Session 2 The Recording Process and Mechanics

Slides:

Advertisements

Similar presentations

Investing and Financing Decisions and the Balance Sheet

Advertisements

Recording Adjusting and Closing Entries for a Service Business

Analyzing and Recording Transactions Last Revised: 3/1/2011

ACCT 2110 GENERAL LEDGER. ACCOUNTING EQUATION n Assets = Equities n Assets = Liabilities + Owner’s equity.

Accounting for Transactions and the Financial Statements

Financial Accounting Review McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.

The Mechanics of Financial Accounting Presentations for Chapter 4 by Glenn Owen.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-1 Recording Adjusting Entries Accounting Period Cycle: When a company prepares a.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 22-1 Preparing a Work Sheet for a Corporation.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-1 Recording Adjusting Entries.

Investing and Financing Decisions and the Balance Sheet Chapter 2 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.

Financial Statement Analysis MGT-537 Dr. Hafiz Muhammad Ishaq 32

Intermediate Accounting I--Fall Intermediate Accounting I Session 1 The Accounting Process Fall 2011 Professor Bill O’Brien.

BUS 2101 Decision Making Financial Information Financial Statement Analysis Financial Statements GAAP Income Statement Statement of Cash Flow Balance Sheet.

1 © Copyrright Doug Hillman 1997 The System of Accounting.

Completion of the Accounting Cycle. Accounting Cycle During Period Collect transaction data from business documents Analyze transactions and journalize.

Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Investing and Financing Decisions and the Balance Sheet Chapter 2.

1 16. Understanding Accounting & Financial Statements.

The Accounting Cycle Completed – Adjusting, Closing, and Post-Closing Trial Balance Chapter 5 2.

Acct 2210 Zeigler - Chp 3: Double Entry Accounting (13 slides)

Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Investing and Financing Decisions and the Balance Sheet Chapter 2.

Closing the Accounting Cycle

Accounting: What the Numbers Mean

LESSON 6-1 WORK SHEET FOR A SERVICE BUSINESS

Financial Statements Accounting Cycle Ethics Transactions Source Documents

Investing and Financing Decisions and the Balance Sheet Chapter 2 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.

Completing the Accounting Cycle

Investing and Financing Decisions and the Balance Sheet Chapter 2 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.

FINANCIAL ACTG. - BUS SPRING 2015 Session 8 Merchandising Operations.

Learning Objectives Understand the Business – LO1 Describe common operating transactions and select appropriate income statement account titles. Study.

FINANCIAL ACTG. - BUS SPRING 2015 Session 4 Adjusting Journal Entries and Closing Entries.

Recording Adjusting and Closing Entries for a Service Business Chapter 10.

CHAPTER 8 Recording Adjusting Entries and Closing Entries for a Service Business.

Chapter 4 The Accounting Cycle

ACTG 3110 Chapter 3 – The Accounting Information System.

Recording and Adjusting Closing Entries. 2LESSON 8-1 ADJUSTING ENTRY FOR SUPPLIES 1 2 page Write the title of the account credited. Record the.

Chapter 2 Basic Accounting Concepts. Learning Objectives After studying this chapter, you should be able to…  Describe the basic elements of a financial.

Chapter 2 Establishing a Business and the Balance Sheet © 2009 The McGraw-Hill Companies, Inc.

Basics of Accounting. Accounting has 3 main activities 1. Identifying  select events that are evidence of economic activity 2. Recording  provide a.

Preparing Financial Statements. 2LESSON 7-1 INCOME STATEMENT INFORMATION ON A WORK SHEET page 182.

The Accounting Process Sid Glandon, DBA, CPA Assistant Professor of Accounting.

ADJUSTED TRIAL BALANCE

Financial Accounting John J. Wild Seventh Edition John J. Wild Seventh Edition Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction.

Brief of chapter 1, 2, 3, 4 Sania Wadud.

Financial Accounting Fundamentals John J. Wild Third Edition John J. Wild Third Edition McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies,

Accounting Cycle With horizontal worksheet (in place of journals, ledgers, trial balance) and Income Statement, Balance Sheet, Cash Flow Statement.

Introduction to Accounting Preparing for a User’s Perspective

Overall Overall – Definitions in Blue throughout the 3 chapters (i.e. the definitions for Block 1 that were the basis for the definitions quiz – about.

The Accounting Cycle Analyze Source Documents Journalize Transactions

Review of the Accounting Cycle

Completion of the Accounting Cycle

LESSON 8-1 Recording Adjusting Entries

LESSON 8-1 Recording Adjusting Entries

Recording Daily General Journal entries in a manual system

Adjusting, Closing, and Reversing Entries for a Corporation

Recording Adjusting and Closing Entries

Post-Closing Trial Balance

Principles of Accounting I

Chapter 3: The Accounting Information Systems

Appendix A: Comprehensive Review Problem

Financial Statements Review

LESSON 8-3 Preparing a Post-Closing Trial Balance

LESSON 8-1 Recording Adjusting Entries

LESSON 8-3 Preparing a Post-Closing Trial Balance

Recording Adjusting and Closing Entries

LESSON 8-3 Preparing a Post-Closing Trial Balance

LESSON 7-1 Preparing an Income Statement

LESSON 8-1 5/22/2019 CHAPTER 8 Recording Adjusting Entries and Closing Entries for a Service Business.

LESSON 8-3 Preparing a Post-Closing Trial Balance

LESSON 8-3 Preparing a Post-Closing Trial Balance

Presentation transcript:

Session 2 The Recording Process and Mechanics FINANCIAL ACTG. - BUS 020 - Spring 2015

Competencies by Session 3 What are the primary financial statements in the F/S Package? What are their uses? What are the other key components of the F/S Package? Describe the Financial Accounting Model. What is the accounting equation? Relate it to the Balance Sheet. Relate it to the Income Statement. What is Statement of Financial Accounting Concepts #1 (SFAC #1)? What are the financial accounting assumptions? What are the financial accounting principles? FINANCIAL ACTG. - BUS 020 - Spring 2015

Historical Cost versus Relevant Information What is NOT on the balance sheet. Land at current value. Intellectual property. Off-balance sheet liabilities Measurement bias Management bias FINANCIAL ACTG. - BUS 020 - Spring 2015

Two Other Factors Materiality Conservatism FINANCIAL ACTG. - BUS 020 - Spring 2015

Transactions External events Internal events “...a measurable exchange or change in value, generally recorded AFTER the fact.” FINANCIAL ACTG. - BUS 020 - Spring 2015

Key Accounts Assets Liabilities Equity Revenues Expenses FINANCIAL ACTG. - BUS 020 - Spring 2015

Measuring Transactions-The Basics At least two account The integrity of the accounting equation Debits (left-side entries) = Credits (right-side entries FINANCIAL ACTG. - BUS 020 - Spring 2015

Measuring Transactions-Methodology Determine the accounts Determine the direction of the exchange Determine the amounts Note pages 54- 71 very carefully FINANCIAL ACTG. - BUS 020 - Spring 2015

The “T-Account” ASSETS & EXPENSES LIABILITIES, EQUITY & REVENUES Debit Credit Debit Credit FINANCIAL ACTG. - BUS 020 - Spring 2015

Accounting (Bookkeeping) Cycle-modified Analyze Transaction Record and Post Summarize Accounts Unadjusted Trial Balance Adjusting Journal Entries (AJE’s) Adjusted Trial Balance Prepare Income Statement Closing Entries Final Trial Balance Prepare Balance Sheet, SCF and SSE FINANCIAL ACTG. - BUS 020 - Spring 2015

Close Worksheet FINANCIAL ACTG. - BUS 020 - Spring 2015

Financial Statement Preparation Headings are IMPORTANT Company, Title and Date Note how the T-Account balances track to the actual financial statements FINANCIAL ACTG. - BUS 020 - Spring 2015

Financial Statement Relationships Balance Sheet Income Statement Statement of Cash Flows Stmt of Sharehldrs Eq. Current Assets Non- current Current Liabilities Long- term Debt Equity Revenue Cost of Goods Sold (COGS) Gross Margin Operating Exps. Net Income Operating Cash Investing Cash Financing Cash Change in Cash Beginning Cash Ending Cash Beginning S/E Net Income Less: Dividends Ending S/E FINANCIAL ACTG. - BUS 020 - Spring 2015

Adjusting Journal Entries Accruals Prepayments Deferrrals Cost Expirations FINANCIAL ACTG. - BUS 020 - Spring 2015