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Demo-1DEMO Samples from Barry Rice’s Introductory Accounting I & II Virtual Lectures at Loyola College in Maryland.

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Presentation on theme: "Demo-1DEMO Samples from Barry Rice’s Introductory Accounting I & II Virtual Lectures at Loyola College in Maryland."— Presentation transcript:

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2 Demo-1DEMO Samples from Barry Rice’s Introductory Accounting I & II Virtual Lectures at Loyola College in Maryland

3 Demo-2 A CCOUNTING A ND I TS U SE I N B USINESS D ECISIONS CHAPTER 1 [After listening to the lecture comments for this slide, click anywhere on the slide to continue.]

4 Demo-3 Forms of Businesses Single Proprietorship PartnershipCorporation

5 Demo-4 Single Proprietorships l One owner - the simplest possible form of business

6 Demo-5 Single Proprietorships l One owner - the simplest possible form of business l Is not considered a separate legal entity.

7 Demo-6 Single Proprietorships l One owner - the simplest possible form of business l Is not considered a separate legal entity. l Many other textbooks start with this form and then move on to corporations.

8 Demo-7Caution! One final caution, especially for those who have had some prior accounting u High School One course Two courses u College Took it and dropped the course Took it and failed the course One final caution, especially for those who have had some prior accounting u High School One course Two courses u College Took it and dropped the course Took it and failed the course

9 Demo-8 Tools of The Recording Process l Debits and Credits l Journal Entries l Ledger Accounts

10 Demo-9 Let’s start with The General Ledger Account A ledger account is a tool used for classifying and summarizing information about increases, decreases, and balances of financial statements items. u Think of it as a storage container like a bucket. u Dollars, which are used to measure economic transactions, are “poured” into and out of the container.

11 Demo-10 l Transferring (“pouring”) the balances in revenue and expense accounts into the Income Summary account. l Transferring the balance in Income Summary to Retained Earnings. l Transferring the balance in the Dividends account to Retained Earnings. The Closing Process.

12 Demo-11 The Closing Process Close Revenues Close Expenses

13 Demo-12 The Closing Process

14 Demo-13 Income Summary u Temporary account u Exists only during the closing process u Does not appear on any financial statement Income Summary u Temporary account u Exists only during the closing process u Does not appear on any financial statement The Closing Process Close Income Summary

15 Demo-14 Transportation Costs l Free on Board (FOB) Shipping Point. l FOB Destination. l Freight Prepaid l Freight Collect Who pays the freight charges?

16 Demo-15 FOB Points ABC Wholesalers FOB what? (Pick one) Shipping Point Destination

17 Demo-16. Relevant sales volume range The Cost-Volume-Profit Chart Units (000) Dollars ($000) Variable costs Fixed costs Total costs Sales Break-even point Net income Fixed costs Net loss

18 Demo-17 ROLL ‘EM ! Video #1 (Approx. 8 min.) Video #2 (Approx. 3 min.) Hey! You’re just in time for the movies. Put on your hard hat and click the reels.

19 Demo-18 Cost Behavior Question Variable costs are usually characterized by: a.Unit costs that decrease as activity increases. b.Total costs that increase as activity decreases. c.Total costs that increase as activity increases. d.Total costs that remain constant. Variable costs are usually characterized by: a.Unit costs that decrease as activity increases. b.Total costs that increase as activity decreases. c.Total costs that increase as activity increases. d.Total costs that remain constant.

20 Demo-19 Cost Behavior Question Variable costs are usually characterized by: a.Unit costs that decrease as activity increases. b.Total costs that increase as activity decreases. c.Total costs that increase as activity increases. d.Total costs that remain constant. Variable costs are usually characterized by: a.Unit costs that decrease as activity increases. b.Total costs that increase as activity decreases. c.Total costs that increase as activity increases. d.Total costs that remain constant. a. b. c. d.

21 Demo-20 Let’s wrap up Chapter 1 with some virtual keypad questions. Click the keypad! Chapter 1 Wrap Up


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