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RECORD-KEEPING AND ACCOUNTING

Chapter 11. Slide 2. Lesson 11.1 SET UP A RECORD-KEEPING SYSTEM. Keep journals, ledgers, and other types of important business records.Learn about electronic record-keeping.. GOALS. Chapter 11. Slide 3. TYPES OF RECORDS. JournalsLedgersBank statementsPayroll recordsTax records. Chapter 11. Slid

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RECORD-KEEPING AND ACCOUNTING

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    1. Chapter 11 RECORD-KEEPING AND ACCOUNTING 11.1 Set Up a Record-Keeping System 11.2 Understand Basic Accounting 11.3 Track Your Inventory

    2. Chapter 11 Slide 2 Lesson 11.1 SET UP A RECORD-KEEPING SYSTEM Keep journals, ledgers, and other types of important business records. Learn about electronic record-keeping.

    3. Chapter 11 Slide 3 TYPES OF RECORDS Journals Ledgers Bank statements Payroll records Tax records

    4. Chapter 11 Slide 4 TYPES OF JOURNALS Sales journal Cash payments journal Cash receipts journal Purchases journal General journal

    5. Chapter 11 Slide 5 LEDGERS Subsidiary ledgers Aging tables

    6. Chapter 11 Slide 6 BANK STATEMENTS A check register is a book in which you record the dates, amounts, and names of people or businesses to whom you have written checks.

    7. Chapter 11 Slide 7 PAYROLL RECORDS A payroll is a list of people who receive salary or wage payments from a business. A payroll register includes the following information: Employee’s name Number of hours worked Regular and overtime earnings Federal, state, and local taxes deducted Social security and Medicare contributions deducted Other deductions

    8. Chapter 11 Slide 8 TAX RECORDS Income tax Payroll deductions Sales tax

    9. Chapter 11 Slide 9 COMPUTERIZED RECORD-KEEPING Advantages of computerized record-keeping Store and analyze data Link records Reduce errors Correct errors Disadvantages of computerized record-keeping Staff resistance Unauthorized access Computer problems

    10. Chapter 11 Slide 10 Lesson 11.2 UNDERSTAND BASIC ACCOUNTING Demonstrate understanding of balance sheets, income statements, and cash flow statements. Determine whether you need a professional to help you with your record-keeping and accounting.

    11. Chapter 11 Slide 11 TYPES OF FINANCIAL STATEMENTS The balance sheet The income statement The cash flow statement

    12. Chapter 11 Slide 12 THE BALANCE SHEET A balance sheet lists what a business owns, what it owes, and how much it is worth at a particular point in time. Assets = Liabilities + Owner’s equity

    13. Chapter 11 Slide 13 THE INCOME STATEMENT Revenue Cost of goods sold Operating expenses Net profit before taxes

    14. Chapter 11 Slide 14 THE CASH FLOW STATEMENT Net cash flow is the difference between cash receipts and disbursements. Cash receipts – Disbursements = Net cash flow Positive or negative cash flow Economic effects on cash flow

    15. Chapter 11 Slide 15 USE PROFESSIONALS Accounting assistants Certified public accountant

    16. Chapter 11 Slide 16 Lesson 11.3 TRACK YOUR INVENTORY Track your inventory using a perpetual inventory method and a periodic inventory method. Determine how much inventory to keep in stock.

    17. Chapter 11 Slide 17 TRACK YOUR INVENTORY Perpetual inventory method Take a physical inventory Periodic inventory method

    18. Chapter 11 Slide 18 MANAGE YOUR INVENTORY Costs of carrying inventory Obsolescence Deterioration Interest fees Insurance Storage Costs of being out of stock Turnover rates

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