COLLEGE ACCOUNTING (A CONTEMPORARY APPROACH) 5E

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Accounting The Language of Business Chapter 1 www uber com How do you get from the airport to your hotel when traveling on business How do you get home from a party when it is not safe for you to drive How do you get into the downtown business district for a meeting when parking is difficult and expensive How do you get to any destination when taking your own vehicle is not convenient or possible Taxis are not always available or affordable and public transportation is difficult when in an unfamiliar city Uber is a viable alternative to taxis and other forms of public transportation Uber was created in 2009 as a private company in San Francisco California on a smartphone app used to summon personal transportation from Uber MikeDotta Shutterstock drivers who use their own vehicles to transport customers Ubers initial business model as a personal transportation company has transformed to a multifaceted company that provides transportation food delivery bicycle sharing and a transfer network company that operates in over 785 metropolitan areas worldwide Although Uber has had a turbulent history since its founding as a private company it has raised a massive amount of investment capital to fund its operations In January 2018 Uber raised 1 25 billion in cash from an investment group through a financing arrangement that valued the company at 48 billion In May 2018 Uber announced plans to have an initial public offering in 2019 that would change the company to a publicly traded company As Uber continues to grow and seek additional investment funding accountants are pivotal in tracking and reporting the companys financial results and position in terms of revenues earned expenses used assets owned and liabilities owed as well as calculating the companys net income revenues expenses and net worth assets liabilities Accountants are essential to the companys continued growth and success by providing financial information necessary for decision making thinking critically Can you think of any organizations that would be interested in how Uber is performing LEARNING OBJECTIVES NEW TERMS 1 1 Define accounting accounting Accounting Standards Codification Accounting Standards Update accounting system auditing auditors report Certified Bookkeeper CB certified public accountant CPA corporation creditor discussion memorandum economic entity entity exposure draft financial statements fraud 1 2 Identify and discuss career opportunities in accounting 1 3 Identify the users of financial information 1 4 Compare and contrast the three types of business entities 1 5 Describe the process used to develop generally accepted accounting principles 1 6 Define the accounting terms new to this chapter generally accepted accounting principles GAAP governmental accounting internal control international accounting management advisory services managerial accounting partnership public accountants separate entity assumption social entity sole proprietorship Statements of Financial Accounting Standards stock stockholders tax accountingAccounting The Language of Business Chapter 1 www uber com How do you get from the airport to your hotel when traveling on business How do you get home from a party when it is not safe for you to drive How do you get into the downtown business district for ...a meeting when parking is difficult and expensive How do you get to any destination when taking your own vehicle is not convenient or possible Taxis are not always available or affordable and public transportation is difficult when in an unfamiliar city Uber is a viable alternative to taxis and other forms of public transportation Uber was created in 2009 as a private company in San Francisco California on a smartphone app used to summon personal transportation from Uber MikeDotta Shutterstock drivers who use their own vehicles to transport customers Ubers initial business model as a personal transportation company has transformed to a multifaceted company that provides transportation food delivery bicycle sharing and a transfer network company that operates in over 785 metropolitan areas worldwide Although Uber has had a turbulent history since its founding as a private company it has raised a massive amount of investment capital to fund its operations In January 2018 Uber raised 1 25 billion in cash from an investment group through a financing arrangement that valued the company at 48 billion In May 2018 Uber announced plans to have an initial public offering in 2019 that would change the company to a publicly traded company As Uber continues to grow and seek additional investment funding accountants are pivotal in tracking and reporting the companys financial results and position in terms of revenues earned expenses used assets owned and liabilities owed as well as calculating the companys net income revenues expenses and net worth assets liabilities Accountants are essential to the companys continued growth and success by providing financial information necessary for decision making thinking critically Can you think of any organizations that would be interested in how Uber is performing LEARNING OBJECTIVES NEW TERMS 1 1 Define accounting accounting Accounting Standards Codification Accounting Standards Update accounting system auditing auditors report Certified Bookkeeper CB certified public accountant CPA corporation creditor discussion memorandum economic entity entity exposure draft financial statements fraud 1 2 Identify and discuss career opportunities in accounting 1 3 Identify the users of financial information 1 4 Compare and contrast the three types of business entities 1 5 Describe the process used to develop generally accepted accounting principles 1 6 Define the accounting terms new to this chapter generally accepted accounting principles GAAP governmental accounting internal control international accounting management advisory services managerial accounting partnership public accountants separate entity assumption social entity sole proprietorship Statements of Financial Accounting Standards stock stockholders tax accounting

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