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The Accounting Cycle: Capturing Economic Events презентация
Содержание
- 1. The Accounting Cycle: Capturing Economic Events
- 2. The Accounting Cycle
- 3. The Role of Accounting Records Establishes accountability
- 4. The Ledger The entire group of accounts
- 5. The Use of Accounts Increases are
- 6. Debit and Credit Entries
- 7. A = L + OE
- 8. A = L + OE Debit
- 9. Let’s record selected transactions for JJ’s Lawn Care Service in the accounts.
- 10. May 1: Jill Jones and her
- 11. May 2: JJ’s purchased a riding lawn mower for $2,500 cash. 3-
- 12. May 8: JJ’s purchased a $15,000
- 13. May 11: JJ’s purchased some repair parts for $300 on account. 3-
- 14. May 18: JJ’s sold half of
- 15. In an actual accounting system, transactions are initially recorded in the journal. The Journal
- 16. Posting Journal Entries to the Ledger Accounts
- 17. Posting Journal Entries to the Ledger Accounts
- 18. Posting Journal Entries to the Ledger Accounts
- 19. Let’s see what the cash account looks
- 20. This ledger format is referred to as a running balance. Ledger Accounts After Posting
- 21. T accounts are simplified versions of the
- 22. Net income is not an asset ⎯
- 23. A = L + OE Retained Earnings
- 24. The income statement summarizes the profitability of
- 25. Accounting Periods Time Period Principle To provide
- 26. Revenue and Expenses The price for
- 27. The Revenue Principle: When To Record Revenue
- 28. The Matching Principle: When To Record Expenses
- 29. The Accrual Basis of Accounting Current
- 30. Debit and Credit Rules for Revenue and
- 31. Payments to owners decrease owners’ equity. Owners’ investments increase owners’ equity. Dividends
- 32. Let’s analyze the revenue and expense transactions
- 33. May 29: JJ’s provided lawn care
- 34. May 31: JJ’s purchased gasoline for
- 35. May 31: JJ’s Lawn Care paid
- 36. Now, let’s look at the Trial Balance
- 37. All balances are taken from the
- 38. The Accounting Cycle in Perspective Accountants spend
- 39. End of Chapter 3
The Accounting Cycle
Слайд 3The Role of Accounting Records
Establishes accountability for assets and transactions.
Keeps track
of routine business activities.
Obtains detailed information about a particular transaction.
Evaluates efficiency and performance within company.
Maintains evidence of a company’s business activities.
Слайд 4The Ledger
The entire group of accounts is kept together in an
accounting record called a ledger.
Cash
Accounts Payable
Capital
Stock
Accounts are individual records showing increases and decreases.
Слайд 5The Use of Accounts
Increases are recorded on one side of
the T account, and decreases are recorded on the other side.
Слайд 8A = L + OE
Debit balances
Credit balances
=
In the double-entry accounting
system, every transaction is recorded by equal dollar amounts of debits and credits.
Double Entry Accounting ⎯ The Equality of Debits and Credits
Слайд 10 May 1: Jill Jones and her family invested $8,000 in
JJ’s Lawn Care Service and received 800 shares of stock.
3-
Слайд 12 May 8: JJ’s purchased a $15,000 truck. JJ’s paid $2,000
in cash and issued a note payable for the remaining $13,000.
3-
Слайд 14 May 18: JJ’s sold half of the repair parts to
ABC Lawns for $150, a price equal to JJ’s cost. ABC Lawns agrees to pay JJ’s within 30 days.
3-
Слайд 15In an actual accounting system, transactions are initially recorded in the
journal.
The Journal
Слайд 16Posting Journal Entries to the Ledger Accounts
Posting simply means updating
the ledger accounts for the effects of the transactions recorded in the journal.
Слайд 19Let’s see what the cash account looks like after posting the
cash portion of this transaction for JJ’s Lawn Care Service.
Posting Journal Entries to the Ledger Accounts
Слайд 21T accounts are simplified versions of the ledger account that only
show the debit and credit columns.
Ledger Accounts After Posting
Слайд 22Net income is not an asset ⎯ it’s an increase in
owners’ equity from profits of the business.
A = L + OE
What is Net Income?
Слайд 23A = L + OE
Retained Earnings
Capital Stock
Retained Earnings
The balance in the
Retained Earnings account represents the total net income of the corporation over the entire lifetime of the business, less all amounts which have been distributed to the stockholders as dividends.
Слайд 24The income statement summarizes the profitability of a business for a
specified period of time.
The Income Statement: A Preview
Слайд 25Accounting Periods
Time Period Principle
To provide users of financial statements with timely
information, net income is measured for relatively short accounting periods of equal length.
Слайд 26Revenue and Expenses
The price for goods sold
and services rendered during
a given accounting period.
Increases owners’ equity.
Слайд 27The Revenue Principle: When To Record Revenue
Revenue Principle
Revenue should be recognized
at the time goods are sold and services are rendered.
Слайд 28The Matching Principle: When To Record Expenses
Matching Principle
Expenses should be recorded
in the period in which they are used up.
Слайд 29The Accrual Basis of Accounting
Current
Accounting Period
Future
Accounting Period
Jan. 1, 2009
Dec. 1,
2009
Jan. 1, 2010
Dec. 1, 2010
Cash is received or paid here
The income statement reports revenue or expense here
The income statement reports revenue or expenses here
Cash is received or paid here
OR
But . . .
But . . .
Слайд 30Debit and Credit Rules for Revenue and Expenses
EQUITIES
Debit for
Decrease
Credit for Increase
Expenses decrease owners’ equity.
Revenues increase owners’ equity.
Слайд 31
Payments to owners decrease owners’ equity.
Owners’ investments increase owners’ equity.
Dividends
Слайд 32Let’s analyze the revenue and expense transactions for JJ’s Lawn Care
Service for the month of May.
We will also analyze a dividend transaction.
We will also analyze a dividend transaction.
Слайд 37
All balances are taken from the ledger accounts on May 31
after considering all of JJ’s transactions for the month.
Слайд 38The Accounting Cycle in Perspective
Accountants spend much of their time focusing
on the more analytical aspects of their discipline.
