The document discusses the basic accounting equation of Assets = Liabilities + Owners' Equity. It provides examples of how transactions affect the balance sheet through increases and decreases to asset, liability, and owners' equity accounts. Revenues increase owners' equity, while expenses decrease owners' equity. Financial statements like the balance sheet and income statement are prepared using transaction data to report on a company's financial position and performance.
The document discusses key concepts in financial accounting, including the accounting equation (Assets = Liabilities + Owners' Equity), transaction analysis, revenues, expenses, and adjustments. It explains that the accounting equation must always balance, and transactions may affect asset, liability, or owners' equity accounts. Revenues increase owners' equity while expenses decrease it. Interest is computed based on principal, interest rate, and time period.
Accounting and management unit one and basicsmbadepartment5
The document discusses key concepts in financial accounting including the accounting equation, assets, liabilities, owners' equity, revenues, expenses, and transactions. It explains that the accounting equation is Assets = Liabilities + Owners' Equity and must always balance. Transactions are analyzed to determine their impact on accounts to maintain the balance of the equation. Revenues increase owners' equity while expenses decrease owners' equity.
The document discusses key concepts in financial accounting including the accounting equation, balance sheets, income statements, and owners' equity. It explains that the accounting equation is Assets = Liabilities + Owners' Equity and must always balance. Transactions are analyzed to determine their impact on the equation. Financial statements like the balance sheet and income statement are prepared at the end of an accounting period to summarize a firm's financial position and performance.
Ammad awan glasgow - basic concepts of financial accountingAmmadAwanGlasgow
Ammad Awan Glasgow says account manager’s are successful if they are good at networking, and building and sustaining relationships. Their business and potential to make money depends on how well they manage in those areas.
This document provides an overview of basic financial accounting concepts, including the accounting equation, balance sheets, assets, liabilities, owners' equity, revenues, expenses, transactions, historical cost, adjustments, interest, rent, depreciation, and unearned revenue. It explains that the accounting equation must always balance, assets represent resources owned, liabilities are obligations, and owners' equity is the residual claim on assets. Revenues increase owners' equity while expenses decrease it.
The document discusses key concepts in financial accounting, including the accounting equation of Assets = Liabilities + Owners' Equity. It explains that the balance sheet is an expanded expression of this equation. It also defines assets, liabilities, owners' equity, revenues and expenses, and how various transactions affect the accounting equation. Specific topics covered include historical cost, depreciation, interest, rent, sales of inventory, adjustments to accounts, and unearned revenue.
Cloud based <a>Online Accounting Software</a> for day to day needs of accountants and sme's, allows you to manage payroll, bookkeeping for free.
Learn More :- https://www.capium.com
The document discusses key concepts in financial accounting, including the accounting equation (Assets = Liabilities + Owners' Equity), balance sheets, and the basic elements they contain (assets, liabilities, owners' equity). It also covers revenues and expenses, how they impact owners' equity, and examples like sales of inventory that contain both revenue and expense elements. The document discusses various adjustments that may need to be made to accounting records like depreciation, interest, rent, and unearned revenue.
The document discusses key concepts in financial accounting, including the accounting equation (Assets = Liabilities + Owners' Equity), transaction analysis, revenues, expenses, and adjustments. It explains that the accounting equation must always balance, and transactions may affect asset, liability, or owners' equity accounts. Revenues increase owners' equity while expenses decrease it. Interest is computed based on principal, interest rate, and time period.
Accounting and management unit one and basicsmbadepartment5
The document discusses key concepts in financial accounting including the accounting equation, assets, liabilities, owners' equity, revenues, expenses, and transactions. It explains that the accounting equation is Assets = Liabilities + Owners' Equity and must always balance. Transactions are analyzed to determine their impact on accounts to maintain the balance of the equation. Revenues increase owners' equity while expenses decrease owners' equity.
The document discusses key concepts in financial accounting including the accounting equation, balance sheets, income statements, and owners' equity. It explains that the accounting equation is Assets = Liabilities + Owners' Equity and must always balance. Transactions are analyzed to determine their impact on the equation. Financial statements like the balance sheet and income statement are prepared at the end of an accounting period to summarize a firm's financial position and performance.
Ammad awan glasgow - basic concepts of financial accountingAmmadAwanGlasgow
Ammad Awan Glasgow says account manager’s are successful if they are good at networking, and building and sustaining relationships. Their business and potential to make money depends on how well they manage in those areas.
This document provides an overview of basic financial accounting concepts, including the accounting equation, balance sheets, assets, liabilities, owners' equity, revenues, expenses, transactions, historical cost, adjustments, interest, rent, depreciation, and unearned revenue. It explains that the accounting equation must always balance, assets represent resources owned, liabilities are obligations, and owners' equity is the residual claim on assets. Revenues increase owners' equity while expenses decrease it.
The document discusses key concepts in financial accounting, including the accounting equation of Assets = Liabilities + Owners' Equity. It explains that the balance sheet is an expanded expression of this equation. It also defines assets, liabilities, owners' equity, revenues and expenses, and how various transactions affect the accounting equation. Specific topics covered include historical cost, depreciation, interest, rent, sales of inventory, adjustments to accounts, and unearned revenue.
Cloud based <a>Online Accounting Software</a> for day to day needs of accountants and sme's, allows you to manage payroll, bookkeeping for free.
Learn More :- https://www.capium.com
The document discusses key concepts in financial accounting, including the accounting equation (Assets = Liabilities + Owners' Equity), balance sheets, and the basic elements they contain (assets, liabilities, owners' equity). It also covers revenues and expenses, how they impact owners' equity, and examples like sales of inventory that contain both revenue and expense elements. The document discusses various adjustments that may need to be made to accounting records like depreciation, interest, rent, and unearned revenue.
The document discusses basic concepts of financial accounting including the accounting equation, balance sheets, and key elements like assets, liabilities, owners' equity, revenues, and expenses. It explains that the accounting equation must always balance, with assets equal to liabilities plus owners' equity. Transactions can increase or decrease different elements of the balance sheet to maintain the balance of the equation. Historical costs, revenues, expenses, adjustments, and other accounting concepts are also summarized.
The document provides an overview of basic financial accounting concepts. It explains that accounting is based on the accounting equation of Assets = Liabilities + Owners' Equity. The balance sheet expresses this equation by listing assets, liabilities, and owners' equity. It also defines key elements like assets, liabilities, owners' equity, revenues and expenses. Transactions must follow the accounting equation and be recorded and analyzed to maintain accurate financial records.
The document discusses the accounting equation and accounting cycle. The accounting equation for a business is Assets = Liabilities + Owner's Equity, while for a corporation it is Assets = Liabilities + Shareholders' Equity + Retained Earnings. The accounting cycle includes recording transactions, posting to accounts, making adjustments, preparing financial statements. It also discusses adjusting entries for prepaid expenses, depreciation, and unearned revenues to comply with accounting principles.
The document provides an overview of basic financial accounting concepts. It explains that accounting is based on the accounting equation of assets equaling liabilities plus owners' equity. Assets are valuable resources owned, while liabilities are obligations, and owners' equity is the residual interest in assets. Revenues increase owners' equity by providing goods/services, while expenses decrease it by consuming resources to generate revenue. Financial statements like the balance sheet present a company's assets, liabilities, and owners' equity at a point in time.
The document provides an overview of basic financial accounting concepts. It explains that accounting is based on the accounting equation of assets equaling liabilities plus owners' equity. Assets are valuable resources owned, while liabilities are obligations, and owners' equity is the residual interest in assets. Revenues increase owners' equity by providing goods/services, while expenses decrease it by consuming resources to generate revenue. Financial statements like the balance sheet present a company's assets, liabilities, and owners' equity at a point in time.
Here are the solutions to the selected problems from Chapter 17:
P17-7A:
Accounts receivable, December 31, 2009 $90,000
Estimated uncollectible accounts (3% of receivables) 2,700
Net accounts receivable $87,300
Accounts receivable, December 31, 2010 $110,000
Estimated uncollectible accounts (5% of receivables) 5,500
Net accounts receivable $104,500
Increase in net accounts receivable $17,200
P17-9A:
Accounts receivable, January 1 $80,000
Credit sales for January 150,000
Collections for January (120,000)
Here are the solutions to the selected problems from Chapter 17:
P17-7A:
Accounts receivable, December 31, 2009 $90,000
Estimated uncollectible accounts (3% of receivables) 2,700
Net accounts receivable $87,300
Accounts receivable, December 31, 2010 $110,000
Estimated uncollectible accounts (5% of receivables) 5,500
Net accounts receivable $104,500
Increase in estimated uncollectible accounts $3,200
P17-9A:
Accounts receivable, January 1 $80,000
Credit sales for January 30,000
Collections for January (25,000)
The document discusses accounting concepts including accounts, the accounting equation, and types of accounts. It defines an account as a record of transactions relating to a person, asset, liability, expense, or income. The accounting equation, Assets = Liabilities + Capital, shows that the assets and liabilities of a firm are equal. There are three types of accounts: personal accounts that represent people, real accounts for assets and properties, and nominal accounts for expenses, losses, income, and gains.
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.
The document defines accounting as recording, classifying, and summarizing financial transactions and events to prepare financial statements. It discusses the basic accounting concepts like the accounting equation, assets, liabilities, equity, revenues and expenses. It also explains the key steps in accounting cycle which includes recording transactions, posting to ledger accounts, preparing an unadjusted trial balance, making adjusting entries, preparing an adjusted trial balance and financial statements, and closing temporary accounts. The accounting cycle aims to generate useful financial information for decision making in the form of income statement, balance sheet, and other financial reports.
Accounting is an information system that identifies, records, and communicates the economic events of an organization to interested users. The chapter discusses key accounting concepts such as the accounting equation, assets, liabilities, and owner's equity. It also explains the accounting process, accounting principles, and how business transactions affect the basic accounting equation. The chapter concludes with an explanation of the four main financial statements - the income statement, statement of owner's equity, balance sheet, and statement of cash flows - and how they are prepared.
This chapter discusses the fundamentals of accounting including its nature, functions, users, principles, and key concepts. Accounting identifies, records, and communicates the financial events of a business. It provides information to internal users like managers and external users like investors and creditors. Companies follow generally accepted accounting principles to prepare four main financial statements - the income statement, balance sheet, statement of owner's equity, and statement of cash flows. The accounting equation forms the basis of recording transactions and showing a company's assets, liabilities, and owner's equity.
Accounting involves recording and analyzing a business's financial activities. There are two main types: financial accounting which analyzes a company's financial position, and managerial accounting which is used for internal decision making. Key financial documents include the balance sheet, which measures financial health at a point in time by listing assets, liabilities, and equity, and the income statement, which reports revenue, expenses, and profit over a period. Accounting helps ensure accountability, enable comparisons, and is a business's common financial language.
The document discusses key accounting concepts including the accounting equation, accounting cycle, adjusting entries, trial balance, financial statements, and closing process. It provides examples to illustrate preparing adjusting entries for prepaid expenses, accrued liabilities, depreciation, and estimates. It also discusses the use of worksheets, reversing entries, subsidiary ledgers, and special journals.
Day 1 accounting_lecture_slides_bu_500 (1)Bhavin Chavda
Financial accounting provides financial information to external parties such as creditors, investors and governmental agencies. It reports on the financial position and performance of a firm through financial statements. The key elements of financial accounting are assets, liabilities and shareholders' equity. Assets are items owned by a company, liabilities are amounts owed, and shareholders' equity represents the owners' claim on assets. The accounting equation states that assets must always equal liabilities plus shareholders' equity. Financial accounting uses double-entry bookkeeping to record transactions, ensuring the accounting equation stays in balance.
Website Development Company is fastest growing company in the IT market for the website design and development. we are best website development company in India as well as in USA we are based in Noida and Delhi NCR. Website development company is powered by Css Founder.com
The accounting cycle is the process by which accountants prepare financial statements for an entity over a period of time. It involves analyzing transactions, journalizing them, posting to ledger accounts, adjusting entries, preparing a trial balance and financial statements, and closing entries. Key steps include journalizing, posting, preparing a trial balance, adjusting entries, and financial statements.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
The document discusses basic concepts of financial accounting including the accounting equation, balance sheets, and key elements like assets, liabilities, owners' equity, revenues, and expenses. It explains that the accounting equation must always balance, with assets equal to liabilities plus owners' equity. Transactions can increase or decrease different elements of the balance sheet to maintain the balance of the equation. Historical costs, revenues, expenses, adjustments, and other accounting concepts are also summarized.
The document provides an overview of basic financial accounting concepts. It explains that accounting is based on the accounting equation of Assets = Liabilities + Owners' Equity. The balance sheet expresses this equation by listing assets, liabilities, and owners' equity. It also defines key elements like assets, liabilities, owners' equity, revenues and expenses. Transactions must follow the accounting equation and be recorded and analyzed to maintain accurate financial records.
The document discusses the accounting equation and accounting cycle. The accounting equation for a business is Assets = Liabilities + Owner's Equity, while for a corporation it is Assets = Liabilities + Shareholders' Equity + Retained Earnings. The accounting cycle includes recording transactions, posting to accounts, making adjustments, preparing financial statements. It also discusses adjusting entries for prepaid expenses, depreciation, and unearned revenues to comply with accounting principles.
The document provides an overview of basic financial accounting concepts. It explains that accounting is based on the accounting equation of assets equaling liabilities plus owners' equity. Assets are valuable resources owned, while liabilities are obligations, and owners' equity is the residual interest in assets. Revenues increase owners' equity by providing goods/services, while expenses decrease it by consuming resources to generate revenue. Financial statements like the balance sheet present a company's assets, liabilities, and owners' equity at a point in time.
The document provides an overview of basic financial accounting concepts. It explains that accounting is based on the accounting equation of assets equaling liabilities plus owners' equity. Assets are valuable resources owned, while liabilities are obligations, and owners' equity is the residual interest in assets. Revenues increase owners' equity by providing goods/services, while expenses decrease it by consuming resources to generate revenue. Financial statements like the balance sheet present a company's assets, liabilities, and owners' equity at a point in time.
Here are the solutions to the selected problems from Chapter 17:
P17-7A:
Accounts receivable, December 31, 2009 $90,000
Estimated uncollectible accounts (3% of receivables) 2,700
Net accounts receivable $87,300
Accounts receivable, December 31, 2010 $110,000
Estimated uncollectible accounts (5% of receivables) 5,500
Net accounts receivable $104,500
Increase in net accounts receivable $17,200
P17-9A:
Accounts receivable, January 1 $80,000
Credit sales for January 150,000
Collections for January (120,000)
Here are the solutions to the selected problems from Chapter 17:
P17-7A:
Accounts receivable, December 31, 2009 $90,000
Estimated uncollectible accounts (3% of receivables) 2,700
Net accounts receivable $87,300
Accounts receivable, December 31, 2010 $110,000
Estimated uncollectible accounts (5% of receivables) 5,500
Net accounts receivable $104,500
Increase in estimated uncollectible accounts $3,200
P17-9A:
Accounts receivable, January 1 $80,000
Credit sales for January 30,000
Collections for January (25,000)
The document discusses accounting concepts including accounts, the accounting equation, and types of accounts. It defines an account as a record of transactions relating to a person, asset, liability, expense, or income. The accounting equation, Assets = Liabilities + Capital, shows that the assets and liabilities of a firm are equal. There are three types of accounts: personal accounts that represent people, real accounts for assets and properties, and nominal accounts for expenses, losses, income, and gains.
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.
The document defines accounting as recording, classifying, and summarizing financial transactions and events to prepare financial statements. It discusses the basic accounting concepts like the accounting equation, assets, liabilities, equity, revenues and expenses. It also explains the key steps in accounting cycle which includes recording transactions, posting to ledger accounts, preparing an unadjusted trial balance, making adjusting entries, preparing an adjusted trial balance and financial statements, and closing temporary accounts. The accounting cycle aims to generate useful financial information for decision making in the form of income statement, balance sheet, and other financial reports.
Accounting is an information system that identifies, records, and communicates the economic events of an organization to interested users. The chapter discusses key accounting concepts such as the accounting equation, assets, liabilities, and owner's equity. It also explains the accounting process, accounting principles, and how business transactions affect the basic accounting equation. The chapter concludes with an explanation of the four main financial statements - the income statement, statement of owner's equity, balance sheet, and statement of cash flows - and how they are prepared.
This chapter discusses the fundamentals of accounting including its nature, functions, users, principles, and key concepts. Accounting identifies, records, and communicates the financial events of a business. It provides information to internal users like managers and external users like investors and creditors. Companies follow generally accepted accounting principles to prepare four main financial statements - the income statement, balance sheet, statement of owner's equity, and statement of cash flows. The accounting equation forms the basis of recording transactions and showing a company's assets, liabilities, and owner's equity.
Accounting involves recording and analyzing a business's financial activities. There are two main types: financial accounting which analyzes a company's financial position, and managerial accounting which is used for internal decision making. Key financial documents include the balance sheet, which measures financial health at a point in time by listing assets, liabilities, and equity, and the income statement, which reports revenue, expenses, and profit over a period. Accounting helps ensure accountability, enable comparisons, and is a business's common financial language.
The document discusses key accounting concepts including the accounting equation, accounting cycle, adjusting entries, trial balance, financial statements, and closing process. It provides examples to illustrate preparing adjusting entries for prepaid expenses, accrued liabilities, depreciation, and estimates. It also discusses the use of worksheets, reversing entries, subsidiary ledgers, and special journals.
Day 1 accounting_lecture_slides_bu_500 (1)Bhavin Chavda
Financial accounting provides financial information to external parties such as creditors, investors and governmental agencies. It reports on the financial position and performance of a firm through financial statements. The key elements of financial accounting are assets, liabilities and shareholders' equity. Assets are items owned by a company, liabilities are amounts owed, and shareholders' equity represents the owners' claim on assets. The accounting equation states that assets must always equal liabilities plus shareholders' equity. Financial accounting uses double-entry bookkeeping to record transactions, ensuring the accounting equation stays in balance.
Website Development Company is fastest growing company in the IT market for the website design and development. we are best website development company in India as well as in USA we are based in Noida and Delhi NCR. Website development company is powered by Css Founder.com
The accounting cycle is the process by which accountants prepare financial statements for an entity over a period of time. It involves analyzing transactions, journalizing them, posting to ledger accounts, adjusting entries, preparing a trial balance and financial statements, and closing entries. Key steps include journalizing, posting, preparing a trial balance, adjusting entries, and financial statements.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
The Impact of Generative AI and 4th Industrial RevolutionPaolo Maresca
This infographic explores the transformative power of Generative AI, a key driver of the 4th Industrial Revolution. Discover how Generative AI is revolutionizing industries, accelerating innovation, and shaping the future of work.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
2. The Basic Accounting
Equation
• Financial accounting is based upon the
accounting equation.
Assets = Liabilities + Owners' Equity
– This is a mathematical equation which
must balance.
– If assets total $300 and liabilities total
$200, then owners' equity must be $100.
4. The Basic Accounting
Equation
Balance Sheet
Assets Liabilities and Owners’ Equity
Cash 5,000 Liabilities
Accounts receivable 7,000 Accounts payable 8,000
Inventory 10,000 Notes payable 2,000
Equipment 7,000 Total liabilities 10,000
Owners’ equity 19,000
Total assets 29,000 Total liabilities and
owners’ equity 29,000
5. Assets
• Assets are valuable resources that are
owned by a firm.
– They represent probable future economic
benefits and arise as the result of past
transactions or events.
6. Liabilities
• Liabilities are present obligations of
the firm.
– They are probable future sacrifices of
economic benefits which arise as the
result of past transactions or events.
7. Owners' Equity
• Owners' equity represents the
owners' residual interest in the assets
of the business.
– Residual interest is another name for
owners' equity.
8. Owners' Equity
• Owners may make a direct investment
in the business or operate at a profit
and leave the profit in the business.
9. Owners' Equity
• Yet another name for owners' equity is
net assets.
– Indicates that owners' equity results
when liabilities are subtracted from
assets.
Owners’ Equity = Assets – Liabilities
13. A transaction may do one of
several things:
• It may increase both the asset side and
the liabilities and owners' equity side.
• It may decrease both the asset side
and the liabilities and owners' equity
side.
14. A transaction may do one of
several things:
• It may cause both an increase and a
decrease on the asset side.
• It may cause both an increase and a
decrease on the liabilities and owners'
equity side.
15. A transaction may do one of
several things:
• Regardless of what transaction occurs,
the accounting equation must be in
balance after the transaction is
analyzed.
25. Revenues
• Revenues are inflows of assets (or
reductions in liabilities) in exchange
for providing goods and services to
customers.
– A retail store such as Wal-Mart earns
revenues by selling goods to customers.
– A CPA firm earns revenues by providing
services such as tax return preparation or
auditing.
26. Revenues
• Critically important point:
– Cash need not be received in order for
revenue to be recorded.
– Revenues are earned when a company
does what it is supposed to do according
to a contract.
28. Revenues
• A related concept concerns cash
received before a service is performed
or goods are delivered.
29. Consider the following
example:
• A magazine company receives $24,
which represents a year's subscription.
• The subscriber, of course, pays in
advance.
34. Consider the following
example:
• Unearned revenues are usually settled
by the performance of a service, unlike
other liabilities which are usually
settled by the payment of cash.
37. Expenses
• Expenses occur when resources are
consumed in order to generate
revenue.
• They are the cost of doing business.
– Examples include rent, salaries and
wages, insurance, electricity, utilities, and
the like.
39. Expenses
• A critically important point similar to
that for revenues holds true for
expenses.
– A business need not pay out cash in order
to have to record that an expense has
occurred.
40. Expenses
• A critically important point similar to
that for revenues holds true for
expenses.
– If a repairman comes to the business to
work on the air conditioning system, then
the business has a repair expense even
though that work may be charged to its
account.
41. Expenses
• A critically important point similar to
that for revenues holds true for
expenses.
– The company will have a liability which
it will settle later with the payment of
cash.
43. Examples of Payables
• Notes payable—written obligations.
• Accounts payable—unwritten
obligations that arise in the normal
operations of a business.
• Wages payable.
44. Examples of Payables
P
Pa
ay
ya
ab
bl
le
e A
Ac
cc
co
ou
un
nt
ts
s
ASSETS = LIABILITIES + OWNERS’ EQUITY
Utilities
payable
+120
H.Jacobs, capital
Utility expense
–$120
45. Sales of Inventory
• Sales of inventory contain both
revenue and expense components.
46. Sales of Inventory
• A revenue transaction exists because
an asset has been obtained and goods
have been provided to customers.
47. Sales of Inventory
• An expense transaction exists because
an asset has been consumed to
generate the revenue.
49. Sales of Inventory
Sales of Inventory
ASSETS = LIABILITIES + OWNERS’ EQUITY
Accounts
receivable
+$4,000
Inventory
–2,200
H.Jacobs, capital
Sales revenue
+$4,000
Cost of goods sold
–$2,200
50. Adjustments to Accounts
• Several adjustments must be made to
accounting records at the end of the
accounting period.
51. Adjustments to Accounts
• A balance in an account may need to
be adjusted because of the passage of
time and the occurrence of events in
that time period.
52. Adjustments to Accounts
• An amount may not have been
recorded in an account at all.
– The amount will have to be recorded
before the financial statements are
prepared so that all the information will
be correct.
54. Simple Balance Sheets and
Income Statements
• The end result of the accounting
process is the preparation of financial
statements.
55. The Balance Sheet
• The balance sheet shows a firm's
assets, liabilities, and owner's equity
at one point in time.
– The date on the balance sheet will be a
single date, such as December 31 or
June 30.
56. Balance Sheet
January 31, 2000
Assets Liabilities and Owners’ Equity
Cash $ 32,500 Liabilities
Accounts receivable 4,400 Accounts payable $ 30,000
Prepaid rent 11,000 Unearned revenue 50
Inventory 27,800 Utilities payable 120
Equipment 27,792 Interest payable 133
Total assets $100,492 Notes payable 20,000
Total liabilities 50,303
H.Jacobs, capital 50,189
Total liabilities and
owners’ equity $100,492
57. The Income Statement
• The income statement summarizes a
firm's revenues and expenses for a
period of time.
– The date on the income statement will
be a phrase such as, "For the month
ended July 31," or "For the year ended
December 31."
58. The Income Statement
• If revenues exceed expenses, then the
result is net income.
• If expenses exceed revenues, then the
result is a net loss.
59. The Income Statement
• Only revenues and expenses appear
on the income statement.
– Students sometimes think that cash is a
good thing and should appear on the
income statement.
– Cash is an asset and so will appear on the
balance sheet.
60. Income Statement
For the Month Ended January 31, 2000
Revenues
Sales $ 4,000
Service
650
Total revenue 4,650
Expenses
Cost of goods sold 2,200
Rent 1,000
Salary 700
Depreciation 208
Interest 133
Utilities 120
Total expenses 4,361
Net income $ 289
61. The Statement of Owners'
Equity
• The statement of owners' equity
summarizes the changes that took
place in owners' equity during the
period under review.
62. The Statement of Owners'
Equity
• It will have the same date as does the
income statement.
• It shows results over a period of time,
not just at one point in time.
63. The Statement of Owners'
Equity
• The statement starts with the
beginning balance of owners' equity
and adds in any owner investment
and net income.
• If there are withdrawals, then they are
subtracted, as is a net loss.
64. The Statement of Owners'
Equity
• A business will have either a net
income or a net loss, not both.
65. The Statement of Owners'
Equity
Statement of Owners’ Equity
For the Month Ended January 31, 2000
Balance, January 1 $ 0
Investment by owner $ 50,000
Net income 289
Withdrawal by owner (100)
Balance, January 31 $ 50,189
66. Relationship Between Balance
Sheet and Income Statement
• Changes in net income, owner
contributions, and owner
withdrawals, all of which affect
owners' equity, explain changes in net
assets.
67. Forms of Business
Organization
• Profit-oriented enterprises can be
organized in one of three ways.
– Sole proprietorships
– Partnerships
– Corporations