Intermediate Accounting Standards | Lecture Note - Edubirdie

University:
Central Piedmont Community College
Course:
ACC 220 | Intermediate Accounting I
Academic year:

2021
Views:

149

Pages:

4
Author:

Carissa Thomas

INTERMEDIATE F I F T E E N T H E D I T I O N ACCOUNTING 1-1 kieso weygand t warfield team for success PREVIEW OF CHAPTER 1 1 Financial Accounting and Accounting Standards LEARNING OBJECTIVES After studying this chapter, you should be able to: 1. Identify the major financial statements and other means of financial reporting. 2. Explain how accounting assists in the efficient use of scarce resources. 6. Explain the meaning of generally accepted accounting principles (GAAP) and the role of the Codification for GAAP. 7. Describe the impact of user groups on the rule-making process. 3. Identify the objective of financial reporting. 4. Explain the need for accounting standards. 8. 5. Identify the major policy-setting bodies and their role in the standard-setting process. Describe some of the challenges facing financial reporting. 9. Understand issues related to ethics and financial accounting. Financial Statements and Reporting Essential characteristics of accounting are: (1) the identification, measurement, and communication of financial information about (2) economic entities to (3) interested parties.

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