《港中文会计课》PPT课件.ppt
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1、Accounting In Action,ISV Financial Accounting,Sixth Edition,Chapter 1,Three Activities,What is Accounting?,SO 1 Explain what accounting is.,Illustration 1-1Accounting process,The accounting process includes the bookkeeping function.,Various users need financial information,The accounting profession
2、has attempted to develop a set of standards that are generally accepted and universally practiced.,Financial StatementsBalance SheetIncome StatementRetained Earnings StatementStatement of Cash FlowsNote Disclosure,Generally Accepted Accounting Principles(GAAP),The Building Blocks of Accounting,SO 4
3、Explain generally accepted accounting principles and the cost principle.,Provides the underlying framework for recording and summarizing economic events.,The Basic Accounting Equation,Resources a business owns.Provide future services or benefits.Cash,Supplies,Equipment,etc.,Assets,Assets,Liabilities
4、,Stockholders Equity,=,+,SO 6 State the accounting equation,and define assets,liabilities,and stockholders equity.,Provides the underlying framework for recording and summarizing economic events.,The Basic Accounting Equation,Claims against assets(debts and obligations).Creditors-party to whom money
5、 is owed.Accounts payable,Notes payable,etc.,Liabilities,Assets,Liabilities,Stockholders Equity,=,+,SO 6 State the accounting equation,and define assets,liabilities,and stockholders equity.,Provides the underlying framework for recording and summarizing economic events.,The Basic Accounting Equation
6、,Ownership claim on total assets.Referred to as residual equity.Paid-in Capital,Retained Earnings(Corporation).,Stockholders Equity,Assets,Liabilities,Stockholders Equity,=,+,SO 6 State the accounting equation,and define assets,liabilities,and stockholders equity.,Stockholders Equity,Revenues result
7、 from business activities entered into for the purpose of earning income.Common sources of revenue are:sales,fees,services,commissions,interest,dividends,royalties,and rent.,Illustration 1-6,SO 6 State the accounting equation,and define assets,liabilities,and stockholders equity.,Expenses are the co
8、st of assets consumed or services used in the process of earning revenue.Common expenses are:salaries expense,rent expense,utilities expense,tax expense,etc.,Stockholders Equity,Illustration 1-6,SO 6 State the accounting equation,and define assets,liabilities,and stockholders equity.,Dividends are t
9、he distribution of cash or other assets to stockholders.Dividends reduce retained earnings,however dividends are not an expense.,Stockholders Equity,Illustration 1-6,SO 6 State the accounting equation,and define assets,liabilities,and stockholders equity.,Stockholders Equity,P1-1A:Barones Repair Sho
10、p was started on May.Prepare a tabular analysis of the following transactions for the month of May.,Transactions(Problem),+10,000,1.,+10,000,Cash,Accounts Receivable,Equipment,Accounts Payable,Common Stock,SO 7 Analyze the effects of business transactions on the accounting equation.,+,+,=,+,1.Stockh
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