The document discusses accounting concepts such as T-accounts, debits and credits, the chart of accounts, and analyzing business transactions that affect assets, liabilities, and owner's equity through examples. It also provides an ethical scenario about software piracy and questions to consider for ethical decision making.
COSO's Internal Control - Integrated Framework.
Includes:
Objectives;
Components;
Principles relating to the components and
Point of Focus assisting users in determining whether the principles are present and functioning
COSO's Internal Control - Integrated Framework.
Includes:
Objectives;
Components;
Principles relating to the components and
Point of Focus assisting users in determining whether the principles are present and functioning
Accounting Standards for Government Entities other than Government Business Enterprises (GBEs). This accounting standard is international standard for Governments, Government Autonomous bodies, Government Financial Institutions (not commercial entities). IFRS is international standard for Corporates, which is applicable to Government Business Enterprises. Different nations have adopted and adapted the IPSAS, Cash or Accrual or modified Cash IPSAS. Governments has named the standards by the name of respective Governments. The presentation covers IPSAS 1: Presentation of Financial Statement
IPSAS 2: Cash Flow Statement
IPSAS 3: Accounting Policies, Changes in Accounting Estimates & Errors
IPSAS 4: Changes in Forex Rate
IPSAS 5: Borrowing Cost
IPSAS 6: Consolidated and separate FS
IPSAS 7: Investments in Associates
IPSAS 8: Interest in Joint Venture
IPSAS 9: Revenue from Exchange Transactions
IPSAS 10: Financial Reporting in Hyperinflationary Economies
IPSAS 11: Construction Contract
IPSAS 12: Inventories
IPSAS 13: Leases
IPSAS 14: Events after the Reporting Date
IPSAS 16: Investment Property
IPSAS 17: Property, plant & Equipment
IPSAS 18: Segment Reporting
IPSAS19: Provisions Contingent Liabilities & Assets
IPSAS 20: Related Party disclosures
IPSAS 21: Impairment of Non-Cash Generating Asset
IPSAS 22: Disclosure of Financial Information About the General Government Sector
IPSAS 23: Revenue from Non-Exchange Transactions(Tax & Transfer)
IPSAS 24: Presentation of Budget information in FS
IPSAS 25: Employee Benefits
IPSAS 26: Impairment of Cash Generating Asset
IPSAS 27: Agriculture
IPSAS 28: Financial Instrument Presentation
IPSAS 29: FI: Recognition & Measurement
IPSAS 30: Financial Instrument Disclosure
IPSAS 31: Intangible Asset
IPSAS 32: Service Concession Arrangements: Grantor
Accounting Standards for Government Entities other than Government Business Enterprises (GBEs). This accounting standard is international standard for Governments, Government Autonomous bodies, Government Financial Institutions (not commercial entities). IFRS is international standard for Corporates, which is applicable to Government Business Enterprises. Different nations have adopted and adapted the IPSAS, Cash or Accrual or modified Cash IPSAS. Governments has named the standards by the name of respective Governments. The presentation covers IPSAS 1: Presentation of Financial Statement
IPSAS 2: Cash Flow Statement
IPSAS 3: Accounting Policies, Changes in Accounting Estimates & Errors
IPSAS 4: Changes in Forex Rate
IPSAS 5: Borrowing Cost
IPSAS 6: Consolidated and separate FS
IPSAS 7: Investments in Associates
IPSAS 8: Interest in Joint Venture
IPSAS 9: Revenue from Exchange Transactions
IPSAS 10: Financial Reporting in Hyperinflationary Economies
IPSAS 11: Construction Contract
IPSAS 12: Inventories
IPSAS 13: Leases
IPSAS 14: Events after the Reporting Date
IPSAS 16: Investment Property
IPSAS 17: Property, plant & Equipment
IPSAS 18: Segment Reporting
IPSAS19: Provisions Contingent Liabilities & Assets
IPSAS 20: Related Party disclosures
IPSAS 21: Impairment of Non-Cash Generating Asset
IPSAS 22: Disclosure of Financial Information About the General Government Sector
IPSAS 23: Revenue from Non-Exchange Transactions(Tax & Transfer)
IPSAS 24: Presentation of Budget information in FS
IPSAS 25: Employee Benefits
IPSAS 26: Impairment of Cash Generating Asset
IPSAS 27: Agriculture
IPSAS 28: Financial Instrument Presentation
IPSAS 29: FI: Recognition & Measurement
IPSAS 30: Financial Instrument Disclosure
IPSAS 31: Intangible Asset
IPSAS 32: Service Concession Arrangements: Grantor
Accounting - Lesson 2 : The Accounting Equation Elearningpower
This course covers the complete accounting cycle and is designed for those
who are interested in working in the areas of bookkeeping, clerical
accounting, finance or general office work or are looking to review their
accounting knowledge.Our accounting course teaches principles of
accounting, which are consistent across the globe. Even though there may
be minor differences in accounting principles in different countries, the core
accounting principles are the same.
A presentation for Accounting students on the basic elements of the accounting equation. Covers definitions of assets, liabilities, owner's equity, revenue and expenses. Designed for VCE Accounting students.
Accounting - Lesson 5 : Transactions That Affect Revenue, Expenses and Withdr...Elearningpower
This course covers the complete accounting cycle and is designed for those
who are interested in working in the areas of bookkeeping, clerical
accounting, finance or general office work or are looking to review their
accounting knowledge.Our accounting course teaches principles of
accounting, which are consistent across the globe. Even though there may
be minor differences in accounting principles in different countries, the core
accounting principles are the same.
Accounting - Lesson 4 : Transactions That Affect Assets Liabilities, and O...Elearningpower
This course covers the complete accounting cycle and is designed for those
who are interested in working in the areas of bookkeeping, clerical
accounting, finance or general office work or are looking to review their
accounting knowledge.Our accounting course teaches principles of
accounting, which are consistent across the globe. Even though there may
be minor differences in accounting principles in different countries, the core
accounting principles are the same.
Accounting, accountant, debits and credits, accounting equation, internal users of accounting, external user of accounting, assets, liabilities, equity, T accounts, natural balance, accounting cycle. Accounting principles, Jose Cintron, MBA, Advance Business Consulting, Jose Cintron, mba4help.com
Accounting, accountant, debits and credits, accounting equation, internal users of accounting, external user of accounting, assets, liabilities, equity, T accounts, natural balance, accounting cycle. Accounting principles, Advance Business Consulting, Jose Cintron, mba4help.com
Fundamentals of Business Mathematics in Canada Canadian 2nd Edition Jerome So...kocajsa
Full download http://alibabadownload.com/product/fundamentals-of-business-mathematics-in-canada-canadian-2nd-edition-jerome-solutions-manual/
Fundamentals of Business Mathematics in Canada Canadian 2nd Edition Jerome Solutions Manual
2. Exploring the Real World of
Business
Review the American Airlines Web Site
www.aa.com
****************
Name at least three business transactions that
would affect the assets and liabilities of
American Airlines.
4. You Will Learn
How to use T accounts
Why you need a ledger
The rule of debit and credit
5. Key Terms
Ledger
Chart of accounts
T account
Double-entry
accounting
Credit
Debit
Normal balance
6. The Account
Ledger – referred to as keeping the books
Grouping accounts makes information
easy to find.
When financial statements are needed
information is taken from the ledger and
organized into reports
7. The Chart of Accounts
List of all the accounts and their assigned
numbers
Assets accounts begin with 1
Liability accounts begin with 2
Owner’s equity accounts begins with 3
Revenue accounts begins with 4.
Expense accounts begin with 5.
8.
9. Double-Entry Accounting
A system of recordkeeping in which each
business transaction affects at least two
accounts
10. T Accounts
T-accounts shows the dollar increase or
decrease in an account that is caused by a
transaction
The left side of the T accounts is always used for
debit amounts (DR)
The right side of the T accounts is always used
for credit amounts (CR)
The words debit and credit are simply the
accountants terms for left and right.
12. The Rules of Debit and Credit
An account’s normal balance is always on the
side used to record the increases to the
account.
Rules for Asset Accounts
1. An asset account is increased on the debit side (left
side).
2. An asset account is decreased on the credit side
(right side).
3. The normal balance for an asset is the increase
side or debit side. Assets normally have debit
balances.
13. The Rules of Debit and Credit
Rules for Liability and Owner’s Capital
Accounts
1. Liability an owner’s capital accounts are increased
on the credit side (right side).
2. Liability and owners capital accounts are decreased
on the debit side (left side).
3. The normal balance for liability and owner’s capital
is the increase side, or credit side. Liability and
owner’s capital normally have credit balances.
19. Business Transactions
1. On October 1 Maria Sanchez took $25,000
from personal savings and deposited that
amount to open a business checking account
in the name of Roadrunner Delivery service
2. On October 2 Maria Sanchez took two
telephones valued at $200 each from her
home and transferred them to the business as
office equipment.
3. On October 4 Roadrunner issued a check for
$3,000 to buy a computer system.
20. Business Transaction
1. On October 9 Roadrunner bought a used truck
on account from North Shore auto for $12,000.
2. On October 11Roadrunner sold on phone on
account to Green Company for $200.
3. On October 12 Roadrunner mailed Check 102
for $350 as the first installment payment on the
truck from North Shore Auto on October 9
21. Business Transaction
On October 14, Roadrunner received and
deposited a check for $200 from Green
Company. The check is full payment for
the telephone sold on account to Green
Company on October 11.
22. A Matter of Ethics
Software Piracy
Imagine you’re a bookkeeper for an attorney who
likes to use state of the art technology. The
business just received the latest update on its Web
site design software. You would like to use the
software at home, so your assistant offers to make
you a copy. Although you know that copyright laws
protect software from unauthorized use, you figure
that one little sale can’t hurt a multimillion dollar
software company; besides, you’re not doing the
actual copying.
23. A Matter of Ethics
Ethical Decision Making
What are the ethical issues?
What are the alternatives?
Who are the effected parties?
How do the alternatives effective the parties?
What would you do?
Editor's Notes
The rules of debit and credit are the basis for entering transactions into the records of a business.
An account is a location within the accounting system in which the increases and decreases in a specific asset, liability, or owner’s equity are recorded and stored.
Whether a system is manual or electronic, accounts are stored in a ledger
To keep track of its accounts a business develops a chart of accounts.
An effective way to apply double-entry accounting is to use a T-account.
Debits and credits are used to record the increase or decrease in each account affected by a business transaction. For each debit entry made in one account, a credit of an equal amount must be made in another account.
You need to analyze transactions properly so that you record them correctly.