TAILIEUCHUNG - Ebook Financial accounting (7e): Part 1

(BQ) Part 1 book "Financial accounting" has contents: Accounting in action, the recording process, adjusting the accounts, completing the accounting cycle, accounting for merchandising operations, inventories, fraud, internal control, and cash, accounting for receivables. | 9/8/09 9:22 PM Page I-10 9/8/09 9:22 PM Page I-10 9/14/09 8:55 AM Page EP1 RAPID REVIEW Chapter Content BASIC ACCOUNTING EQUATION (Chapter 2) INVENTORY (Chapters 5 and 6) Ownership Assets = Liabilities + Stockholders’ Equity ⎧ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎩ Basic Equation Assets = Dr. Cr. + – Liabilities Dr. – Cr. + + Common Stock Dr. – + Cr. + Retained Earnings Dr. – Cr. + – Dividends Dr. + Cr. – + Revenues Dr. – – Cr. + Expenses Dr. + Cr. – ADJUSTING ENTRIES (Chapter 3) Ownership of goods on public carrier resides with: Who pays freight costs: FOB shipping point Buyer Buyer FOB destination Expanded Equation Debit/Credit Effects Seller Seller Freight Terms Perpetual vs. Periodic Journal Entries Type Adjusting Entry Deferrals 1. Prepaid expenses 2. Unearned revenues Dr. Expenses Dr. Liabilities Cr. Assets Cr. Revenues Purchase of goods Inventory Cash (A/P) Purchases Cash (A/P) Accruals 1. Accrued revenues 2. Accrued expenses Dr. Assets Dr. Expenses Cr. Revenues Cr. Liabilities Freight (shipping point) Inventory Cash Freight-In Cash Note: Each adjusting entry will affect one or more income statement accounts and one or more balance sheet accounts. Return of goods Cash (or A/P) Inventory Cash (or A/P) Purchase Returns and Allowances Interest Computation Sale of goods Cash (or A/R) Sales Cost of Goods Sold Inventory Cash (or A/R) Sales No entry End of period No entry Closing or adjusting entry required Event Perpetual Interest ϭ Face value of note ϫ Annual interest rate ϫ Time in terms of one year CLOSING ENTRIES (Chapter 4) Purpose: (1) Update the Retained Earnings account in the ledger by transferring net income (loss) and dividends to retained earnings. (2) Prepare the temporary accounts (revenue, expense, dividends) for the next period’s postings by reducing their .

• Kế toán - Kiểm toán
• The recording process
• Financial accounting
• Adjusting the accounts
• Completing the accounting cycle
• Merchandising operations
• Accounting for receivables
• Lecture Accounting principles
• Accounting principles
• Recording business transactions
• he recording process
• The basic steps
• Recording process
• Record business transactions
• Trial balance
• Lecture Principles of financial accounting
• Bài giảng Nguyên lý kế toán tài chính
• Process transactions
• Financial reporting
• Credit procedure
• Accounting equation expanded
• Accounting in practice
• Lecture Accounting in practice
• Process of recording transactions
• Book of prime entry
• Ledger accounting
• Double entry
• Lecture Software process improvement
• Bài giảng Cải tiến quy trình phần mềm
• Software process improvement
• Inspection meeting
• Read the work product
• Data recording
• electrical engineering
• electronics
• audio tapes
• broadband
• the frequency standard
• audio elecronics
• process engineering
• basic programming
• information technology
• system design
• Accounting in action
• Plant assets
• Natural resources
• Horngren’s accounting
• The business environment
• The adjusting process
• Merchandise inventory
• Accounting information systems
• Internal control and cash
• Horngren’s financial
• M anagerial accounting
• The financial chapters
• The accounting cycle
• Current liabilities
• Hospitality financial accounting
• Hospitality accounting
• Subsidiary ledgers
• Accounting for merchandising operations
• Internal control
• Managerial accounting
• Financial and managerial accounting