TAILIEUCHUNG - Lecture Accounting fundamentas (7e): Chapter 1 - Curran

Chapter 1 - Principles of accounting. After completing this unit, you should be able to: Describe the functions of accounting, complete an accounting equation, prepare a balance sheet, demonstrate the process of recording business transactions in equation form. | CHAPTER ONE Principles of Accounting 1. Describe the functions of accounting. 2. Complete an accounting equation. 3. Prepare a balance sheet. 4. Demonstrate the process of recording business transactions in equation form. PRINCIPLES OF ACCOUNTING Objectives: 1- Beginning an Accounting System The proprietor should make a list of the money and other property that is being used to begin the business. All property the business owns are its assets. 1- Beginning an Accounting System (continued) Debts owed by a business are liabilities. Owner’s equity is an accounting term that indicates the financial interest of the owner in a business. 1- The Accounting Equation Assets = Liabilities + Owner’s Equity 1- The Balance Sheet The balance sheet is an itemized list of the assets, liabilities, and owner’s equity of a business on one particular date. 1- The Effect of Business Activities on the Balance Sheet Business activities such as buying, selling, receiving money, and .

• Kế toán - Kiểm toán
• Accounting fundamentas
• Lecture Accounting fundamentas
• Nguyên lý kế toán
• Accounting equation
• Balance sheet
• Principles of accounting
• Trial balance
• Accounting errors
• Accounting terminology
• Accounting for purchases
• Purchases discounts
• Freight in
• Analyze business transactions
• Net income
• 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