Upon completion of this chapter you should understand: Basic concepts associated with the Income Statement, basic concepts associated with the Balance Sheet, cash flow and cash flow statements, financial statement generation and the accounting equation, other types of financial statements.
After studying this chapter you will be able to: Accounting equation entries applied to capital costs and expenses and their impact on financial statements; depreciation methods, calculating depreciation and book value of assets and the affect on profit, taxes and cash flow; inventory management and the affect on the accounting equation; financial statement ratios and their use for economic decision making.
After completing this unit, you should be able to: Explain the nature and general purpose of financial statements; explain certain accounting principles that are important for an understanding of financial statements and how professional judgment by accountants may affect the application of those principles; explain how the statement of financial position, often referred to as the balance sheet, is an expansion of the basic accounting equation;...
After you have mastered the material in this chapter, you will be able to: Explain the accounting entity assumption; define assets, liabilities, owner's equity, revenue and expenses and classify items into assets, liabilities, owner's equity, revenue and expenses; define the accounting equation and describe the link between the equation and the accounting entity assumption;...
The following will be discussed in this chapter: Basic accounting equation expanded to include income and expenses, transactions and balancing the equation, linking the income statement to the balance sheet through owners’ equity, horizontal model, adjustments, transaction analysis.
(BQ) Part 1 book "Financial and management accounting an introduction" has contents: Financial statements from the accounting equation; ensuring the quality of financial statements; accounting information for service businesses; accounting information for trading businesses;...and other contents.
(BQ) Part 1 book "The everything accounting book" has contents: Accounting is more than numbers, the basic accounts, keeping track of transactions, setting up a system, the accounting equation, recording your revenues, the inventory cost connection, standard operating expenses,...and other contents.
(BQ) Part 1 book "Financial accounting - An introduction" has contents: Who needs accounting, a systematic approach to financial reporting - the accounting equation, financial statements from the accounting equation, ensuring the quality of financial statements, accounting information for service businesses,...and other contents.
Lecture Accounting and financial system - Lecture 3-4: Accounting process. The main contents of the chapter consist of the following: The accounting equation, source documentation, books of prime entry, ledger accounting, extraction of trial balance, control procedure.
Chapter 1 - Principles of accounting. After completing this unit, you should be able to: Describe the functions of accounting, complete an accounting equation, prepare a balance sheet, demonstrate the process of recording business transactions in equation form.
Chapter 2 - The effect of revenue and expenses. After completing this chapter, students will be able to: Analyze business transactions involving revenue and expenses, record the effects of revenue and expenses in the accounting equation, compute net income or net loss.
Chapter 9 - The worksheet and the financial statements. After completing this chapter, students will be able to: Describe the functions of accounting, complete an accounting equation, prepare a balance sheet, demonstrate the process of recording business transactions in equation form.
Above all, remember that accounting is a vehicle for providing financial information in a form
that assists decision-making. Work hard at presenting your work as neatly as possible and
remember that pictures (in this case, financial figures) only carry half the message. When you
are asked for them, words of explanation and insight are essential in order to make an examiner
appreciate what you know and that you actually understand what the figures mean.
English for Accounting and Auditing has been specifically developed for people studying and working in accounting and auditing who need English to study higher programs or communicate in a variety of situations with colleagues and business partners. In this short course, students will learn the language related to accounting and auditing as well as ways toachieve their goals.
An understanding of the principles of bookkeeping
and accounting is essential for anyone
who is interested in a successful career in business.
The purpose of bookkeeping and accounting
is to provide information concerning the financial
affairs of a business. This information
is needed by owners, managers, creditors, and
An individual who earns a living by recording the financial activities
of a business is known as a bookkeeper, while the process of classifying and summarizing business transactions and interpreting their effects is
accomplished by the accountant.
By the end of this chapter, you should be able to:
Explain and use basic financial terms and concepts.
Define the key financial statements and accounting equations and explain their purposes and
Describe the different forms of business structure and recognize similarities and differences
Change is a given in business today, and managers are expected to do more and understand more
than they ever had to in the past. How often have you heard statements just like these—often from
your own managers?...
The success or failure of a business is measured in dollars. And
dollars are recorded and reported using accounting. Accounting
is truly the language of business. No matter what your role
may be, if you are involved in business, you can benefit from
learning accounting. That’s what this book is all about—taking
the subject and making it understandable and accessible.
You likely have a general concept of what accountants do. They capture information about the
transactions and events of a business, and summarize that activity in reports that are used by persons
interested in the entity. But, you likely do not realize the complexity of accomplishing this task. It
involves a talented blending of technical knowledge and measurement artistry that can only be fully
appreciated via extensive study of the subject.
Chapter 2 - The accounting cycle: During the period. In this chapter you will learn: Identify the basic steps in measuring external transactions, analyze the impact of external transactions on the accounting equation, assess whether the impact of external transactions results in a debit or credit to an account balance, record transactions using debits and credits, post transactions to t-accounts in the general ledger, prepare a trial balance.