1 / 7

Intermediate Accounting I

Intermediate Accounting I. Session 1 The Accounting Process. Fall 2012 Professor Bill O’Brien. Accounting (Bookkeeping) Cycle-modified. Analyze Transaction Record and Post Summarize Accounts Unadjusted Trial Balance Adjusting Journal Entries (AJE’s) Adjusted Trial Balance

felix-combs
Download Presentation

Intermediate Accounting I

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Intermediate Accounting I Session 1 The Accounting Process Fall2012 Professor Bill O’Brien Intermediate Accounting I--Fall 2012

  2. Accounting (Bookkeeping) Cycle-modified • Analyze Transaction • Record and Post • Summarize Accounts • Unadjusted Trial Balance • Adjusting Journal Entries (AJE’s) • Adjusted Trial Balance • Prepare Income Statement • Closing Entries • Final Trial Balance • Prepare Balance Sheet, SCF and SSE Intermediate Accounting I--Fall 2012

  3. Financial Statement Relationships Stmt of Sharehldrs Eq. Balance Sheet Income Statement Statement of Cash Flows Current Assets Non- current Assets Current Liabilities Long- term Debt Equity Revenue Cost of Goods Sold (COGS) Gross Margin Operating Exps. Net Income Operating Cash Investing Cash Financing Cash Change in Cash Beginning Cash Ending Cash Beginning S/E Net Income Less: Dividends Ending S/E Intermediate Accounting I--Fall 2012

  4. The “T-Account” ASSETS & EXPENSES LIABILITIES, EQUITY & REVENUES Debit Credit Debit Credit Intermediate Accounting I--Fall 2012

  5. Close Worksheet Intermediate Accounting I--Fall 2012

  6. Adjusting Journal Entries • Accruals • Prepayments • Deferrrals • Cost Expirations Intermediate Accounting I--Fall 2012

  7. Cash versus Accrual • Cash basis: when cash actually flows • Accrual basis: when earned or incurred Intermediate Accounting I--Fall 2012

More Related