TAILIEUCHUNG - Lecture Accounting fundamentas (7e): Chapter 2 - Curran

Chapter 2 - The effect of revenue and expenses. After completing this chapter, students will be able to: Analyze business transactions involving revenue and expenses, record the effects of revenue and expenses in the accounting equation, compute net income or net loss. | CHAPTER TWO The Effect of Revenue and Expenses 1. Analyze business transactions involving revenue and expenses. 2. Record the effects of revenue and expenses in the accounting equation. 3. Compute net income or net loss. THE EFFECT OF REVENUE AND EXPENSES Objectives: 2- Revenue, Expenses, and Net Income The employment services provided by Rebecca Van Lieu will produce revenue, or income. In producing the income the business will incur business costs, or expenses. 2- Revenue, Expenses, and Net Income (Continued) The revenue remaining after the expenses have been deducted is net income, or net profit. The amounts that a firm’s customers have promised to pay in the future is an asset known as accounts receivable. 2- Revenue, Expenses, and Net Income (Continued) Money received from customers from credit sales is referred to as money received on account. In Chapter 1 we learned that the liability incurred by a business when it promises to pay its creditors is called .

• Kế toán - Kiểm toán
• Accounting fundamentas
• Lecture Accounting fundamentas
• Nguyên lý kế toán
• Analyze business transactions
• Net income
• Accounting equation
• Trial balance
• Accounting errors
• Accounting terminology
• Accounting for purchases
• Purchases discounts
• Freight in
• Balance sheet
• Principles of accounting
• The worksheet
• Financial statements
• Business transactions
• Closing the ledger
• Closing entries
• Postclosing trial balance
• Accounting cycle
• Accounting for sales
• Sales discounts
• Sales returns
• Purchases journal
• Recording transactions
• Worksheet adjustments
• Uncollectible accounts
• Owner’s equity accounts
• Form of accounts
• Account balances
• Expense accounts
• Recording revenue
• Transaction analysis
• Income statement
• General journal
• Chart of accounts
• Business’s transactions
• General ledger
• Posting reference
• Correcting errors
• Merchandising businesses
• Charge account
• Cash discount
• Unpaid invoice file
• Purchases returns
• The sales journal
• Special journal
• Cash receipts journal
• Memorandum entry
• Cash payments journal
• Cash purchases
• Accounts receivable ledger
• Accounts receivable
• Statement of account
• Accounts payable ledger
• Schedule of accounts payable
• Notes payable
• Goods sold
• Cost of goods sold
• Ten column worksheet
• Classified balance sheet
• Adjusting entries
• Banking procedures
• Deposit slips
• Check stubs