Introduction to Accounting and Business

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1 Introduction to Accounting and Business
Chapter 1 Introduction to Accounting and Business Accounting, 21st Edition Warren Reeve Fess © Copyright 2004 South-Western, a division of Thomson Learning. All rights reserved. Task Force Image Gallery clip art included in this electronic presentation is used with the permission of NVTech Inc. PowerPoint Presentation by Douglas Cloud Professor Emeritus of Accounting Pepperdine University

2 Some of the action has been automated, so click the mouse when you see this lighting bolt in the lower right-hand corner of the screen. You can point and click anywhere on the screen. Like right now.

3 After studying this chapter, you should be able to:
Objectives 1. Describe the nature of a business. 2. Describe the role of accounting in business. 3. Describe the importance of business ethics and the basic principles of proper ethical conduct. 4. Describe the profession of accounting. 5. Summarize the development of accounting principles and relate them to practice. 6. State the accounting equation and define each element of the equation. After studying this chapter, you should be able to:

4 Objectives 7. Explain how business transactions can be stated in terms of the resulting change in the basic elements of the accounting equation. 8. Describe the financial statements of a proprietorship and explain how they interrelate. 9. Use the ratio of liabilities to owner’s equity to analyze the ability of a business to withstand poor business conditions.

5 Manufacturing Business
Types of Businesses Manufacturing Business Product General Motors Cars, trucks, vans Intel Computer chips Boeing Jet aircraft Nike Athletic shoes and apparel Coca-Cola Beverages Sony Stereos and television

6 Merchandising Business
Types of Businesses Merchandising Business Product Wal-Mart General merchandise Toys “R” Us Toys Circuit City Consumer electronics Lands’ End Apparel Amazon.com Internet books, music, video retailer

7 Types of Businesses Service Business Disney Entertainment
Product Disney Entertainment Delta Air Lines Transportation Marriott Hotels Hospitality and lodging Merrill Lynch Financial advice Sprint Telecommunication

8 There are three types of business organizations
Proprietorship Partnership Corporation

9 A proprietorship is owned by one individual.
Advantages Ease in organizing Low cost of organizing Disadvantage Limited source of financial resources Unlimited liability Joe’s

10 A partnership is owned by two or more individuals.
Advantages More financial resources than a proprietorship. Additional management skills. A partnership is owned by two or more individuals. Disadvantage Unlimited liability. Joe and Marty’s

11 The ability to obtain large amounts of resources by issuing stocks.
A corporation is organized under state or federal statutes as a separate legal entity. Advantage The ability to obtain large amounts of resources by issuing stocks. Disadvantage Double taxation. J & M, Inc.

12 Business Strategies A business strategy is an integrated set of plans and actions designed to enable the business to gain an advantage over its competitors, and in doing so, to maximize its profits.

13 Business Strategies Under a low-cost strategy, a business designs and produces products or services of acceptable quality at a cost lower than that of its competitors. Wal-Mart Southwest Airlines

14 Business Strategies Under a differential strategy, a business designs and produces products or services that possess unique attributes or characteristics which customers are willing to pay a premium price. Maytag Tommy Hilfiger

15 Value Chain of a Business
A value chain is the way a business adds value for its customers by processing inputs into product or service. Inputs Business Processes Products or Services Customer Value

16 Business Stakeholders
A business stakeholder is a person or entity having an interest in the economic performance of the business.

17 The Process of Providing Information
STAKEHOLDERS Internal: Owners, managers, employees External: Customers, creditors, government 1 Identify stake-holders. 2 Assess stakeholders’ informational needs.

18 The Process of Providing Information
Design the accounting information system to meet stakeholders’ needs. 3 Accounting Information System 4 Record economic data about business activities and events.

19 5 The Process of Providing Information STAKEHOLDERS Internal:
Owners, managers, employees External: Customers, creditors, government 5 Prepare accounting reports for stakeholders. Accounting Information System

20 Sound Principles that form the foundation for ethical behavior
Business Ethics 1. Avoid small ethical lapses. 2. Focus on your long-term reputation. 3. You may expect to suffer adverse personal consequences for holding to an ethical position. Sound Principles that form the foundation for ethical behavior

21 Profession of Accounting
Accountants employed by a business firm or a not-for-profit organization are said to be engaged in private accounting. Accountants and their staff who provide services on a fee basis are said to be employed in public accounting.

22 Generally Accepted Accounting Principles (GAAP)

23 The business entity concept limits the economic data in the accounting system to data related directly to the activities of the business. The cost concept is the basis for entering the exchange price, or cost of an acquisition in the accounting records.

24 The objectivity concept requires that the accounting records and reports be based upon objective evidence. The unit-of-measure concept requires that economic data be recorded in dollars.

25 Sumber daya yang dimiliki oleh bisnis.
Persamaan Akuntansi Aktiva = Utang Modal Sumber daya yang dimiliki oleh bisnis.

26 Hak kreditor, merupakan utang bisnis.
Persamaan Akuntansi Aktiva = Utang Modal Hak kreditor, merupakan utang bisnis.

27 Persamaan Akuntansi Aktiva = Utang Modal Hak pemilik

28 Apa yang dimaksud Transaksi bisnis?
Transaksi bisnis adalah suatu kejadian ekonomi atau kondisi yang secara langsung merubah suatu kondisi keuangan entitas atau secara langsung mempengaruhi hasil operasinya.

29 Pada 1 November 2005,, Chris Clark memulai usahanya dengan nama NetSolutions.

30 a. Chris Clark mendepositokan sebesar $25,000 dibank dalam rekening atas nama NetSolutions.
Modal, Chris Clark 25,000 Investasi oleh Chris Clark Kas 25,000 a. Aktiva Modal =

31 b. NetSolutions membeli tanah seharga $20,000.
Aktiva = Modal Kas Tanah 25,000 Modal,Chris Clark 25,000 Bal. = b. –20, ,000 Bal. 5,000 20,000 25,000

32 c. Selama bulan berjalan, NetSolutions membeli suplai sebesar $1,350 dan sepakat membayarnya dalam waktu dekat (utang). Utang Modal Aktiva = Utang Modal, Kas Suplai + Tanah Dagang Chris Clark = Bal. 5, , ,000 c , ,350 Bal. 5,000 1,350 20,000 1,350 25,000

33 d. NetSolutions menyediakan jasa kepada pelanggan, memperoleh fee sebesar $7,500 dengan menerima kas. Utang Modal Aktiva = Utang Modal, Kas Suplai + Tanah Dagang Chris Clark Bal. 5,000 1,350 20,000 1,350 25,000 = Pendapatan d , ,500 Bal. 12,500 1,350 20,000 1,350 32,500

34 e. NetSolutions membayar beban berikut: upah, $2,125; sewa, $800; utilities, $450; and lain-lain, $275. Utang Modal Aktiva = Utang Modal, Kas Suplai + Tanah Dagang Chris Clark Bal. 12,500 1,350 20,000 1,350 32,500 e. – 3,650 –2,125 – 800 – 450 – Upah Sewa Util. Lain. = Bal. 8,850 1,350 20,000 1,350 28,850

35 f. NetSolutions membayar $950 kepada kreditor untuk bulan berjalan.
Utang Modal Aktiva = Utang Modal, Kas Suplai + Tanah Dagang Chris Clark Bal. 8,850 1,350 20,000 1,350 28,850 = f. – 950 – 950 Bal. 7,900 1,350 20, ,850

36 g. Pada akhir bulan beban suplai di tangan $550, jadi $800 yang digunakan.
Utang Modal Aktiva = Utang Modal, Kas Suplai + Tanah Dagang Chris Clark Bal. 7,900 1,350 20, ,850 = Beban Suplai g. – 800 – 800 Bal. 7, , ,050

37 h. Pada akhir bulan, Chris menarik kas $2,000 untuk kepentingan pribadi
Utang Modal Aktiva = Utang Modal, Kas Suplai + Tanah Dagang Chris Clark Bal. 7, , ,050 = prive h. –2,000 –2,000 Bal. 5, , ,050

38 Pengaruh Transaksi pada Modal
Prive Beban dikurangi ditambah Investasi pemilik pendapatan Laba bersih

39 Laporan akuntansi disebut laporan keuangan, menyediakan ringkasan informasi kepada pemilik.

40 Laporan Keuangan Laporan laba rugi—ringkasan pendapatan dan biaya untuk periode waktu tertentu. Laporan perubahan modal—Ringkasan perubahan modal yang terjadi selama suatu periode tertentu. Neraca—Daftar Aktiva, utang, dan modal pada tanggal tertentu. Laporan Arus Kas—Ringkasan penerimaan dan pengeluaran kas pada periode tertentu.

41 Untuk bulan berakhir 30 November 2005
NetSolutions Laporan laba rugi Untuk bulan berakhir 30 November 2005 Endapatan fee $ Beban operasi: Beban upah $ Beban sewa 800 00 Beban suplai 800 00 Beban Utilities 450 00 Beban lain-lain 275 00 Total beban operasi Ke laporan perubahan modal Laba bersih $

42 Laoran Perubahan Modal Untuk bulan berakhir 30 November 2005
NetSolutions Laoran Perubahan Modal Untuk bulan berakhir 30 November 2005 Modal, Chris Clark, 1 November, 2005 $ Investasi pada 1 November $ Laba bersih untuk November $ Dari laba rugi Dikurang Prive Peningkatan modal Modal, Chris Clark, 30 November $ Ke neraca

43 Neraca ini ditampilkan menggunakan format akun
NetSolutions Neraca 30 November 2005 Dari laporan perubahan modal Aktiva Utangs Kas $ Utang dagang $ Suplai Modal Tanah Modal, Chris Total utang Total aktiva $ dan modal $ Neraca ini ditampilkan menggunakan format akun

44 Ketika neraca menampilkan utang dan modal dibawah aktiva, berarti menggunakan format laporan.

45 Untuk bulan berakhir 30 November 2005
NetSolutions Laporan Arus kas Untuk bulan berakhir 30 November 2005 Arus kas dari aktivitas operasi: kas diterima dari pelanggan $ dikurangi pembayaran kas untuk beban dan pembayaran kepada kreditor Arus kas dari aktivitas operasi Arus kas dari aktivitas investasi: pembayaran kas untuk perolehan tanah ( Arus kas dari aktivitas pendanaan: kas diterima sebagai investasi pemilik $ dikurangi penarikan oleh pemilik arus kas bersih dari aktivitas pendanaan Arus kas bersih dan saldo kas 30 Nov. $ ) Should match Cash on the balance sheet

46 Laporan Arus Kas Kas dari aktivitas operasi—Bagian ini melaporkan ringkasan kas diterima dan pembayran kas dari operasi. Arus kas dari aktivitas investasi—Bagian ini melaporkan transaksi kas dari perolehan dan penjualan aktiva tetap. Kas dari Aktivitas Pendanaan.—Bagian ini melaporkan transaksi kas berhubungan dengan investsasi oleh pemilik, peminjaman,dan penarikan kas oleh pemilik.

47 Perangkat Untuk Analisa dan interpretasi laporan keuangan
Ratio utang terhadap modal memungkinkan pemilik seperti Chris Clark untuk dapat menganalisa kemampuan erusahaan untuk dapat bertahan pada kondisi bisnis yang buruk. Ratio of liabilities to owner’s equity = Total Liabilities Total owner’s equity (or total stockholders’ equity)

48 Tools for Financial Analysis and Interpretation
Ratio of liabilities to owner’s equity = $400 $26,050 = 0.015 Ratio of liabilities to owner’s equity

49 Chapter 1 The End