中山大学会计基础Lesson03-en.ppt
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1、Lesson 3 Analyzing and Recording Transactions,Task team of Fundamental Accounting School of Business, Sun Yat-sen University,2,Outline,Accounts Detailed Description of Various Accounts T-Accounts Rules of Debits and Credits Double-entry Accounting Illustrated Application of Rules,3,Opening Story,Do
2、you have any idea about how your parents keep an “account” of how much the family spends? What a good family accountant!,4,Opening Story,A global demand for accountants where can the “Big Four” find accountants with talent and virtues? Mr.Land, E&Y British president (indirect quote) In the recent 18
3、 months, the shortage of accounting talents has been scarcely satisfied. The most valuable in the 21st century is accountants to special accounting firms like us. (2005721),5,The Account,Cash,Accountings main summary device is the account, the record of changes.,Assets = Liabilities + Stockholders E
4、quity,Accounts are grouped in 3 broad categories, according to the accounting equation:,6,The Assets Account,7,The Liabilities Account,8,The Equity Account,Stockholders (owners) equity is the owners claims to the assets of a corporation.,A proprietorship uses a single account.,A partnership uses sep
5、arate accounts for each owners capital balance and withdrawals.,A corporation uses separate capital accounts for each source of capital.,9,Details of Equity Account,10,The T-Account,11,Increases and Decreases in the Accounts,12,Rules of Debit and Credit,Air & Sea received $50,000 and issued stock.,1
6、3,Rules of Debit and Credit,Air & Sea purchased land for $40,000 cash.,14,Expansion of the Accounting Equation,15,Recording Transactions,Record transactions first in the journal (analyses) Ledger Posting Trial balance,16,Analysis of each transaction,Identify the transaction from the source document,
7、 such as a sales invoice or check stub Determine which accounts increase and which decrease Apply the rules of debit and credit Enter the transaction in the journal, listing first the debit and then the credit Verify that total debits equal total credits,17,A journal entry,A journal entry would appe
8、ar as follows: Account Name XX (debit amount) Account Name XX (credit amount) Brief explanation of the transaction.,18,Ledger,A group of accounts. All the accounts of a business grouped together form a book called the ledger (or general ledger).,19,Posting,The process of copying (transferring) data
9、from the journal to accounts in the ledger. Debits in the journal are posted as debits to the appropriate accounts; credits in the journal are posted as credits to the appropriate accounts. All transactions must be keyed by date or number to provide a link between the journal and the ledger. Ledger
10、accounts appear after a series of transactions have been posted and account balances calculated.,20,Trial balance,The trial balance is a listing, in general ledger order (assets, liabilities, then stockholders equity), of the debit or credit balance in each account,21,Transactions, Accounts and Rule
11、s of Debits & Credits,Owners investment of cash increases both assets and stockholders equity. Purchase of an asset for cash increases assets and decreases assets (no effect on total assets). Purchase of an asset on credit (on account) increases both assets and liabilities. Receipt of cash for servi
12、ce revenue increases both assets and stockholders equity. Performance of services on account increases both assets and stockholders equity. Cash payment of expenses decreases both assets and stockholders equity.,22,Transactions, Accounts and Rules of Debits & Credits (cont),Payment on account decrea
13、ses both assets and liabilities. Personal transactions of the owner do not affect the business, per the entity concept. Collection of cash on account increases assets and decreases assets. Sale of an asset at a price equal to its cost increases assets and decreases assets. Declaration and payment of
14、 cash dividends decreases both assets and stockholders equity.,23,Do you still remember the example of Beauty Photo Store? We are using it again here! Remember always: The accounting equation must remain in balance after each transaction has been recorded.,An Practical Illustration,24,Wang Fang inve
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