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Acct504 Wk 1 Discussion Essay

1492 words - 6 pages

Week 1: Overview of Financial Statements - Discussion

Accounting is a way of tracking transactions and organizing them into concise reports to be used by investors, principals of companies, or government agencies to be able to control the financial health of a company, family, or an individual. The book uses the example of a checkbook, which is apropos, as I don't know of anyone who has never "bounced" a check due to careless recording of a transaction.  Accounting involves a level of trust, that the reporting is accurate and true.  Unfortunately, trust is not enough, and it must be standardized and regulated. Accounting is a way to maximize a finite resource (capital) and allocate it in ...view middle of the document...

  This hurts the investors, many of whom are employees of the companies, and the economy as a whole.  Public trust in the financial markets is also a casualty. This Time magazine article talks about how this not only affected Enron, but also the accounting firm Arthur Anderson, whose job it was to audit Enron's books.,28757,2021097,00.html |
RE: What is GAAP? | My Name | 10/28/2011 3:40:30 PM |
| Definition: What is GAAP (generally accepted accounting principles)?GAAP (pronounced "gap") stands for "generally accepted accounting principles," a collection of commonly followed accounting rules and standards for financial reporting.GAAP specifications include definitions of concepts and principles, as well as industry-specific rules. The purpose of GAAP is to ensure that financial reporting is transparent and consistent from one organization to another.There is no universal GAAP standard and the specifics vary from one geographic location or industry to another. In the United States, the Securities and Exchange Commission (SEC) mandates that financial reports adhere to GAAP requirements. The Financial Accounting Standards Board (FASB) stipulates GAAP overall and the Governmental Accounting Standards Board (GASB) stipulates GAAP for state and local government. Publicly traded companies must comply with both SEC and GAAP requirements.Many countries around the world have adopted the International Financial Reporting Standards (IFRS). The SEC has released a proposed roadmap for conversion from GAAP to IFRS by 2014.
This information comes from includes hundreds of different components, but here are a few of the most important: * Inventory costs * Debt * Stockholders' equity * Short-term investments * Long-term investments * Revenues and Sales * Taxation * Profits * Goodwill and other intangibles This information comes from

Basically GAAP is to assure that there is consistency in accounting practices. |
1) Balance Sheet [We will begin with this statement]
2) Income Statement [We will begin this discussion on Wednesday morning]
3) Statement of Retained Earnings [We will begin this discussion on Thursday night]
4) Statement of Cash Flows. [We will begin this discussion on Friday night]
5) Return on Assets and Return on Equity. [We will begin this discussion on Saturday night]
Let's begin by asking the question: What is the purpose of a Balance Sheet? What information does it provide?
Purpose of Balance Sheet | My Name | 10/25/2011 8:59:49 PM |
| According to our text on page 14, the balance sheet reports assets and claims to assets at a specific point in time.  The lecture says that a balance sheet (statement of Financial position)  presents a company's financial position (measured by its assets, liabilities, and owner's equity).  The information that the balance sheet provides...

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