1. Welcome to Introduction To Accounting, ACNT 1303 Course # 15514 Atef Abuelaish 1

2. Instructor Name : Atef Abuelaish Married with 3 kids, Born in Cairo/Egypt. Like traveling, Reading, and Sports activities. 3.92 GPA Master of Science in Accounting, Kaplan University [3.92 GPA; Highest honor]. 3.85 GPA Bachelor degree in accounting, Cairo/Egypt and diploma in accounting applied science, HCC [3.85 GPA ; highest honor]. Atef Abuelaish 2

3. Instructor Name : Atef Abuelaish Accreditation council for accountancy & Taxation [ATP # 1101038551]. Accountant with long experiences with domestic and international companies. Master Tax Advisor, Enrolled Agent. Working with HR Block for 10 years. CPA Candidate [Passed REG & BEC] Atef Abuelaish 3

4. Contact Me Email address: atef.abuelaish1@hccs.edu Cell # 832-474-1118 Online McGraw – Hill’s Connect McGraw – Hill’s Connect All Course materials under the course name and number. Atef Abuelaish 4

5. Meet NO. DatesChapterTopicHomework Assignment 108/221Accounting: The Language of Business 208/241Accounting: The Language of Business Using Connect – 10 Questions & LS for 20 Points. 308/292Analyzing Business Transactions 408/312Analyzing Business Transactions Using Connect – 4 Questions & LS for 30 Points. 509/05NO CLASS LABOR DAY 609/073Analyzing Business Transactions Using T Accounts Using Connect – 5 Questions & LS for 50 Points. 709/123Analyzing Business Transactions Using T Accounts Using Connect – 8 Questions for 25 Points. Quiz # 1 CH. 1 - 2 Atef Abuelaish5

6. Meet NO. DatesChapterTopicHomework Assignment 809/144The General Journal and The General Ledger 909/194The General Journal and The General Ledger Using Connect – 3 Questions & LS for 50 Points. 1009/21REV. / EXAM 1 EXAM $ 01 CH 1 - 3 Using Connect – 14 Questions for 50 Points. 1109/265 Adjustments and Worksheet Using Connect – 4 Questions & LS for 50 Points. 1209/285Adjustments and WorksheetUsing Connect – 10 Questions for 25 Points. Quiz # 2 CH. 3 - 4 1310/036Closing Entities and The Postclosing Trial Balance 1410/056Closing Entities and The Postclosing Trial Balance Using Connect – 5 Questions & LS for 50 Points. Atef Abuelaish6

7. Meet NO. DatesChapterTopicHomework Assignment 1510/10MTMID TERM EXAM CH 1 - 5Using Connect – 30 Questions for 90 Points. 1610/127Accounting for Sales, Accounts Receivable, and Cash Receipts 1710/177Accounting for Sales, Accounts Receivable, and Cash Receipts Using Connect – 6 Questions & LS for 50 Points. 1810/198 Accounting for Purchases, Accounts Payable, and Cash Payments Using Connect – 5 Questions & LS for 50 Points. 1910/248Accounting for Purchases, Accounts Payable, and Cash Payments Using Connect – 15 Questions for 25 Points. Quiz # 3 CH. 5 - 6 2010/269 Cash 2110/319CashUsing Connect – 6 Questions & LS for 50 Points. Atef Abuelaish7

8. Meet NO. DatesChapterTopicHomework Assignment 2211/0210Payroll Computations, Records, and Payment 2311/0710 Payroll Computations, Records, and Payment Using Connect – 7 Questions & LS for 50 Points. 2411/09REV. / EXAM 2 EXAM # 2 CH 6 - 8 Using Connect – 15 Questions for 50 Points. 2511/01411 Payroll Taxes, Deposits, and Reports 2611/1611Payroll Taxes, Deposits, and Reports Using Connect – 7 Questions & LS for 50 Points. 2711/2112 Accruals and The Worksheet 2811/2312Accruals and The WorksheetUsing Connect – 4 Questions & LS for 50 Points. Atef Abuelaish8

9. Meet NO. DatesChapterTopicHomework Assignment 2911/2813Financial Statements and Closing Procedures Using Connect – 10 Questions for 25 Points. Quiz # 4 CH. 9 - 11 3011/3013Financial Statements and Closing Procedures Using Connect – 3 Questions & LS for 50 Points. 3112/05REV.ALL CHAPTERS FOR FINAL EXAM 3212/07FINALCOURSE FINAL EXAM Chapters 01 TO 13 Using Connect – 31 Questions for 100 Points. in class from 8 to 11 AM Atef Abuelaish9

10. Evaluation Requirements  Homework – At Home 600 Points  2 Exams – In class 100 Points  Mid-Term Exam - in class 90 Points  4 Quizzes - In class 100 Points  Final Exam – In Class 100 Points  Final Course Survey 10 Points Grand Total 1000 points Grand Total 1000 points Atef Abuelaish10

11. HCC Grading Scale 90 – 100% = A 900 –1000 points 90 – 100% = A 900 –1000 points 80 – 89% = B 800 – 899 points 80 – 89% = B 800 – 899 points 70 – 79% = C 700 – 799 points 70 – 79% = C 700 – 799 points 60 – 69% = D 600 – 699 points 60 – 69% = D 600 – 699 points BELOW 60% = F 0 – 599 points BELOW 60% = F 0 – 599 points Atef Abuelaish11

12. COURSE PLAN Syllabus : Service to direct the activities that all of us must undertake to move everyone from where he/she is, to where he/she wants to be. All course materials on “ Connect Website.” Atef Abuelaish12

13. Atef Abuelaish13

14. Chapter 01 Accounting: The Language of Business Atef Abuelaish14

15. Accounting: The Language of Business Section 1: What Is Accounting? Section Objectives 1-1 Define accounting. 1-2 Identify and discuss career opportunities in accounting. 1-3 Identify the users of financial information. Atef Abuelaish15

16. How much cash does the business have? How much money do customers owe the business? What is the cost of the merchandise sold? What is the change in sales volume? How much money is owed to suppliers? What is the profit or loss? In running a business, you need answers to questions: Atef Abuelaish16

17. QUESTION: What is accounting? ANSWER: Define Accounting Accounting is the process by which financial information about a business is classified, recorded, summarized, interpreted, and communicated to owners, managers and other interested parties. Atef Abuelaish17

18. Financial statements are periodic reports of a firm’s financial position and operating results. ANSWER: QUESTION: What are financial statements? Atef Abuelaish18

19. Bookkeepers & Accounting Clerks Many jobs are available in the accounting profession. Some examples are: Financial Analysts Financial Managers Identify and discuss career opportunities in accounting Atef Abuelaish19

20. Public accounting Managerial accounting Governmental accounting Accountants generally work in one of these areas: Atef Abuelaish20

21. Auditing Public accounting firms provide services such as: Tax accounting Management advisory services Atef Abuelaish21

22. QUESTION: certified public accountant Who is a certified public accountant ? ANSWER: A certified public accountant, or CPA, is an independent accountant who provides accounting services to the public for a fee. Atef Abuelaish22

23. QUESTION: managerial accounting What is managerial accounting ? Managerial accounting includes a wide range of work carried on by an accountant employed by a single business in industry. ANSWER: Atef Abuelaish23

24. Managerial Accounting, or private accounting, involves working for a single business to: Establish accounting policies Provide financial advice to management Manage the accounting system Prepare and interpret financial statements Prepare tax forms and do tax planning Prepare internal reports for management Atef Abuelaish24

25. QUESTION: governmental accounting What is governmental accounting? Governmental accounting involves keeping financial records and preparing financial reports for a federal, state, or local governmental unit. ANSWER: Atef Abuelaish25

26. Securities and Exchange Commission (SEC) Internal Revenue Service (IRS) Federal Bureau of Investigation (FBI) Homeland Security (DHS) Governmental accounting involves keeping financial records and preparing financial reports as part of the staff of federal, state, or local governmental units, such as: Atef Abuelaish26

27. Inside The Business Outside The Business Employees Reports Financial Reports Identify the users of financial information Atef Abuelaish27

28. Assess the firm’s ability to pay its bills Set a credit limit for the firm Suppliers Use financial information to: Atef Abuelaish28

29. BanksBanks Use financial information to: Decide whether to make a loan Determine the terms of the loan Atef Abuelaish29

30. Tax Authorities Use financial information to determine the tax base for: Income taxes Sales taxes Property taxes Atef Abuelaish30

31. Regulatory Agencies and Investors The Securities and Exchange Commission (SEC) is the federal agency that oversees the financial information of public corporations. Public corporations are those whose stock is traded on stock exchanges and over-the- counter markets. Atef Abuelaish31

32. Sarbanes-Oxley Act The Act led to a major change in the regulatory environment.  The Act was designed as a regulatory crackdown on corporate fraud and corruption. Atef Abuelaish32

33. CustomersCustomers Use financial information to: Determine the economic health of the business Determine the likelihood that the firm will remain in business to provide parts, service, and support Atef Abuelaish33

34. Negotiate wages and benefits Monitor profitability of profit-sharing plans Employees and Unions Use financial information to: Atef Abuelaish34

35. Accounting: The Language of Business Section 2: Business and Accounting Section Objectives 1-4 Compare and contrast the three types of business entities. 1-5 Describe the process used to develop generally accepted accounting principles. Atef Abuelaish35

36. Three major legal forms of a business entity: Sole Proprietorship Partnership Corporation Compare and contrast the three types of business entities Atef Abuelaish36

37. QUESTION: What is a sole proprietorship? ANSWER: A sole proprietorship is a business entity owned by one person who is legally responsible for the debts and taxes of the business. Atef Abuelaish37

38. Partnership Sole Proprietorship Corporation Ownership 1 owner Ends when owner: is unable to carry on, dies, or closes the firm Life Responsibility for business debts if firm is unable to pay Owner Atef Abuelaish38

39. QUESTION: What is a partnership? A partnership is a business entity owned by two or more people who are legally responsible for the debts and taxes of the business. ANSWER: Atef Abuelaish39

40. Partnership Sole Proprietorship Corporation Ownership 1 owner Ends when owner: is unable to carry on, dies, or closes the firm Life Responsibility for business debts if firm is unable to pay Owner 2 or more owners Ends when partner(s): withdraws, dies, or closes the firm Partners individually and jointly Atef Abuelaish40

41. Typical partnerships Professional services such as: Accounting Firms Architectural Firms Dental Practices Medical Practices Law Firms Atef Abuelaish41

42. Partners must agree upon: Amount each partner will contribute to the business. Percentage of ownership of each partner. Share of profits of each partner. Duties each partner will perform. Debts - the responsibility each partner has for the partnership’s debts. Atef Abuelaish42

43. QUESTION: What is a corporation? ANSWER: A corporation is a publicly or privately owned business entity that is separate from its owners and has a legal right to own property and do business in its own name; stockholders are not responsible for the debts or taxes of the business. Atef Abuelaish43

44. Partnership Sole Proprietorship Corporation Ownership 1 owner Ends when owner: is unable to carry on, dies, or closes the firm Life Responsibility for business debts if firm is unable to pay Owner 2 or more Ends when partner(s): dies, close the firm withdraws Partners individually and jointly Can be one or thousands Continues indefinitely; ends when: business goes bankrupt stockholders vote to liquidate Stockholders can lose only the amount invested Atef Abuelaish44

45. QUESTION: What is stock? ANSWER: Stock is issued in the form of stock certificates, and represents the ownership of the corporation. Atef Abuelaish45

46. Important Distinction For accounting purposes, all forms of business entities are considered separate entities. However, the corporation is the only form of business that is a separate legal entity. Atef Abuelaish46

47. QUESTION: What is the separate entity assumption? ANSWER: The separate entity assumption is the concept of keeping a firm’s financial records separate from the owner’s personal financial records. Atef Abuelaish47

48. QUESTION: What are generally accepted accounting principles (GAAP)? ANSWER: accounting standards Generally accepted accounting principles (GAAP) are accounting standards developed and applied by professional accountants. Describe the process used to develop generally accepted accounting principles Atef Abuelaish48

49. QUESTION: What is an auditor’s report? ANSWER: An auditor’s report accompanies an independent accountant’s audit or review of a firm’s financial statements. Atef Abuelaish49

50. Homework assignment  Using Connect – 10 Questions for 20 Points for Chapter 01.  Log in Connect web site and do “Connect Orientation” for 10 Points 2  Prepare chapter 2 “ Analyzing Business Transactions. ” Happiness is having all homework up to date Atef Abuelaish 50

51. Thank you and See You Next Week at the Same Time, Take Care Atef Abuelaish51