This document provides an overview of accounting concepts including the nature of business, accounting principles, assets, liabilities, equity, business transactions, and financial statements. It covers 9 learning objectives and includes sample accounting entries for various business transactions involving cash, supplies, fees earned, expenses paid, and owner withdrawals. The power notes section allows the user to select different accounting topics for more information.
The document outlines the steps for processing annual 1099 forms, which businesses use to report payments to contractors and self-employed individuals to the IRS. It discusses collecting W-9 forms, determining 1099 eligibility, reconciling amounts, printing drafts, and filing the 1096 transmittal form along with the 1099s by the January 31st deadline. Key steps include ensuring vendor information is complete, payments meet the $600 threshold, amounts reported match accounting records, and both payer and recipient information is clearly printed on the correct forms.
George J. Kopsias began his career at the Chicago Mercantile Exchange and now works as an investment banker and accounting consultant. As a project-based accountant, he prepares financial statements such as balance sheets, which summarize a company's financial health at a given time. A balance sheet reports a company's assets, liabilities, and equity - assets are things of value owned, liabilities are debts owed, and equity is the amount held by owners or shareholders.
If your company is in the early stages, you may not be giving too much thought to formalizing your accounting systems and processes. But these earliest stages are exactly when you need to establish the structure that will support your company finances, and help define your financial strategy as you grow. Check out this deck to find out how to establish an accounting function that will keep your company in compliance—and that will scale with you as you grow.
Tax issues for Digital Business - 2016 National Convention presentationJoanne Dunne
This document discusses tax issues for digital businesses operating in Australia and globally. It presents a case study of an Australian clothing retailer that expands its operations online and internationally. Key tax issues addressed include income characterization, deductions, GST, permanent establishment rules, controlled foreign corporations, transfer pricing, and the potential future impacts of OECD's BEPS initiatives. The document also briefly covers the ATO's stance on bitcoin transactions and provides tips for structuring digital business operations to manage tax risks and compliance.
Fungsi invers, eksponensial, logaritma, dan trigonometri mencakup definisi dan sifat-sifat fungsi seperti fungsi invers, eksponensial, logaritma, dan trigonometri serta turunan dan integralnya. Fungsi-fungsi tersebut merupakan konsep penting dalam kalkulus.
The document outlines the steps for processing annual 1099 forms, which businesses use to report payments to contractors and self-employed individuals to the IRS. It discusses collecting W-9 forms, determining 1099 eligibility, reconciling amounts, printing drafts, and filing the 1096 transmittal form along with the 1099s by the January 31st deadline. Key steps include ensuring vendor information is complete, payments meet the $600 threshold, amounts reported match accounting records, and both payer and recipient information is clearly printed on the correct forms.
George J. Kopsias began his career at the Chicago Mercantile Exchange and now works as an investment banker and accounting consultant. As a project-based accountant, he prepares financial statements such as balance sheets, which summarize a company's financial health at a given time. A balance sheet reports a company's assets, liabilities, and equity - assets are things of value owned, liabilities are debts owed, and equity is the amount held by owners or shareholders.
If your company is in the early stages, you may not be giving too much thought to formalizing your accounting systems and processes. But these earliest stages are exactly when you need to establish the structure that will support your company finances, and help define your financial strategy as you grow. Check out this deck to find out how to establish an accounting function that will keep your company in compliance—and that will scale with you as you grow.
Tax issues for Digital Business - 2016 National Convention presentationJoanne Dunne
This document discusses tax issues for digital businesses operating in Australia and globally. It presents a case study of an Australian clothing retailer that expands its operations online and internationally. Key tax issues addressed include income characterization, deductions, GST, permanent establishment rules, controlled foreign corporations, transfer pricing, and the potential future impacts of OECD's BEPS initiatives. The document also briefly covers the ATO's stance on bitcoin transactions and provides tips for structuring digital business operations to manage tax risks and compliance.
Fungsi invers, eksponensial, logaritma, dan trigonometri mencakup definisi dan sifat-sifat fungsi seperti fungsi invers, eksponensial, logaritma, dan trigonometri serta turunan dan integralnya. Fungsi-fungsi tersebut merupakan konsep penting dalam kalkulus.
This document provides an introduction to accounting and business concepts. It defines the three main types of businesses as manufacturing, merchandising, and service. It also describes the three forms of business organization - proprietorship, partnership, and corporation. Key accounting concepts like the accounting equation, financial statements, and ratio analysis are introduced. Transactions for a sample proprietorship are presented to demonstrate how business activities are recorded and reported using financial statements.
1) The document provides an overview of accounting principles and the accounting process. It discusses the basic accounting equation, transactions, debits and credits, and the key financial statements.
2) Sample transactions are presented for a new business that purchases equipment, supplies, earns revenue, and pays expenses. Journal entries are provided to record each transaction.
3) Accounting is defined as a system that identifies, records, and communicates financial information about an entity. The accounting process includes recording economic events, classifying data, preparing financial statements, and analyzing and communicating results.
1) The document provides an overview of accounting principles and the accounting process. It discusses the basic accounting equation, transactions, debits and credits, and the key financial statements.
2) Sample transactions are presented for a new business that purchases equipment, supplies, earns revenue, and pays expenses. Journal entries are provided to record each transaction.
3) Accounting is defined as a system for identifying, recording, and communicating financial information about an economic entity. It involves recording economic events, classifying and summarizing data, and preparing financial reports.
1. The document provides an overview of accounting principles and the accounting process. It discusses the basic accounting equation, assets, liabilities, and owner's equity as building blocks of accounting.
2. Sample transactions are presented for a new business called Softbyte to demonstrate how accounting records economic events and their impact on the basic accounting equation.
3. The accounting process includes identifying business transactions, recording the financial effects of the transactions, and preparing accounting reports to analyze the entity's performance and financial position.
1) The document provides an overview of accounting principles and the accounting process. It discusses the basic accounting equation, transactions, debits and credits, and the key financial statements.
2) Sample transactions are presented for a new business that purchases equipment, supplies, earns revenue, and pays expenses. Journal entries are provided to record each transaction.
3) Accounting is defined as a system that identifies, records, and communicates financial information about an entity. The accounting process includes recording economic events, classifying data, preparing financial statements, and analyzing and communicating results.
This chapter introduces accounting and its role in business. It defines the three main types of business organizations - proprietorship, partnership, and corporation. It explains the accounting equation and how business transactions affect the basic elements of assets, liabilities, and owner's equity. Financial statements like the income statement, balance sheet, and statement of cash flows are introduced as tools to provide information to stakeholders about the business's performance and financial position.
SRF Journal EntriesreferenceAccount TitlesDebitsCredits3-CType journal entries in the space provided. Link these to the T-accounts and link the T-account balancesto the financial statements provided on the tabs at the bottom of the page.4-C
&L&"Arial,Bold"&14City of Monroe- Street and Highway Fund Journal Entries
SRF T-accountsDUE FROMCASHINVESTMENTSSTATE GOV'Tbb6,500bb55,000bb200,0006,50055,000200,000BUDGETARY FUND BALANCEFUND BALANCEACCOUNTS PAYABLERESERVE FOR ENCUMBRANCESRESERVE FOR ENCUMBRANCES(beginning of year)6,300bb-bb255,200bb6,300-255,200REVENUESREVENUESEXPENDITURES - STREETINTERGOVERNMENTALINVESTMENT INTEREST& HIGHWAY MAINTENANCEENCUMBRANCES----BUDGETARY ACCOUNTSBUDGETARYESTIMATED REVENUESAPPROPRIATIONSFUND BALANCE---
&L&16City of Monroe&C&16
Street and Highway Fund - General Ledger
Closing EntriesBUDGETARYAccount TitleDebitsCreditsFUND BALANCE-Preclosingclosing entry-FUND BALANCE255,200Preclosingclosing entry255,200ending balanceComplete the following tableNon-spendableRestrictedCommittedAssignedUnassignedTotalFund Balance-Budgetary Fund Balance - Reserve for Encumbrances-Totals------
&L&14City of Monroe&C&14
STREET & HIGHWAY MAINTENANCE FUND - Closing Entries
Stmt of revenues & expendituresRevenuesIntergovernmental RevenuesInterest on InvestmentsTotal Revenues$ -ExpendituresCurrent:Street & Highway MaintenanceTotal Expenditures-Excess (Deficiency) of Revenues Over Expenditures-Fund Balance, January 1Fund Balance, December 31$ -
&L&"Times New Roman,Regular"&14City of Monroe
Statement of Revenues, Expenditures and Changes in Fund Balance
Street and Highway Maintenance Fund
For the year ended December 31, 2014
Balance SheetAssetsCashInvestmentsDue from State GovernmentTotal Assets$ -Liabilities and Fund EquityLiabilitiesAccounts PayableFund EquityFund Balance - Restricted forStreet and Highway MaintenanceTotal Liabilities and Fund Equity$ -
&L&"Times New Roman,Regular"&14City of Monroe
Street & Highway Maintenance Fund
Balance Sheet
As of December 31, 2014
Problem 1Problem 1Required: Identify the financial statement on which each of the following items appears by making an X in the appropriate column. The first one is done for you!(15 points total, 1 point each)IncomeBalanceStatement ofItemStatementSheetCash FlowsAccounts PayableXAccounts ReceivableAdvertising ExpenseCommon StockDividendsEquipmentFinancing ActivitiesInvesting ActivitiesLandOperating ActivitiesRent ExpenseRetained EarningsRevenueSalaries PayableUtility Expense
Problem 2Problem 2Required: Show the effects on the financial statements using a horizontal statement model as outlined below. The first one is done for you!(35 points total, 5 points each)1Sold $30,000 in merchandise for cash2Paid $5,000 for rent with cash3Paid $10,000 in salaries to employees with cash4Sold $25,000 in merchandise and customer paid on credit5Collected $10,000 cash for transaction #46Purchased a building for $100,000 and took out a loan for the money7Paid $1,200 for insuranceBala.
This document provides an introduction to an introductory course on accounting, business, and management fundamentals. It outlines the course content which will cover basic accounting concepts and principles. These include analyzing transactions, journalizing, general ledgers, adjusting entries, financial statements, and more. The objectives are to develop an appreciation of accounting as the language of business and an understanding of how to analyze business performance.
The document provides information on recording business transactions in accounting. It covers the following key points in 5 learning objectives:
1. It explains accounts as they relate to the accounting equation and describes common asset, liability, equity, revenue and expense accounts.
2. It defines debits and credits and how they are used in double-entry accounting and T-accounts to record increases and decreases in account balances.
3. It describes how to record transactions in a journal and how to post journal entries to T-accounts in the general ledger.
4. It explains how to prepare a trial balance to prove the equality of debits and credits, and how the trial balance information can be used to prepare financial statements
The document discusses key concepts in the accounting information system including:
1) The basic steps in the recording process such as analyzing transactions, journalizing, posting to ledger accounts, and preparing a trial balance.
2) The use of debits and credits to record transactions and their effect on different types of accounts.
3) The purpose and use of accounts, journals, ledgers, and the trial balance in the recording process.
This document provides an overview of accounting principles and concepts. It discusses the accounting process, which includes identifying economic events, recording transactions, and preparing financial reports. The key financial statements are introduced as the income statement, statement of owner's equity, balance sheet, and cash flow statement. Accounting principles like GAAP, the basic accounting equation, and assumptions are explained. Examples of accounting transactions are provided and related to the preparation of financial statements.
1) The document discusses accounting principles including the basic accounting equation of assets = liabilities + owner's equity. It provides examples of types of companies and defines key accounting terms like assets, liabilities, revenues, and expenses.
2) The accounting process is illustrated through a series of transactions for a new business called Softbyte. The transactions demonstrate how the basic accounting equation is used to track increases and decreases in owner's equity.
3) Ten sample transactions are presented and analyzed showing the impact on accounts and how the accounting equation remains in balance.
1) The document discusses accounting concepts including the accounting equation, financial statements, and business transactions.
2) It provides examples of how business transactions affect the basic accounting equation and financial statements. Specifically, it walks through a series of transactions for a new business and shows the impact on assets, liabilities, and owner's equity.
3) The key financial statements are defined as the income statement, statement of owner's equity, and balance sheet. An example income statement is also provided.
bookkeeping for small businesses and understand its impact on financial management, compliance, and long-term success. Learn essential bookkeeping practices, tips, and tools to optimize your business's financial health.
This document provides an introduction to bookkeeping and accounting. It outlines key learning objectives such as explaining what accounting is, describing the relationship between bookkeeping and accounting, and explaining how accounting transactions affect the accounting equation. It also defines accounting and bookkeeping, discusses the history of accounting and ethics in accounting. Additionally, it identifies the main users of accounting information and what information they need. Finally, it demonstrates how the accounting equation and statement of financial position are affected by business transactions through examples.
Lecture_1_Accounting_ Elements & Accounting_Procedure.pptSkMumtahina1
1. The accounting process involves identifying economic events, recording them in the accounting system, and preparing and communicating financial reports to both internal and external users.
2. The basic accounting equation states that assets must equal liabilities plus owner's equity. This equation must remain in balance at all times.
3. The double-entry system of accounting requires equal debit and credit entries to be made for every transaction to keep the accounting equation in balance.
This document provides an overview of accounting principles and concepts. It defines accounting as the process of identifying, analyzing, recording, and reporting financial transactions and information. The key concepts discussed include the accounting equation, the basic financial statements (income statement, balance sheet, statement of owner's equity, statement of cash flows), and the different types of business entities and users of accounting information.
1. The document discusses accounting concepts including the accounting equation, assets, liabilities, and owner's equity.
2. It provides an example of analyzing the effects of business transactions on the accounting equation for a repair shop owner.
3. Each transaction has a dual effect that maintains the balance of the accounting equation by increasing or decreasing at least two items.
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
This document provides an introduction to accounting and business concepts. It defines the three main types of businesses as manufacturing, merchandising, and service. It also describes the three forms of business organization - proprietorship, partnership, and corporation. Key accounting concepts like the accounting equation, financial statements, and ratio analysis are introduced. Transactions for a sample proprietorship are presented to demonstrate how business activities are recorded and reported using financial statements.
1) The document provides an overview of accounting principles and the accounting process. It discusses the basic accounting equation, transactions, debits and credits, and the key financial statements.
2) Sample transactions are presented for a new business that purchases equipment, supplies, earns revenue, and pays expenses. Journal entries are provided to record each transaction.
3) Accounting is defined as a system that identifies, records, and communicates financial information about an entity. The accounting process includes recording economic events, classifying data, preparing financial statements, and analyzing and communicating results.
1) The document provides an overview of accounting principles and the accounting process. It discusses the basic accounting equation, transactions, debits and credits, and the key financial statements.
2) Sample transactions are presented for a new business that purchases equipment, supplies, earns revenue, and pays expenses. Journal entries are provided to record each transaction.
3) Accounting is defined as a system for identifying, recording, and communicating financial information about an economic entity. It involves recording economic events, classifying and summarizing data, and preparing financial reports.
1. The document provides an overview of accounting principles and the accounting process. It discusses the basic accounting equation, assets, liabilities, and owner's equity as building blocks of accounting.
2. Sample transactions are presented for a new business called Softbyte to demonstrate how accounting records economic events and their impact on the basic accounting equation.
3. The accounting process includes identifying business transactions, recording the financial effects of the transactions, and preparing accounting reports to analyze the entity's performance and financial position.
1) The document provides an overview of accounting principles and the accounting process. It discusses the basic accounting equation, transactions, debits and credits, and the key financial statements.
2) Sample transactions are presented for a new business that purchases equipment, supplies, earns revenue, and pays expenses. Journal entries are provided to record each transaction.
3) Accounting is defined as a system that identifies, records, and communicates financial information about an entity. The accounting process includes recording economic events, classifying data, preparing financial statements, and analyzing and communicating results.
This chapter introduces accounting and its role in business. It defines the three main types of business organizations - proprietorship, partnership, and corporation. It explains the accounting equation and how business transactions affect the basic elements of assets, liabilities, and owner's equity. Financial statements like the income statement, balance sheet, and statement of cash flows are introduced as tools to provide information to stakeholders about the business's performance and financial position.
SRF Journal EntriesreferenceAccount TitlesDebitsCredits3-CType journal entries in the space provided. Link these to the T-accounts and link the T-account balancesto the financial statements provided on the tabs at the bottom of the page.4-C
&L&"Arial,Bold"&14City of Monroe- Street and Highway Fund Journal Entries
SRF T-accountsDUE FROMCASHINVESTMENTSSTATE GOV'Tbb6,500bb55,000bb200,0006,50055,000200,000BUDGETARY FUND BALANCEFUND BALANCEACCOUNTS PAYABLERESERVE FOR ENCUMBRANCESRESERVE FOR ENCUMBRANCES(beginning of year)6,300bb-bb255,200bb6,300-255,200REVENUESREVENUESEXPENDITURES - STREETINTERGOVERNMENTALINVESTMENT INTEREST& HIGHWAY MAINTENANCEENCUMBRANCES----BUDGETARY ACCOUNTSBUDGETARYESTIMATED REVENUESAPPROPRIATIONSFUND BALANCE---
&L&16City of Monroe&C&16
Street and Highway Fund - General Ledger
Closing EntriesBUDGETARYAccount TitleDebitsCreditsFUND BALANCE-Preclosingclosing entry-FUND BALANCE255,200Preclosingclosing entry255,200ending balanceComplete the following tableNon-spendableRestrictedCommittedAssignedUnassignedTotalFund Balance-Budgetary Fund Balance - Reserve for Encumbrances-Totals------
&L&14City of Monroe&C&14
STREET & HIGHWAY MAINTENANCE FUND - Closing Entries
Stmt of revenues & expendituresRevenuesIntergovernmental RevenuesInterest on InvestmentsTotal Revenues$ -ExpendituresCurrent:Street & Highway MaintenanceTotal Expenditures-Excess (Deficiency) of Revenues Over Expenditures-Fund Balance, January 1Fund Balance, December 31$ -
&L&"Times New Roman,Regular"&14City of Monroe
Statement of Revenues, Expenditures and Changes in Fund Balance
Street and Highway Maintenance Fund
For the year ended December 31, 2014
Balance SheetAssetsCashInvestmentsDue from State GovernmentTotal Assets$ -Liabilities and Fund EquityLiabilitiesAccounts PayableFund EquityFund Balance - Restricted forStreet and Highway MaintenanceTotal Liabilities and Fund Equity$ -
&L&"Times New Roman,Regular"&14City of Monroe
Street & Highway Maintenance Fund
Balance Sheet
As of December 31, 2014
Problem 1Problem 1Required: Identify the financial statement on which each of the following items appears by making an X in the appropriate column. The first one is done for you!(15 points total, 1 point each)IncomeBalanceStatement ofItemStatementSheetCash FlowsAccounts PayableXAccounts ReceivableAdvertising ExpenseCommon StockDividendsEquipmentFinancing ActivitiesInvesting ActivitiesLandOperating ActivitiesRent ExpenseRetained EarningsRevenueSalaries PayableUtility Expense
Problem 2Problem 2Required: Show the effects on the financial statements using a horizontal statement model as outlined below. The first one is done for you!(35 points total, 5 points each)1Sold $30,000 in merchandise for cash2Paid $5,000 for rent with cash3Paid $10,000 in salaries to employees with cash4Sold $25,000 in merchandise and customer paid on credit5Collected $10,000 cash for transaction #46Purchased a building for $100,000 and took out a loan for the money7Paid $1,200 for insuranceBala.
This document provides an introduction to an introductory course on accounting, business, and management fundamentals. It outlines the course content which will cover basic accounting concepts and principles. These include analyzing transactions, journalizing, general ledgers, adjusting entries, financial statements, and more. The objectives are to develop an appreciation of accounting as the language of business and an understanding of how to analyze business performance.
The document provides information on recording business transactions in accounting. It covers the following key points in 5 learning objectives:
1. It explains accounts as they relate to the accounting equation and describes common asset, liability, equity, revenue and expense accounts.
2. It defines debits and credits and how they are used in double-entry accounting and T-accounts to record increases and decreases in account balances.
3. It describes how to record transactions in a journal and how to post journal entries to T-accounts in the general ledger.
4. It explains how to prepare a trial balance to prove the equality of debits and credits, and how the trial balance information can be used to prepare financial statements
The document discusses key concepts in the accounting information system including:
1) The basic steps in the recording process such as analyzing transactions, journalizing, posting to ledger accounts, and preparing a trial balance.
2) The use of debits and credits to record transactions and their effect on different types of accounts.
3) The purpose and use of accounts, journals, ledgers, and the trial balance in the recording process.
This document provides an overview of accounting principles and concepts. It discusses the accounting process, which includes identifying economic events, recording transactions, and preparing financial reports. The key financial statements are introduced as the income statement, statement of owner's equity, balance sheet, and cash flow statement. Accounting principles like GAAP, the basic accounting equation, and assumptions are explained. Examples of accounting transactions are provided and related to the preparation of financial statements.
1) The document discusses accounting principles including the basic accounting equation of assets = liabilities + owner's equity. It provides examples of types of companies and defines key accounting terms like assets, liabilities, revenues, and expenses.
2) The accounting process is illustrated through a series of transactions for a new business called Softbyte. The transactions demonstrate how the basic accounting equation is used to track increases and decreases in owner's equity.
3) Ten sample transactions are presented and analyzed showing the impact on accounts and how the accounting equation remains in balance.
1) The document discusses accounting concepts including the accounting equation, financial statements, and business transactions.
2) It provides examples of how business transactions affect the basic accounting equation and financial statements. Specifically, it walks through a series of transactions for a new business and shows the impact on assets, liabilities, and owner's equity.
3) The key financial statements are defined as the income statement, statement of owner's equity, and balance sheet. An example income statement is also provided.
bookkeeping for small businesses and understand its impact on financial management, compliance, and long-term success. Learn essential bookkeeping practices, tips, and tools to optimize your business's financial health.
This document provides an introduction to bookkeeping and accounting. It outlines key learning objectives such as explaining what accounting is, describing the relationship between bookkeeping and accounting, and explaining how accounting transactions affect the accounting equation. It also defines accounting and bookkeeping, discusses the history of accounting and ethics in accounting. Additionally, it identifies the main users of accounting information and what information they need. Finally, it demonstrates how the accounting equation and statement of financial position are affected by business transactions through examples.
Lecture_1_Accounting_ Elements & Accounting_Procedure.pptSkMumtahina1
1. The accounting process involves identifying economic events, recording them in the accounting system, and preparing and communicating financial reports to both internal and external users.
2. The basic accounting equation states that assets must equal liabilities plus owner's equity. This equation must remain in balance at all times.
3. The double-entry system of accounting requires equal debit and credit entries to be made for every transaction to keep the accounting equation in balance.
This document provides an overview of accounting principles and concepts. It defines accounting as the process of identifying, analyzing, recording, and reporting financial transactions and information. The key concepts discussed include the accounting equation, the basic financial statements (income statement, balance sheet, statement of owner's equity, statement of cash flows), and the different types of business entities and users of accounting information.
1. The document discusses accounting concepts including the accounting equation, assets, liabilities, and owner's equity.
2. It provides an example of analyzing the effects of business transactions on the accounting equation for a repair shop owner.
3. Each transaction has a dual effect that maintains the balance of the accounting equation by increasing or decreasing at least two items.
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...APCO
The Radar reflects input from APCO’s teams located around the world. It distils a host of interconnected events and trends into insights to inform operational and strategic decisions. Issues covered in this edition include:
Prescriptive analytics BA4206 Anna University PPTFreelance
Business analysis - Prescriptive analytics Introduction to Prescriptive analytics
Prescriptive Modeling
Non Linear Optimization
Demonstrating Business Performance Improvement
The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
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Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
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The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
Cover Story - China's Investment Leader - Dr. Alyce SUmsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
1. C1 - 1
Learning Objectives
1. Nature of a Business
2. The Role of Accounting in Business
3. Business Ethics
4. Profession of Accounting
5. Generally Accepted Accounting Principles
6. Assets, Liabilities, and Owner’s Equity
7. Business Transactions
8. Financial Statements
9. Financial Analysis and Interpretation
Power Notes
Introduction to Accounting and BusinessIntroduction to Accounting and Business
Chapter 1
C1
2. C1 - 2
Note: To select a topic, type the slide # and press Enter.
• Accounting – An Information Process
• Users of Accounting Information
• Profession of Accounting
• The Accounting Equation
• Business Transactions
• Financial Statements
• Ratio of Liabilities to Owner’s Equity
Slide # Power Note Topics
Power Notes
Introduction to Accounting and BusinessIntroduction to Accounting and Business
Chapter 1
3
9
11
16
19
53
70
3. C1 - 3
Accounting — An Information ProcessAccounting — An Information ProcessAccounting — An Information ProcessAccounting — An Information Process
Identification
of Users
4. C1 - 4
User
Information
Needs
Accounting — An Information ProcessAccounting — An Information ProcessAccounting — An Information ProcessAccounting — An Information Process
Identification
of Users
5. C1 - 5
Identification
of Users
User
Information
Needs
Accounting
System
Accounting — An Information ProcessAccounting — An Information ProcessAccounting — An Information ProcessAccounting — An Information Process
6. C1 - 6
Identification
of Users
User
Information
Needs
Accounting
System
Economic Data
and Activities
Accounting — An Information ProcessAccounting — An Information ProcessAccounting — An Information ProcessAccounting — An Information Process
7. C1 - 7
Identification
of Users
User
Information
Needs
Accounting
System
Economic Data
and Activities
Reports
Accounting — An Information ProcessAccounting — An Information ProcessAccounting — An Information ProcessAccounting — An Information Process
8. C1 - 8
Identification
of Users
User
Information
Needs
Accounting
System
Reports
Economic Data
and Activities
User
Decisions
Accounting — An Information ProcessAccounting — An Information ProcessAccounting — An Information ProcessAccounting — An Information Process
9. C1 - 9
EXTERNAL USERS
Financial AccountingFinancial Accounting
• investors
• creditors
• regulators
• customers
• competitors
Users of Accounting InformationUsers of Accounting InformationUsers of Accounting InformationUsers of Accounting Information
10. C1 - 10
EXTERNAL USERS
Financial AccountingFinancial Accounting
• investors
• creditors
• regulators
• customers
• competitors
• owners
• managers
• employees
INTERNAL USERS
ManagerialManagerial AccountingAccounting
Users of Accounting InformationUsers of Accounting InformationUsers of Accounting InformationUsers of Accounting Information
11. C1 - 11
What are the starting rates for new graduates?
GovernmentGovernment IndustryIndustry CPA FirmsCPA Firms
College Graduates
The Accounting ProfessionThe Accounting Profession
Auditor
Staff
Accountant
Junior
Accountant
12. C1 - 12
GovernmentGovernment IndustryIndustry CPA FirmsCPA Firms
Staff
Accountant
Junior
AccountantAuditor
College Graduates
How soon would I get promoted?
The Accounting ProfessionThe Accounting Profession
Senior
AccountantSupervisor Chief
Accountant
13. C1 - 13
What are the top positions in each category?
GovernmentGovernment IndustryIndustry CPA FirmsCPA Firms
Chief
Accountant
Staff
Accountant
Senior
Accountant
Junior
Accountant
Supervisor
Auditor
College Graduates
The Accounting ProfessionThe Accounting Profession
Controller ManagerDirector
14. C1 - 14
What is the fastest path to top management?
GovernmentGovernment
Administrator
IndustryIndustry
Vice President
Finance
CPA FirmsCPA Firms
Chief
Accountant
Staff
Accountant
Controller
Partner
Manager
Senior
Accountant
Junior
Accountant
Director
Supervisor
Auditor
College Graduates
The Accounting ProfessionThe Accounting Profession
15. C1 - 15
10 to 20 years of experience1
GovernmentGovernment
The Accounting ProfessionThe Accounting Profession
Administrator
IndustryIndustry
Vice President
Finance
CPA FirmsCPA Firms
1
6 to 8 years of experience2
Chief
Accountant
Staff
Accountant
Controller
Partner
Manager
Senior
Accountant
Junior
Accountant
2
Director
Supervisor
Auditor
College Graduates
16. C1 - 16
Resources
The Accounting EquationThe Accounting Equation
What are an organization’s resources called?
17. C1 - 17
Assets
Resources = Sources
The Accounting EquationThe Accounting Equation
What are the
sources of the
assets?
Cost of
resources used
in the business
19. C1 - 19
a. Chris Clark deposits $25,000 in a bank account
for NetSolutions.
ASSETS
=
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
OWNER’S EQUITY
LIABILITIES
20. C1 - 20
a. Chris Clark deposits $25,000 in a bank account
for NetSolutions.
ASSETS
=
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
OWNER’S EQUITY
CashCash
25,00025,000
LIABILITIES
21. C1 - 21
a. Chris Clark deposits $25,000 in a bank account
for NetSolutions.
ASSETS
=
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
OWNER’S EQUITY
CashCash
25,00025,000
LIABILITIES
Chris Clark,Chris Clark,
CapitalCapital
25,00025,000
22. C1 - 22
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
b. NetSolutions buys land for $20,000.
ASSETS
= OWNER’S EQUITY
LIABILITIES
23. C1 - 23
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
b. NetSolutions buys land for $20,000.
ASSETS
= OWNER’S EQUITY
LIABILITIES
CashCash
(20,000)(20,000)
24. C1 - 24
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
b. NetSolutions buys land for $20,000.
ASSETS
= OWNER’S EQUITY
LIABILITIES
CashCash
(20,000)(20,000)
LandLand
20,00020,000
25. C1 - 25
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
c. NetSolutions buys supplies for $1,350, agreeing to
pay the supplier in the near future.
26. C1 - 26
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
SuppliesSupplies
1,3501,350
c. NetSolutions buys supplies for $1,350, agreeing to
pay the supplier in the near future.
27. C1 - 27
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
c. NetSolutions buys supplies for $1,350, agreeing to
pay the supplier in the near future.
Accounts PayableAccounts Payable
1,3501,350
SuppliesSupplies
1,3501,350
28. C1 - 28
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
d. NetSolutions earns fees of $7,500, receiving cash.
29. C1 - 29
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
CashCash
7,5007,500
d. NetSolutions earns fees of $7,500, receiving cash.
30. C1 - 30
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
CashCash
7,5007,500
Fees EarnedFees Earned
7,5007,500
d. NetSolutions earns fees of $7,500, receiving cash.
31. C1 - 31
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
e. NetSolutions paid: wages, $2,125; rent, $800;
utilities, $450; and miscellaneous, $275.
32. C1 - 32
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
CashCash
(3,650)(3,650)
e. NetSolutions paid: wages, $2,125; rent, $800;
utilities, $450; and miscellaneous, $275.
33. C1 - 33
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
CashCash
(3,650)(3,650)
ExpensesExpenses
(3,650)(3,650)
e. NetSolutions paid: wages, $2,125; rent, $800;
utilities, $450; and miscellaneous, $275.
34. C1 - 34
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
f. NetSolutions pays $950 to creditors on account.
35. C1 - 35
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
CashCash
(950)(950)
f. NetSolutions pays $950 to creditors on account.
36. C1 - 36
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
CashCash
(950)(950)
Accounts PayableAccounts Payable
(950)(950)
f. NetSolutions pays $950 to creditors on account.
37. C1 - 37
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
g. At the end of the month, the cost of supplies on
hand is $550.
38. C1 - 38
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
SuppliesSupplies
(800)(800)
g. At the end of the month, the cost of supplies on
hand is $550.
39. C1 - 39
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
SuppliesSupplies
(800)(800)
Supplies ExpenseSupplies Expense
(800)(800)
g. At the end of the month, the cost of supplies on
hand is $550.
40. C1 - 40
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
h. Chris Clark withdraws $2,000 in cash.
41. C1 - 41
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
CashCash
(2,000)(2,000)
h. Chris Clark withdraws $2,000 in cash.
42. C1 - 42
Business TransactionsBusiness TransactionsBusiness TransactionsBusiness Transactions
ASSETS
= OWNER’S EQUITY
LIABILITIES
CashCash
(2,000)(2,000)
Chris Clark,Chris Clark,
DrawingDrawing
(2,000)(2,000)
h. Chris Clark withdraws $2,000 in cash.
46. C1 - 46
OWNER’S EQUITY
Effects of Transactions on Owner’s EquityEffects of Transactions on Owner’s EquityEffects of Transactions on Owner’s EquityEffects of Transactions on Owner’s Equity
47. C1 - 47
OWNER’S EQUITY
Effects of Transactions on Owner’s EquityEffects of Transactions on Owner’s EquityEffects of Transactions on Owner’s EquityEffects of Transactions on Owner’s Equity
decreased bydecreased by
48. C1 - 48
OWNER’S EQUITY
Effects of Transactions on Owner’s EquityEffects of Transactions on Owner’s EquityEffects of Transactions on Owner’s EquityEffects of Transactions on Owner’s Equity
Owner’s withdrawals
Expenses
decreased bydecreased by
49. C1 - 49
OWNER’S EQUITY
Effects of Transactions on Owner’s EquityEffects of Transactions on Owner’s EquityEffects of Transactions on Owner’s EquityEffects of Transactions on Owner’s Equity
increased byincreased by
50. C1 - 50
OWNER’S EQUITY
Effects of Transactions on Owner’s EquityEffects of Transactions on Owner’s EquityEffects of Transactions on Owner’s EquityEffects of Transactions on Owner’s Equity
Owner’s investments
Revenues
increased byincreased by
51. C1 - 51
OWNER’S EQUITY
Effects of Transactions on Owner’s EquityEffects of Transactions on Owner’s EquityEffects of Transactions on Owner’s EquityEffects of Transactions on Owner’s Equity
Owner’s withdrawals
Expenses
Owner’s investments
Revenues
decreased bydecreased by increased byincreased by
52. C1 - 52
OWNER’S EQUITY
Effects of Transactions on Owner’s EquityEffects of Transactions on Owner’s EquityEffects of Transactions on Owner’s EquityEffects of Transactions on Owner’s Equity
Owner’s withdrawals
Expenses
Owner’s investments
Revenues
decreased bydecreased by increased byincreased by
NET INCOME
53. C1 - 53
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
NetSolutions
Income Statement
For the Month Ended November 30, 2002
Fees earned $7,500
Operating expenses:
Wages expense $2,125
Rent expense 800
Supplies expense 800
Utilities expense 450
Miscellaneous expense 275
Total operating expenses 4,450
Net income $3,050
54. C1 - 54
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
NetSolutions
Income Statement
For the Month Ended November 30, 2002
Fees earned $7,500
Operating expenses:
Wages expense $2,125
Rent expense 800
Supplies expense 800
Utilities expense 450
Miscellaneous expense 275
Total operating expenses 4,450
Net income $3,050
55. C1 - 55
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
NetSolutions
Income Statement
For the Month Ended November 30, 2002
Fees earned $7,500
Operating expenses:
Wages expense $2,125
Rent expense 800
Supplies expense 800
Utilities expense 450
Miscellaneous expense 275
Total operating expenses 4,450
Net income $3,050
56. C1 - 56
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
NetSolutions
Income Statement
For the Month Ended November 30, 2002
Fees earned $7,500
Operating expenses:
Wages expense $2,125
Rent expense 800
Supplies expense 800
Utilities expense 450
Miscellaneous expense 275
Total operating expenses 4,450
Net income $3,050
57. C1 - 57
NetSolutions
Statement of Owner’s Equity
For the Month Ended November 30, 2002
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
Chris Clark, capital, November 1, 2002 $ 0
Investment on November 1, 2002 $25,000
Net income for November 3,050
$28,050
Less withdrawals 2,000
Increase in owner’s equity 26,050
Chris Clark, capital, November 30, 2002 $26,050
58. C1 - 58
NetSolutions
Statement of Owner’s Equity
For the Month Ended November 30, 2002
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
Chris Clark, capital, November 1, 2002 $ 0
Investment on November 1, 2002 $25,000
Net income for November 3,050
$28,050
Less withdrawals 2,000
Increase in owner’s equity 26,050
Chris Clark, capital, November 30, 2002 $26,050
59. C1 - 59
NetSolutions
Statement of Owner’s Equity
For the Month Ended November 30, 2002
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
Chris Clark, capital, November 1, 2002 $ 0
Investment on November 1, 2002 $25,000
Net income for November 3,050
$28,050
Less withdrawals 2,000
Increase in owner’s equity 26,050
Chris Clark, capital, November 30, 2002 $26,050
60. C1 - 60
NetSolutions
Statement of Owner’s Equity
For the Month Ended November 30, 2002
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
Chris Clark, capital, November 1, 2002 $ 0
Investment on November 1, 2002 $25,000
Net income for November 3,050
$28,050
Less withdrawals 2,000
Increase in owner’s equity 26,050
Chris Clark, capital, November 30, 2002 $26,050
61. C1 - 61
NetSolutions
Statement of Owner’s Equity
For the Month Ended November 30, 2002
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
Chris Clark, capital, November 1, 2002 $ 0
Investment on November 1, 2002 $25,000
Net income for November 3,050
$28,050
Less withdrawals 2,000
Increase in owner’s equity 26,050
Chris Clark, capital, November 30, 2002 $26,050
62. C1 - 62
NetSolutions
Balance Sheet
November 30, 2002
Assets
Cash $5,900
Supplies 550
Land 20,000
Total assets $26,450
Liabilities
Accounts payable $ 400
Owner’s Equity
Chris Clark, capital 26,050
Total liabilities and
owner’s equity $26,450
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
63. C1 - 63
NetSolutions
Balance Sheet
November 30, 2002
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
Assets
Cash $5,900
Supplies 550
Land 20,000
Total assets $26,450
Liabilities
Accounts payable $ 400
Owner’s Equity
Chris Clark, capital 26,050
Total liabilities and
owner’s equity $26,450
64. C1 - 64
NetSolutions
Balance Sheet
November 30, 2002
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
Assets
Cash $5,900
Supplies 550
Land 20,000
Total assets $26,450
Liabilities
Accounts payable $ 400
Owner’s Equity
Chris Clark, capital 26,050
Total liabilities and
owner’s equity $26,450
65. C1 - 65
NetSolutions
Balance Sheet
November 30, 2002
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
Assets
Cash $5,900
Supplies 550
Land 20,000
Total assets $26,450
Liabilities
Accounts payable $ 400
Owner’s Equity
Chris Clark, capital 26,050
Total liabilities and
owner’s equity $26,450
66. C1 - 66
NetSolutions
Statement of Cash Flows
For the Month Ended November 30, 2002
Cash flows from operating activities:
Cash received from customers $ 7,500
Deduct cash payments for expenses
and payments to creditors 4,600
Net cash flow from operating activities $ 2,900
Cash flows from investing activities:
Cash payments for acquisition of land (20,000)
Cash flows from financing activities:
Cash received as owner’s investment $25,000
Deduct cash withdrawal by owner 2,000
Net cash flow from financing activities 23,000
Net cash flow and Nov. 30, 2002 cash balance $5,900
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
67. C1 - 67
NetSolutions
Statement of Cash Flows
For the Month Ended November 30, 2002
)
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
Cash flows from operating activities:
Cash received from customers $ 7,500
Deduct cash payments for expenses
and payments to creditors 4,600
Net cash flow from operating activities $ 2,900
Cash flows from investing activities:
Cash payments for acquisition of land (20,000
Cash flows from financing activities:
Cash received as owner’s investment $25,000
Deduct cash withdrawal by owner 2,000
Net cash flow from financing activities 23,000
Net cash flow and Nov. 30, 2002 cash balance $5,900
68. C1 - 68
NetSolutions
Statement of Cash Flows
For the Month Ended November 30, 2002
)
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
Cash flows from operating activities:
Cash received from customers $ 7,500
Deduct cash payments for expenses
and payments to creditors 4,600
Net cash flow from operating activities $ 2,900
Cash flows from investing activities:
Cash payments for acquisition of land (20,000)
Cash flows from financing activities:
Cash received as owner’s investment $25,000
Deduct cash withdrawal by owner 2,000
Net cash flow from financing activities 23,000
Net cash flow and Nov. 30, 2002 cash balance $5,900
69. C1 - 69
NetSolutions
Statement of Cash Flows
For the Month Ended November 30, 2002
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
Cash flows from operating activities:
Cash received from customers $ 7,500
Deduct cash payments for expenses
and payments to creditors 4,600
Net cash flow from operating activities $ 2,900
Cash flows from investing activities:
Cash payments for acquisition of land (20,000
Cash flows from financing activities:
Cash received as owner’s investment $25,000
Deduct cash withdrawal by owner 2,000
Net cash flow from financing activities 23,000
Net cash flow and Nov. 30, 2002 cash balance $5,900
)
70. C1 - 70
Ratio of Liabilities to Owner’s EquityRatio of Liabilities to Owner’s EquityRatio of Liabilities to Owner’s EquityRatio of Liabilities to Owner’s Equity
Ratio of liabilities
to owner’s equity
=
FormulaFormula
Objective: Use the ratio of liabilities to owner’s equity to
analyze the ability of a business to withstand poor
business conditions and to pay its creditors.
Total liabilities
Total owner’s equity
NetSolutions =
ExampleExample
$400
$16,050
.025 or 2.5%
71. C1 - 71
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Power NotesChapter 1
Introduction to Accounting and BusinessIntroduction to Accounting and Business