particular point in time.
+Income Statement An income statement shows the [rofit or loss made in an accounting period
+Accounts - requirements of
International Accounting Standards
Local legislation
+Management and financial accounting
+Management accounting uses
Strategy
Planning and controlling
Decision making
Optimising resource use.
+Financial management
Financial management covfers all the functions of ensuring that financial resources are obtained and used in the most effective way to secure attainment of objectives of the organisation
+External audit
External audit is the independent examination of, and expression of opinion on the financial statements of an enterprise
+Internal audit
Internal audit is a review of operations and records, sometimes continuous, undertaken within a business by s[ecially assigned staff
+Desirable qualities of accounting information
Relevant
Understandabilities
Reliability
Completeness
Timeliness
Comparability
+Regulations
The main sources of regulations for the purpose of the ACCA's preparing Financial Statements examination is the International Accounting Standards Committee (IASC)
+Benchmark treatments
Benchmark treatments; IASC's prefered treatments
+Allowed alternative treatments
Allowed alternative treatments; other treatments approved by IASC
+General Accepted Accounting Practice - GAAP
GAAP - is the set of accoutning practices applied in a given country or context.
+Elements of Accounting
Recording
Summarising
+Business Entity
Sole Trader (one person)
Partnership (more than 1 person)
Company
+Companies
Companies are owned by shareholders or members.
Companies are almost always limited companies
Shareholders' liabilities are limited to the money they have put into the company.
+Capital The money put into a business
+Financial Statements (FS)
Sole trader and partnership - statements are private
Companies - FS are sent to shareholders and may also be publicly filed.
Users of FS
+ Managers
Managers need financial information for planning and decision-making
+Shareholders
Shareholders and potention shareholders need financial information for investment decision
+Employees
Employees and their representatives need financial information to safeguard their jobs and income.
+Lenders Lenders need financial information to safeguard loans that they have made or intend to make.
+Government Agencies
Government agencies need financial information to monitor the economy and to collect tax
Elements of FS
+Assets An assets is any tangible or intangible possession which have value
+Liabilities Liabilities are the financial obligations of an entities
+Balance sheet
A balance sheet records the assets and liabilities of an enterprise at a particular point in time.
+Income Statement An income statement shows the [rofit or loss made in an accounting period
+Accounts - requirements of
International Accounting Standards
Local legislation
+Management and financial accounting
+Management accounting uses
Strategy
Planning and controlling
Decision making
Optimising resource use.
+Financial management
Financial management covfers all the functions of ensuring that financial resources are obtained and used in the most effective way to secure attainment of objectives of the organisation
+External audit
External audit is the independent examination of, and expression of opinion on the financial statements of an enterprise
+Internal audit
Internal audit is a review of operations and records, sometimes continuous, undertaken within a business by s[ecially assigned staff
+Desirable qualities of accounting information
Relevant
Understandabilities
Reliability
Completeness
Timeliness
Comparability
+Regulations
The main sources of regulations for the purpose of the ACCA's preparing Financial Statements examination is the International Accounting Standards Committee (IASC)
+Benchmark treatments
Benchmark treatments; IASC's prefered treatments
+Allowed alternative treatments
Allowed alternative treatments; other treatments approved by IASC
+General Accepted Accounting Practice - GAAP
GAAP - is the set of accoutning practices applied in a given country or context.
