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Introduction to Accounting Preparing for a User’s Perspective What are the two general types Introduction to Accounting Preparing for a User’s Perspective What are the two general types of accounting and which one of them has developed a conceptual framework? By Kevin C. Kimball, CPA with support from Debits and Credits Trainer Available on the Google Play Store www. canvas. net Free Jan. 2014

What are the two general types of accounting and which one of them has What are the two general types of accounting and which one of them has developed a conceptual framework? Should I share? How can I get some of that? Managerial Accounting Financial Accounting - External - Internal Profits Follow GAAP Use Conceptual Framework

Financial Accounting Debt ratio? CREDITORS Return on equity? INVESTORS Financial Accounting Debt ratio? CREDITORS Return on equity? INVESTORS

General Purpose Financial Statements Income Statement of Equity Balance Sheet Statement of Cash Flows General Purpose Financial Statements Income Statement of Equity Balance Sheet Statement of Cash Flows Footnote disclosures

GM? Let me study its financials first. Dividends INVESTORS GM? Let me study its financials first. Dividends INVESTORS

A $1 B loan? ! Show me your financial statements. Can I buy now? A $1 B loan? ! Show me your financial statements. Can I buy now? CREDITORS And pay later?

CREDITORS INVESTORS Corporate Accounting Data CREDITORS INVESTORS Corporate Accounting Data

Give us something!!! CREDITORS FASB FINANCIAL ACCOUNTING STANDARDS BOARD INVESTORS IASB INTERNATIONAL ACCOUNTING STANDARDS Give us something!!! CREDITORS FASB FINANCIAL ACCOUNTING STANDARDS BOARD INVESTORS IASB INTERNATIONAL ACCOUNTING STANDARDS BOARD

If you want a loan, prepare your financials per US GAAP. Sole Proprietorship If you want a loan, prepare your financials per US GAAP. Sole Proprietorship

We want to know: __________ __________ _____ SEC rules and regulations We want to know: __________ __________ _____ SEC rules and regulations

You both need to follow our rules. OR You both need to follow our rules. OR

Accounting performed CEO Reports generated marketing manager, warehouse supervisor, chief product engineer, director of Accounting performed CEO Reports generated marketing manager, warehouse supervisor, chief product engineer, director of human resources, and many other executives, managers, and employees

NO!!!! NO!!!!

Executive Dashboard Price per metric ton of copper Price variances Quantity variances Cash burn Executive Dashboard Price per metric ton of copper Price variances Quantity variances Cash burn rate Sales Gross margin Customer satisfaction Late deliveries per 1, 000 units shipped Uh Oh! It looks like we have a mountain ahead. Dashboard examples: inetsoft The Dashboard Spy

Number of surfboards to sell to break-even? Make or buy? Units to sell? % Number of surfboards to sell to break-even? Make or buy? Units to sell? % customers satisfied? Pay $1. 2 M for a Super Bowl ad? Product mix?

% customers satisfied? % customers satisfied?

Conceptual Framework Conceptual Framework

Poof! What do you need? Give me a hasenpfeffer production report FASB Poof! What do you need? Give me a hasenpfeffer production report FASB

> Benefits Costs > Benefits Costs

You must create XYZ report for internal use. FASB Is that right? Says who? You must create XYZ report for internal use. FASB Is that right? Says who?

Introduction to Accounting Preparing for a User’s Perspective What are the two general types Introduction to Accounting Preparing for a User’s Perspective What are the two general types of accounting and which one of them has developed a conceptual framework? By Kevin C. Kimball, CPA with support from Debits and Credits Trainer Available on the Google Play Store www. canvas. net Free Jan. 2014