TAILIEUCHUNG - Lecture Intermediate accounting (Volume 1, 11th Canadian edition) – Chapter 3: The accounting information system and measurement issues

After studying this chapter, you should be able to: understand basic accounting terminology and double-entry rules, explain how transactions affect the accounting equation, identify the steps in the accounting cycle and the steps in the recording process,. | 1 CHAPTER 3: THE ACCOUNTING INFORMATION SYSTEM AND MEASUREMENT ISSUES 2 2 After studying this chapter, you should be able to: Understand basic accounting terminology and double-entry rules. Explain how transactions affect the accounting equation. Identify the steps in the accounting cycle and the steps in the recording process. Explain the reasons for and prepare adjusting entries. Explain how the type of ownership structure affects the financial statements. Prepare closing entries and consider other matters relating to the closing process. Use valuation techniques to measure financial statement elements. Use IFRS 13 to measure fair value. Identify differences in accounting between ASPE and IFRS, and what changes are expected in the near future. 3 Chapter 3: THE ACCOUNTING INFORMATION SYSTEM AND MEASUREMENT ISSUES 3 The Accounting Information System and Measurement Issues 4 4 Basic Terminology Event: The cause of changes of assets, liabilities, and equity Transaction: A transfer or exchange between two or more entities or parties Account: Where transactions are recorded A separate account is used for each asset, liability, revenue, expense, gain, loss and capital (owner’s equity) 5 5 Basic Terminology Permanent accounts (or “real” accounts) Asset, liability, and equity accounts Appear on the balance sheet Permanent accounts are not closed at year end Temporary accounts (or “nominal” accounts) Revenue, expense, and dividend accounts Revenue and expenses are on the income statement; dividends are on the statement of changes in shareholders equity. Temporary accounts are closed at year end 6 6 Basic Terminology Journalizing and Posting A Journal is a book of original entry for all transactions The General Journal is a chronological listing of transactions expressed as debits and credits to particular accounts (known as a journal entries) Special Journals are used to summarize transactions with common characteristics (. cash receipts, sales, purchases) Posting: .

• Kế toán - Kiểm toán
• Intermediate accounting
• Lecture Intermediate accounting
• Financial reporting
• Accounting information system
• Measurement issues
• Accounting equation
• Financial Accounting
• Accounting process
• Accounting processing cycle
• Stock issuance
• Estimating reserves
• Liquidating dividends
• Accounting changes
• Error corrections
• Accounting choices
• Theoretical structure
• Accrual accounting
• Financial accounting environment
• Accounting for leases
• Leasing environment
• Accounting by lessee
• Special accounting problems
• Cash versus accrual accounting
• International standard setting
• Accounting standards
• Accounting assists
• The challenges facing accounting
• Income taxes
• Accounting for income taxes
• Deferred tax liabilities
• Error analysis
• Accounting policy
• Accounting estimate
• Accounting policies
• Characteristics of accounting
• Capital allocation process