ACCT 201 ACCT 201 ACCT 201 Accounting Information System Chapter 1 Dr. BALAMURUGAN MUTHURAMAN 12015-2016.

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Presentation transcript:

ACCT 201 ACCT 201 ACCT 201 Accounting Information System Chapter 1 Dr. BALAMURUGAN MUTHURAMAN

Operating Environment The Accounting System: A Conceptual Overview Business Entity A Process and Summarize System Outputs: Financial Statements and Reports System Inputs: Measurable Transactions and Events Entity BEntity C Entity DEntity E

Preparers ASB Auditors Decision makers GAAP Financial Reporting Environment Financial Statements Audit Report FASB GAAS

Management Users Income Statement Balance Sheet Statement of Cash Flows Management Prepares Auditors Basic Mistrust Lends Credibility Independent Auditor G A A P G A A S

International Accounting Principles Despite our growing global economy, countries continue to maintain their unique set of acceptable accounting practices

ACCT 201 ACCT 201 ACCT 201 Learning Objective Identify, explain, and apply accounting principles. Conceptual

A business is accounted for separately from its owner(s). Financial Statement information is supported by independent, unbiased evidence. A business continues operation instead of being closed or sold

Express transactions and events in monetary units. Financial statements are based on actual costs incurred in business transactions

ACCT 201 ACCT 201 ACCT 201 Accounting Information System Text Section: Transactions, Documents, and Accounts (p. 41)

ACCT 201 ACCT 201 ACCT 201 Learning Objective Identify, explain, and apply accounting principles. Conceptual

Source documents Recording & posting Trial balance Reporting Transaction or event Analysis The Accounting Process Exh

External Transactions occur between the organization and an outside party. Internal Transactions occur within the organization. Transactions and Events Exchanges of economic consideration between two parties

Ongoing events in world Recording Data Bank Classifying Information Accounting Information System Boundary

ACCT 201 ACCT 201 ACCT 201 Learning Objective Describe source documents and their purpose. C4 Conceptual

Source Documents Invoices Other Check Stubs Journal Bank Statement

ACCT 201 ACCT 201 ACCT 201 Learning Objective Describe an account and its uses in recording transactions. Conceptual

ACCT 201 ACCT 201 ACCT 201 Account A storage unit used to classify and summarize money measurements of business activity of a similar nature

ACCT 201 ACCT 201 ACCT 201 Detailed record of increases and decreases in specific assets, liabilities, equities, revenues, or expenses. ======================= Separate accounts are maintained for each item of importance. The Account

Accts Rec. The General Ledger General Ledger Inventory Cash Notes Pay. Mortgage Accts Pay. Revenue Expenses Retained Earnings

ACCT 201 ACCT 201 ACCT

Account Title Left Side Right Side

ACCT 201 ACCT 201 ACCT 201 The Formal Account The Balance Column Ledger

Account Title Account No. ### DateItem Post RefDebitCredit Balance DebitCredit

AssetsLiabilities Owners’ Equity Capital Stock Retained Earnings ExpensesRevenue =+ Net Income - = The Accounting Equation A = L + OE