ACCOUNTING: The Language of Business

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Presentation transcript:

ACCOUNTING: The Language of Business Lecture 5 (review Ch. 1 & 3)

ACCOUNTING INFORMATION USERS External Lenders of Money; Suppliers of Goods; Shareholders; Governement Internal Board of Directors; Department Managers;

The Three Major Financial Statements

Annual Report Financial Statements; Statement of management’s responsibility for preparation of the financial statements; Discussion and analysis by management of recent economic events; Footnotes that explain in more detail many elements of the financial statements; Independent auditor's report; Other corporate information;

The Balance Sheet Equation

The Organizational Context of Accounting Sole Proprietorship Capital Owner’s Name Partnership Capital, Partner’s Name; Capital, Partner’s Name: Corportion Stockholders’ Equity Common Stock Additional Paid-in Capital

Opportunities for Accountants

The Recording Process (1)

The Recording Process (2)

Posting (1)

Posting (2)

Retained Earnings