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1、Lesson 1 Introduction To Accounting Task Team of FUNDAMENTAL ACCOUNTING Business School, Sun Yat-sen University 1 Outline tThe nature of firm; tThe value of accounting; tThe Evolution of accounting; tAccounting: A bird view 2 Opening Story tEveryone here is supposed to know the Outlaws of the Marsh;
2、 tQuestion I: Who plays the role of “CFO” of the Marsh Mountain Liang? There are two; 3 Opening Story Some other positions related to accounting; 4 Opening Story t Question II: Why does the Marsh Mountaion Liang need such positions as CFO and Chief Controller? We must know that the title of SHUIHUZH
3、UAN is also translated as All Men are Brothers. 5 The Value of Accounting t Why does accounting exist in every organization? t I explain this question in another way: what kind of unique value does accounting possess? The value must be fundamental and the society could not go without; t Another way
4、to explain: Darwinism; Natural selection and the fittest survive; 6 The Nature of Firm tAlthough every organization needs accounting, we just talk about enterprise accounting for simplicity; tWhat is the nature of firm? tWe discuss about human nature first; 7 The Nature of Man tEthic Man; Human Natu
5、re: Virtue vs. Evil; Confucis vs. Hsun Tzu tEconomic Man; There is no ethics concept in Economists dictionary; It is not from the benevolence of the butcher, the brewer, or the baker that expect our dinner, but from their regards their own interest. (Adam Smith); 8 The Nature of Man t We need a comp
6、ound analytical tool; Maslow and the Hierarchy of Needs: the most common tool; t Michael Jensen and William Meckling REMM Resourceful, Evaluator, Maximizer, Model. 9 The Nature of Firm tClassical theories; A device to capture transaction costs; A nexus of contracts; Agency theory; Economic Darwinism
7、; , tREMM perspective: A coalition of economic men; 10 The Nature of Firm tOn the coalition of economic men: tWhy does REMM join a firm? Maximization of his own interests; tWhen does REMM quit from a firm? Seek different chance to maximize his own interests; tWhen we define human being as REMM, we h
8、ave to solve the fundamental issue: How does REMM trust each other? 11 The Value of Accounting tWithout trust, we could not have even a family, let alone a firm; 911 and the increase of trusting cost; tREMMs have to find efficient ways to develop and maintain trust; They know that they have to; The
9、problem is how; 12 The Value of Accounting t Historically, REMMs have created and experimented numerous ways; Accounting is proven to be cost-effective; It is suitable to all kinds of firms, No matter of their size, No matter of the geographic locations; No matter of ownership; 13 The Evolution of A
10、ccounting t Now that accounting is connected with human nature and trusting issue, we may trace the history of accounting to the early days of human beings, or Primitive Society; the Incas and Quipu; 14 tSumer and CUNEIFORM tPhoenician and ALPHABET 15 The Evolution of Accounting t Why do our ancesto
11、rs invent Alphabet? To build trusting via enhanced memory; This is the right value of Accounting. t Chronology of spelling by Steve Bett; 3200 BC Writing developed as an extension of the accounting system in Babylon; t A British accounting scholar claimed: Phoenician invented ALPHABET for the sake o
12、f accounting. 16 The Evolution of Accounting tThe primitive stage of accounting; A tool to help to maintain the trusts; Alphabet, numeric and organizational control; 17 The Evolution of Accounting tThe birth of double-entry bookkeeping; A. C. Littleton on the birth of DEB; tAnother story The Crusade
13、rs (1095-1270); Italian commodity economy, developed bank business; t DEB: the symbol of accounting science; 18 The Evolution of Accounting tFrom Bookkeeping to Financial Accounting Capital market: accounting information is widely circulated; The most common users: outside of the reporting entity; G
14、AAP: the symbol of the conversion; tFinancial Accounting is also called External Accounting; 19 The Evolution of Accounting tIndustrial revolution and modern mass manufacturing process; Business profiting model is changed; Originally, buy low, sell high; Now, buy raw materials, manufacture into prod
15、ucts and sell out; The determination of the cost of manufactured products is essential in profit determination; Cost Accounting is “invented”; 20 The Evolution of Accounting tFrom cost accounting to management accounting; More complicated business activities; Dynamic and keep-changing environment; M
16、uch larger business scale; tDecision making: much more complicated; tManagement Accounting is “invented”; 21 The Evolution of Accounting tFrom commodity market to capital market; tThe developing of capital market raises two issues: Effective ways to raise and allocate capital; Trust crisis; t We hav
17、e Corporate Finance and Auditing subjects respectively. 22 Accounting Accounting FirmsFirms FirmFirm Financial statements investorsinvestorsFinancial Accounting Auditing Finance Management Accounting Corporate Finance and Auditing 23 The Evolution of Accounting tAccounting will evolve with the devel
18、opment of economy and technology; The invention of computer and its adoption into accounting practice; Reduces time, effort and cost of record-keeping; Improves clerical accuracy; Changes the way we store, process and summarize large masses of data; 24 The Evolution of Accounting Website and Interne
19、t; dissemination of accounting information: easy and no increment cost; Internet based financial reporting system; Extensible Business Reporting Language (XBRL) was developed to provide users with an efficient and effective means of preparing and exchanging financial information over the Internet. E
20、xtensible Assurance Reporting Language (XARL) was designed to enable assurance providers to report on the integrity of information distributed over the Internet and help users and companies place warranted reliance on such information Events accounting: may be re-introduced under internet environmen
21、t; 25 The Evolution of Accounting tSOX and its impact on accounting; Enron filed for bankruptcy protect in December 3, 2001; WorldCom reported billions of false profit in June, 2002; Sarbanes-Oxley Act of 2002 was signed by President Bush and became a law in June 30, 2002; It mainly focuses on accou
22、nting; 26 The Boundary of Accounting tAccounting: a boundless discipline; tWhat should accountants supposed to do? For instance, the job description of CFO; The job description of chief controller; No definite definition; No generally accepted principles; 27 What should we do? t 郭靖纵身离开北斗星位,抢到“天璇”。他此
23、 时武 功已胜全真诸子,兼之精通阵法奥妙,一加 推动,阵势威力大增。北斗阵本以“天 权”为主, 但他一入阵,枢纽移至“天璇”,阵法立时变幻。 The implication to us! 28 tYou may use knowledge freely as soon as you find the underlying regularity; 29 Summary t The nature of firm: contemporary interest coalition of REMM; t REMMs have to find cost-effective ways to build tr
24、ust; t Accounting is proven cheap and reliable; t Accounting is evolving with economy and technology, etc; Four main branches: Financial accounting, management accounting, corporate finance and auditing; Computer and internet: already changed accounting significantly; 30 Case for open discussion t C
25、ollect relevant comments and news reports on the financial fraud of Shanghai listed company Hongguang Industrial (600083), especially the first lawsuit filed by Ms. Jiang from Shanghai. t Requirements: Is the suit filed by Ms. Jiang merit or meritless? Is the rejection by local court reasonable or not? Why? Suppose that Ms. Jiang had won the case, what kind of consequences are expected? 31 The End of Lesson 1 32
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