Introduction to Accounting. What is accounting? The system of recording and summarizing ____ _and analyzing, verifying, and reporting.

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Presentation transcript:

Introduction to Accounting

What is accounting? The system of recording and summarizing ______________ ___________and analyzing, verifying, and reporting the results.

Who uses accounting? Everyone! _________________ use accounting information to run the business. _________________ use it to make decisions about whether to buy a company’s stocks. _________________use it to make decisions about whether to loan money to a company. _____ use it to determine how much taxes the company must pay. ________________ use the information to determine which company to purchase products or services from (you want a company that is going to be around in the future).

Key Terms ___________ – things you own ___________ – a debt or obligation (money owed) ___________– the amount of the initial investment plus retained earnings. ___________ – a monetary gain (usually from the sale of products or services) ___________ – financial burdens; cost

What is credit & debit? ________ – the entry on the right side of an account Account Name CreditDebit ________ – the entry on the left side of an account

Example of Debit & Credit _________Account In this example, your parents gave you $150 cash and you spend $100 on clothes. _________ Decreases _________ Increases Type of Account

Example of Debit & Credit Asset Account What is the balance of your cash account? $100$150 Cash In this example, your parents gave you $150 cash and you spend $100 on clothes. $50 Asset Account Credit Decreases Debit Increases Type of Account

Financial Statements Balance Sheet - An official financial statement that includes the company’s assets and liabilities. It determines the value of the company by subtracting liabilities from assets. Income Statement - A financial statement of a company’s operation. Shows a company’s income, expenses, and income for a period of time. Shows the company’s profit or loss for a given period of time.

BCS III – Accounting Unit Essential Questions What are debits? credits? What are the basic account types? What is an Income Statement? What is a Balance Sheet? Let’s get started!