TAILIEUCHUNG - Lecture Fundamental financial accounting concepts (8/e): Chapter 3 - Edmonds, McNair, Olds

Chapter 3 - The double-entry accounting system. After you have mastered the material in this chapter, you will be able to: Describe business events using debit/credit terminology; record transactions in T-accounts and show their effect on financial statements; record transactions using the general journal format and show their effect on financial statements;. | Chapter Three The Double-Entry Accounting System McGraw-Hill/Irwin McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. This chapter explains how to record transactions using double-entry accounting. Let’s get started. Debit/Credit Terminology = + Debit Credit Assets Debit Credit Liabilities Debit Credit Equity Claims + + + - - - In every transaction, the total dollar value of all debits equals the total dollar value of all credits. 3- Part I An account form known as a T-account is a good starting point for learning double-entry recording procedures. A T-account looks like the letter T drawn on a piece of paper. The account title is written across the top of the horizontal bar of the T. Part II The left side of any account is the debit side. The right side of any account is the credit side. Debit means left and credit means right. That is all. Just as we have all agreed that a red light means stop and a green light means go, accountants have agreed to the use of these special terms to refer to different sides of an account. Part III Notice that a debit can represent an increase or a decrease. Likewise, a credit can represent an increase or a decrease. Part IV Debits increase asset accounts and decrease liability and stockholders’ equity accounts. Part V Credits increase liability and stockholders’ equity accounts and decrease asset accounts. Part VI In every transaction, just as assets must equal liabilities plus stockholders’ equity, the total dollar value of all debits must equal the total dollar value of all credits. The General Journal Accountants initially record data from source documents into a journal. Special Journals General Journals 3- Part I Accountants initially record data from source documents into a journal. Examples of source documents include invoices, time cards, check stubs, and deposit tickets. Transactions are recorded in journals before they are entered into the ledger accounts. .

• Kế toán - Kiểm toán
• Financial accounting
• Fundamental financial accounting
• Lecture Fundamental financial accounting concepts
• Financial statement
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• Credit terminology
• Issues in financial accounting
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• Financial statements
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• Computing uncollectible accounts expense
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• Accounting Financial
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