introduction to financial statements

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1、CHAPTER1©DanMoore/iStockphoto●✓TheNavigatorINTRODUCTION•ScanLearningObjectives•ReadFeatureStoryTOFINANCIAL•ScanPreview•ReadTextandAnswerDoit!p.5 p.11  p.18 p.21STATEMENTS•WorkUsingtheDecisionToolkitLEARNINGOBJECTIVES•ReviewSummaryofLearningObjectivesAfterstudyingthischapter,youshouldbeableto:•

2、WorkComprehensiveDoit!p.241Describetheprimaryformsofbusinessorganization.•AnswerSelf-TestQuestions2Identifytheusersandusesofaccountinginformation.•CompleteAssignments3Explainthethreeprincipaltypesofbusinessactivity.•GotoWileyPLUSforpracticeand4Describethecontentandpurposeofeachofthefinancialsta

3、tements.tutorials5Explainthemeaningofassets,liabilities,andstockholders’equity,andstatethebasicaccountingequation.ReadALookatIFRSp.43●✔The6DescribethecomponentsthatsupplementthefinancialNavigatorstatementsinanannualreport.TheNavigatorisalearningsystemdesignedtopromptyoutousethelearningaidsinthe

4、chapterandtosetprioritiesasyoustudy.2FeatureStoryManystudentswhotakethiscoursedonotplanforits115,000-square-footbuilding;andthetobeaccountants.Ifyouareinthatgroup,youincentivesClifBarprovidestoemployeestomightbethinking,“IfI’mnotgoingtobeanreducetheirpersonalenvironmentalimpact,suchaccountant,

5、whydoIneedtoknowaccounting?”as$6,500towardthepurchaseofanefficientWell,considerthisquotefromHaroldGeneen,caror$1,000peryearforeco-friendlyimprove-theformerchairmanofIT&T:“Tobegoodatyourmentstowardtheirhomes.business,youhavetoknowthenumbers—cold.”Oneofthecompany’sproudestmomentsInbusiness,accou

6、ntingandfinancialstatementswasthecreationofanemployeestockowner-arethemeansforcommunicatingthenumbers.Ifshipplan(ESOP)in2010.Thisplangivesitsyoudon’tknowhowtoreademployees20%ownershipoffinancialstatements,youcan’tthecompany(Garyandhiswifereallyknowyourbusiness.KNOWINGTHEKitowntheother80%).TheM

7、anybusinessesagreewithNUMBERSESOPalsoresultedinClifBarthisview.Theyseethevalueofenactinganopen-bookman-theiremployeesbeingabletoagementprogram,includingreadfinancialstatementsandunderstandhowthecommitmenttoeducateallemployee-ownerstheir