Samenvatting
Uitgebreide samenvatting (Boek:''Financial Accounting'' - Libby, Libby, Hodge - 10th edition)
Uitgebreide samenvatting van het boek gebruikt in jaar 1 voor Financial accounting.
[Meer zien]Voorbeeld 4 van de 56 pagina's
Voorbeeld 4 van de 56 pagina's
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HOOFDSTUK 1 : FINANCIAL STATEMENTS AND BUSINESS DECISIONS•Managers (often called internal decision makers) need information about the
company’s business activities to manage the operating, investing, and financing
activities of the firm.
•Stockholders and creditors (often called external decision
makers) need information about these same business activities to assess whether the company
will be able to pay back its debts with interest and pay dividends.
•Accounting: A system that collects and processes (analyzes, measures,and records) financial
information about an organization and reports that information to decision makers.
•Financing Activities: borrowing or paying back money to lenders and receiving additional
funds from stockholders or paying them dividends.
• Investing Activities: buying or selling items such as plant and equipment used in the pro-
duction of beverages. (voorbeeld)
• Operating Activities: the day-to-day process of purchasing raw tea and other ingredients
from suppliers, manufacturing beverages, delivering them to customers, collecting cash
from customers, and paying suppliers. (voorbeeld)
•Zie exhibit 1.1 blz 4
BOEK PRAAT OVER 4 FINANCIAL STATEMENTS, MAAR WIJ IN SCHRIFT OVER 5!!
● THE BASIC 5 FINANCIAL STATEMENTS
1. On its balance sheet, Le-Nature’s reports the economic resources it owns and the sources
of financing for those resources.
2. On its income statement (winst of verlies rekening), Le-Nature’s reports its ability to
sell goods for more than their → wel gerealiseerd
cost to produce and sell.
3. Statement of other comprehensive income → niet gerealiseerd (zie schrift)
4.. On its statement of stockholders’ equity, Le-Nature’s reports additional contributions or
payments to investors and the amount of income the company reinvested for future growth.
5. On its statement of cash flows, Le-Nature’s reports its ability to generate cash and how it
was used.
•Balance sheet: Reports the amount of assets, liabilities, and stockholders’ equity of an
accounting entity at a point in time.
•an accounting entity: The organization for which financial data are to be collected,
• The basic accounting equation: Assets = liabilities + Stockholders’ equity
- Assets = economics resources
- Liabilities= Financing from creditors
- Stockholders’ equity= Financing from stockholders
• Assets: are the economic resources owned by the entity.
,•Liabilities and stockholders’ equity are the sources of financing for the company’s economic
resources. Liabilities indicate the amount of financing provided by creditors. They are the
company’s debts or obligations. Under the category Liabilities, Le-Nature’s lists two items. The
accounts payable arise from the purchase of goods or services from suppliers on credit without
a formal written contract (or a note). The notes payable (leningen)to banks result from cash
borrowings based on a formal written debt contract with banks.
•Stockholders’ equity indicates the amount of financing provided by owners of the business
and reinvested earnings.The investment of cash and other assets in the business by
stockholders is called common stock (gewone aandelen). The amount of earnings (profits)
reinvested in the business (and thus not distributed to stockholders in the form of dividends) is
called retained earnings (ingehouden winstreserve)
2. The income statement (statement of income, statement of earnings, statement of
operations,statement of comprehensive income) reports the accountant’s primary measure of
performance of a business, revenues less expenses during the accounting period.
- Unlike the balance sheet, however, which reports as of a certain date, the income
statement reports for a specified period of time
•Accounting period: The time period covered by the financial statements
● The income statement equation: Revenues - expenses = net income
-Companies earn revenues from the sale of goods or services to customers
Revenues normally are amounts expected to be received for
goods or services THAT HAVE BEEN DELIVERED to a customer, whether or not the
customer has paid for the goods or services.
-Retail stores such as Walmart and McDonald’s often receive
cash from consumers at the time of sale. However, when Le-Nature’s delivers its beverages to
retail stores, it receives a promise of future payment called an account receivable, which later is
collected in cash. In either case, the business recognizes total sales (cash and credit) as
revenue for the period.
•Expenses: reported in one accounting period may actually be paid for in another accounting
period. Some expenses require the payment of cash immediately while others require payment
at a later date. HIER GELDT NIET (CASH AND CREDIT= EXPENSES) alleen inkoopwaarde
van wat er daadwerkelijk verkocht is!!!
•Net income or net earnings (often called “the bottom line”) is the excess of total revenues
over total expenses. If total expenses exceed total revenues, a net loss is reported.
We noted earlier that revenues are not necessarily the same as collections from customers and
expenses are not necessarily the same as payments to suppliers. As a result, net income
normally does not equal the net cash generated by operations.
,4. Statement of stockholders’ equity: Reports the way that net income and the distribution of
dividends affected the financial position of the company during the accounting period.
- Like the income statement, the statement of stockholders’ equity covers a specified period of
time (the accounting period)
- The retained earnings column reports the way that net income and the distribution of
dividends affected the company’s financial position during the accounting period.
● The retained earnings equation:
Beginning Retained Earnings + Net Income − Dividends = Ending Retained
Earnings
-Thus, the retained earnings portion of the statement indicates the relationship of the
income statement to the balance sheet.
5.The statement of cash flows (cash flow statement) divides cash inflows and outflows
(receipts and payments) into the three primary categories of cash flows in a typical business:
cash flows from operating, investing, and financing activities.
-The cash flow statement equation describes the causes
of the change in cash reported on the balance sheet from the end of the last period to the end
of the current period:
+/− Cash Flows from Operating Activities (CFO)
+/− Cash Flows from Investing Activities (CFI)
+/− Cash Flows from Financing Activities (CFF)
Change in Cash
+ Beginning Cash Balance
=
Ending Cash Balance
- As discussed earlier in this chapter, reported revenues do not always equal cash
collected from customers because some sales may be on credit. Also, expenses
reported on the income statement may not be equal to the cash paid out during the
period because expenses may be incurred in one period and paid for in another.
1) Cash flows from operating activities are cash flows that are directly related to earning
income. For example, when customers pay Le-Nature’s for the beverages it has delivered to
them, it lists the amounts collected as cash collected from customers. When Le-Nature’s pays
salaries to its production employees or pays bills received from its tea suppliers, it includes the
amounts in cash paid to suppliers and employees.
2)Cash flows from investing activities include cash flows related to the acquisition or sale of
the company’s plant and equipment and investments. This year, Le-Nature’s had only one cash
outflow from investing activities, the purchase of additional manufacturing equipment to meet
growing demand for its products.
, 3)Cash flows from financing activities are cash flows directly related to the financing of
the enterprise itself. They involve the receipt or payment of money to investors and creditors
(except for suppliers). This year, Le-Nature’s borrowed additional money from the bank to pur-
chase most of the new manufacturing equipment. It also paid out dividends to the stockholders.
-The statement of cash flows reports inflows and outflows of cash for a stated period of time
!In particular, we learned:
1)Net income from the income statement results in an increase in ending retained earnings on
the statement of stockholders’ equity.
2)Ending retained earnings from the statement of stockholders’ equity is one of the two com-
ponents of stockholders’ equity on the balance sheet.
3)The change in cash on the cash flow statement added to the beginning-of-the-year balance
in cash equals the end-of-year balance in cash on the balance sheet.
*Zie exhibit 1.6!!!
*Zie exhibit 1.7!!!
•NOTES (FOOTNOTES): Provide supplemental information about the financial condition of a
company, without which the financial statements cannot be fully understood.
•Generally accepted accounting principles, or GAAP: The measurement and disclosure
rules used to develop the information in financial statements. (The rules that determine the
content and measurement rules of the statements)
•However, prior to 1933, each company’s management largely determined its financial report-
ing practices. Thus, little uniformity in practice existed among companies.
In the United States, Congress created the Securities and Exchange Commission (SEC)
and gave it broad powers to determine the measurement rules for financial statements that
companies issuing stock to the public (publicly traded companies) must provide to stockholders.
-The SEC has worked with organizations of professional accountants and other interested par-
ties to establish groups that are given the primary responsibilities to work out the detailed
rules that become generally accepted accounting principles. Today, the Financial Accounting
The Standards Board (FASB) has this responsibility.
•AUDIT: An examination of the financial reports to ensure that they represent what they claim
and conform with generally accepted accounting principles.
HOOFDSTUK 2
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