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Intermediate Accounting I

Intermediate Accounting I. Session 1 The Accounting Process. Spring 2013 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

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Intermediate Accounting I

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  1. Intermediate Accounting I Session 1 The Accounting Process Spring 2013 Professor Bill O’Brien Intermediate Accounting I--Spring 2013

  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--Spring 2013

  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--Spring 2013

  4. The “T-Account” ASSETS & EXPENSES LIABILITIES, EQUITY & REVENUES Debit Credit Debit Credit Intermediate Accounting I--Spring 2013

  5. Close Worksheet Intermediate Accounting I--Spring 2013

  6. Adjusting Journal Entries • Accruals • Prepayments • Deferrrals • Cost Expirations Intermediate Accounting I--Spring 2013

  7. Cash versus Accrual • Cash basis: when cash actually flows • Accrual basis: when earned or incurred Intermediate Accounting I--Spring 2013

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