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Accrual Accounting Concepts. Chapter 3 презентация
Содержание
- 1. Accrual Accounting Concepts. Chapter 3
- 2. Learning Objectives After studying this chapter, you
- 3. Learning Objective 1 Describe the basic accrual accounting concepts, including the matching concept
- 4. Why is Accrual Accounting Needed?
- 5. Accruing Revenue Revenue Recognized
- 6. Accruing Revenue Expense Recognized
- 7. Matching Principle
- 8. Learning Objective 2 Use accrual concepts of accounting to analyze, record, and summarize transactions
- 9. Accrual Concepts – Family Health Care Transactions
- 10. Family Health Care, P.C. receives a rent
- 11. Family Health Care – Prepaid Expenses Family
- 12. Family Health Care, P.C. buys a 6-month
- 13. Dr. Landry invests an additional $5,000 in
- 14. Family Health Care, P.C. purchases $240 of
- 15. Family Health Care, P.C. purchases office equipment
- 16. Family Health Care, P.C. performed services to
- 17. Family Health Care, P.C. performed services to
- 18. Family Health Care, P.C. received $4,200 in
- 19. Family Health Care, P.C. paid $100 for
- 20. Family Health Care, P.C. incurred expenses for
- 21. Family Health Care, P.C. paid dividends of
- 22. Learning Objective 3 Describe and illustrate the end-of-period adjustment process
- 23. Summary of Accruals and Deferrals
- 24. Deferrals Accruals
- 25. Deferred Expenses – Prepaid Insurance As
- 26. Deferred Expenses – Supplies During November, $150
- 27. Fixed Assets and Depreciation
- 28. Deferred Expenses – Depreciation The depreciation on
- 29. Deferred Revenue – Unearned Rent On November
- 30. Accrued Expenses – Wages Owed
- 31. Accrued Expenses – Wages Owed The amount
- 32. Accrued Revenues – Patient Services Family Health
- 33. Learning Objective 4 Prepare financial statements using
- 34. Summary of Transactions for Family Health Care
- 35. Income Statement after Adjustments
- 36. Retained Earnings Statement after Adjustments
- 37. Balance Sheet after Adjustments
- 38. Statement of Cash Flows after Adjustments
- 39. How the Financial Statements Integrate:
- 40. Learning Objective 5 Describe how the accrual
- 41. Cash vs. Accrual Basis of Accounting
- 42. Importance of Accrual Based Accounting Accrual based
- 43. Accrual Accounting and the Accounting Cycle
- 44. End of Chapter 3
Слайд 2Learning Objectives
After studying this chapter, you should be able to…
Describe basic
Use accrual concepts of accounting to analyze, record, and summarize transactions
Describe and illustrate the end-of-period adjustment process
Prepare financial statements using accrual concepts of accounting, including a classified balance sheet
Describe how the accrual basis of accounting enhances the interpretation of financial statements
Слайд 3Learning Objective 1
Describe the basic accrual accounting concepts, including the matching
Слайд 8Learning Objective 2
Use accrual concepts of accounting to analyze, record, and
Слайд 9Accrual Concepts – Family Health Care Transactions
Services are provided to patients
Insurance
Revenue is earned when the service is provided to the patient
Expenses are incurred for items such as supplies where payment may be made in the future
Expenses are recorded as they are incurred, not as they are paid
Слайд 10Family Health Care, P.C. receives a rent payment of $1,800 in
Family Health Care – Rent Received in Advance
Amount received reported as a liability until the revenue is actually earned.
Слайд 11Family Health Care – Prepaid Expenses
Family Health Care, P.C. buys a
Amount paid is reported as a prepaid expense until the insurance is actually used up.
Слайд 12Family Health Care, P.C. buys a 6-month medical malpractice insurance policy
Family Health Care – Prepaid Expenses
Amount paid is reported as a prepaid expense until the insurance is actually used up.
Слайд 13Dr. Landry invests an additional $5,000 in the business and receives
Family Health Care – Additional Capital Investment
Слайд 14Family Health Care, P.C. purchases $240 of supplies on account.
Family Health
Amount purchased is reported as a liability.
Amount purchased is reported as an asset until the supplies are used in operations.
Слайд 15Family Health Care, P.C. purchases office equipment by making a $1,700
Family Health Care – Purchase of Equipment
Cash down payment
Remaining balance due
Total Asset Value
Слайд 16Family Health Care, P.C. performed services to patients on account in
Family Health Care – Services Provided on Account
Revenue is recorded when service is earned and invoiced
Слайд 17Family Health Care, P.C. performed services to patients who paid with
Family Health Care – Services Provided for Cash
Слайд 18Family Health Care, P.C. received $4,200 in cash payments from patients’
Family Health Care – Collection of Accounts Receivable
Слайд 19Family Health Care, P.C. paid $100 for supplies previously purchased on
Family Health Care – Payment of Accounts Payable
Слайд 20Family Health Care, P.C. incurred expenses for the month of November
Family Health Care – Expenses Paid in Cash
Слайд 21Family Health Care, P.C. paid dividends of $1,200.
Family Health Care –
Слайд 25Deferred Expenses – Prepaid Insurance
As prepaid insurance expires, the asset Prepaid
Adjustments affect both a balance sheet account and an income statement account
Слайд 26Deferred Expenses – Supplies
During November, $150 of supplies was used in
Слайд 28Deferred Expenses – Depreciation
The depreciation on Office Equipment for Family Health
Слайд 29Deferred Revenue – Unearned Rent
On November 1, Family Health Care received
Слайд 32Accrued Revenues – Patient Services
Family Health Care provides services worth $750
Слайд 33Learning Objective 4
Prepare financial statements using accrual concepts of accounting, including
Слайд 34Summary of Transactions for Family Health Care
Family Health Care, P.C. prepares
Слайд 40Learning Objective 5
Describe how the accrual basis of accounting enhances the
Слайд 42Importance of Accrual Based Accounting
Accrual based accounting provides a more accurate
