akuntansi - accounting information system

8/11/2019 Akuntansi - Accounting Information System

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© The McGraw-Hill Companies, Inc., 2003 McGraw-Hill/Irwin

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2-1

2Accounting InformationSystem




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International Accounting Principles

Despite our growing global economy, countriescontinue to maintain their unique set of

acceptable accounting practices.




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2-4

Fundamental Principles of

AccountingBusiness Entity

Principle

Objectivity

Principle

Cost Principle

Going-ConcernPrinciple

Monetary Unit

Principle

A business is accounted for separatelyfrom its owner or owners.

Financial statement information is

supported by independent, unbiasedevidence.

Financial statements are based on actualcosts incurred in business transactions.

A business continues operating instead ofbeing closed or sold.

Express transactions and events inmonetary units.




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2-5

Source

documents

Recording &posting

Trial balanceReporting

Transactionor event Analysis

The Accounting Process

Exh.

2.2




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2-6

External Transactionsoccur between the

organization and anoutside party.

Internal Transactionsoccur within the

organization.

Transactions and Events

Exchanges of economic consideration between two

parties.


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2-7

Sales

Invoices

Bank

Statement

Purchase

Orders

Checks

Source Documents



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2-8

Detailed record ofincreases anddecreases in

specific assets,liabilities, equities,revenues, orexpenses.

Separate accounts aremaintained for eachitem of importance.

The Account



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2-9

Liabilities EquityAssets = +

Common

Stock

Retained

Earnings Revenues Expenses

Expanded Accounting Equation

+ ++ –

Exh.

2.4



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2-10

Land

Equipment

Buildings

Cash

PrepaidExpenses

OfficeSupplies

StoreSupplies

PrepaidInsurance

NotesReceivable

Accounts

Receivable

ASSETS

Asset Accounts



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2-12

Equities

Revenues

CommonStock Dividends

Expenses

Equity Accounts

RetainedEarnings



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2-13

Analyze the transactionand its source.

Identify the impact of the

transaction on accountbalances.

Also identify the financialstatements that areimpacted by thetransaction.

Analyzing Transactions




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2-14

Buck Johnson forms a

building consulting

business. It is set up asa corporation called

Build-Up, Inc..

Analyze the following

transactions.

Transaction Analysis




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2-15

The accounts involved are:(1) Cash (asset)

(2) Owner’s Equity (equity)

Buck Johnson invests $50,000 in thecompany in exchange for common stock.


Assets = Liabilities + Equity

Cash Supplies EquipmentAccountsPayable

NotesPayable Equity

(1) 50,000$ 50,000$

50,000$ -$ -$ -$ -$ 50,000$

50,000$ = 50,000$




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2-16


(2) Supplies (asset)


Build-Up, Inc. purchased suppliespaying $4,800 cash.



NotesPayable Equity

(1) 50,000$ 50,000$

(2) (4,800) 4,800$

45,200$ 4,800$ -$ -$ -$ 50,000$

50,000$ = 50,000$




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2-17


(2) Equipment (asset)


Build-Up, Inc. purchased equipmentfor $30,000 cash.



NotesPayable Equity

(1) 50,000$ 50,000$

(2) (4,800) 4,800$

(3) (30,000) 30,000$

15,200$ 4,800$ 30,000$ -$ -$ 50,000$

50,000$ = 50,000$




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2-18

The accounts involved are:

(1) Supplies (asset)

(2) Accounts Payable (liability)


Build-Up, Inc. purchased additionalsupplies of $9,400 on account.

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2-19



NotesPayable Equity

(1) 50,000$ 50,000$

(2) (4,800) 4,800$

(3) (30,000) 30,000$

(4) 9,400 9,400$15,200$ 14,200$ 30,000$ 9,400$ -$ 50,000$

59,400$ = 59,400$


Build-Up, Inc. purchased additionalsupplies of $9,400 on account.



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(1) Cash (asset)

(2) Revenues (equity)


Rendered consulting servicesreceiving $9,800 cash.

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2-22


Cash Supplies Equipment

Accounts

Payable

Notes

Payable Equity

Bal 15,200$ 14,200 30,000 9,400 50,000$

(5) 9,800 9,800

25,000$ 14,200$ 30,000$ 9,400$ -$ 59,800$

69,200$ = 69,200$


Rendered consulting servicesreceiving $9,800 cash.



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2-25


(1) Cash (asset)

(2) Salary Expense (equity)


Paid Salaries of $2,300.



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2-27

Accoun t Name

(Left Side)

Debit

(Right Side)

Credit

Used as a simple tool forillustrating the balance in a

given account.

Chart of Accounts & the T-Account

Typically, acompany

keeps alisting of all

the accountsis uses. This

list is calledthe Chart ofAccounts.

Exh.

2.8

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2-28

Cash T-Account for FastForward

CashIssuance of stock 30,000 Purchase of supplies 2,500

Consulting services revenues earned 4,200 Purchase of equipment 26,000

Collection of accounts receivable 1,900 Payment of rent 1,000

Payment of salary 700

Payment of note payable 900 Payment of dividend 600

Total increases 36,100 Total decreases 31,700

Less decreases (31,700)

Balance 4,400

Balance of an Account

An account balance is the difference between theincreases and decreases in an account.

Exh.

2.9

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2-29


Debit Credit Debit Credit Debit Credit

ASSETS

+ -

LIABILITIES

- +

EQUITIES

- +

Double-Entry Accounting

Exh.

2.10

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2-30

Revenues ExpensesRetained

EarningsDividends

_+

_

Debit Credit

Ret. Earnings

- +Debit Credit

Dividends

+ -Debit Credit

Expenses

+ -Debit Credit

Revenues

- +

Double-Entry Accounting - Detail of

Effects on Equity

Exh.

2.11

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2-31

Step 1: Examine

source documents.

Remember these two steps?

Now let’s look at someadditional steps.

Steps in Processing Transactions

Equipment

(3) 30,000


Step 2: Analyze

transactions.

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2-32

ACCOUNT NAME: ACCOUNT No.

Date Description PR Debit Credit Balance

Step 4: Record the

journal information in a

ledger.

GENERAL JOURNAL Page 123

Date Description

Post.

Ref. Debit Credit

Step 3: Record

transactions in a

journal.

Step 5: Prepare a

trial balance.

Steps in Processing Transactions

Step 1: Examine

source documents.

Equipment

(3) 30,000


Step 2: Analyze

transactions.

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2-33

GENERAL JOURNAL Page 1Date Description PR Debit Credit

2001

Dec. 1 Cash 30,000

Common Stock 30,000

Issuance of stock

Transaction

Date

Titles of Affected

Accounts

Dollar amount of

debits and credits

Transaction

explanation

General Journal for FastForward



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2-35

CASH ACCOUNT No. 101


2001

Dec. 1 Issuance of stock G1 30,000 30,000 Dec. 2 Purchased supplies G1 2,500 27,500

Dec. 3 Purchased equipment G1 26,000 1,500

Dec. 10 Collection from customer G1 1,900 3,400

Balance Column Ledger

Note the the t-account tool is derived from thedebit and credit columns of the ledger.

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2-36

The last line in the balance column shows thecurrent balance in the account.

2.16



2001

Dec. 1 Issuance of stock G1 30,000 30,000 Dec. 2 Purchased supplies G1 2,500 27,500

Dec. 3 Purchased equipment G1 26,000 1,500

Dec. 10 Collection from customer G1 1,900 3,400

Balance Column Ledger

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2-37


2001

Dec. 1 Cash 30,000

Common Stock 30,000

Issuance of stock



2001

1Identify the account.

Posting Journal Entries - Example

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2-38


2001

Dec. 1 Cash 30,000

Common Stock 30,000

Issuance of stock



2001

Dec. 1

2 Enter the date.


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2-39


2001

Dec. 1 Cash 30,000

Common Stock 30,000

Issuance of stock



2001

Dec. 1 Issuance of stock 30,000

3Enter the amount.


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2-40


2001

Dec. 1 Cash 30,000

Common Stock 30,000

Issuance of stock



2001

Dec. 1 Issuance of stock G1 30,000

4Enter the journal reference.


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2 41




2-41



2001

Dec. 1 Issuance of stock G1 30,000 30,000 5

Compute the balance.


2001

Dec. 1 Cash 30,000

Common Stock 30,000

Issuance of stock


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2-42


2001

Dec. 1 Cash 101 30,000

Common Stock 30,000

Issuance of stock



2001

Dec. 1 Issuance of stock G1 30,000 30,000

Enter the ledger reference.6


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2-43

D e b it s C r e d it s

Cash 3,950$

Accounts receivable -

Supplies 9,720

Prepaid Insurance 2,400

Equipment 26,000

Accounts payable 6,200$Unearned consulting revenue 3,000

Common Stock 30,000

Dividends 600

Consulting revenue 5,800

Rental revenue 300

Salaries expense 1,400

Rent expense 1,000 Utilities expense 230

Total 45,300$ 45,300$

FastForward

Trial Balance

December 31, 2001

A TrialBalance is alisting of all

accountsand their

balances ata point in

time.



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2 45

Exh.

2 19




2-45

Retained Earnings, 12/1/01 -$

Add: Net Income 3,470

Total 3,470$Less: Dividends (600)

Retained Earnings, 12/31/01 2,870$

FastForward

Statement of Retained EarningsFor Month Ended December 31, 2001

Statement of Retained Earnings

Beginning of period Retained Earnings is adjusted fordividends paid and net income (or loss) as reported on

the Income Statement.

2.19

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2 46

Exh.

2 19




2-46

Cash 3,950$ Accounts payable 6,200$

Supplies 9,720 Unearned Revenue 3,000

Prepaid Ins. 2,400 Total liabilities 9,200$

Equipment 26,000

Common Stock 30,000$

Retained Earnings 2,870

Total assets 42,070$

Total liabilities and

owners' equity 42,070$

Assets

Equity

Liabilities

FastForward

Balance Sheet

December 31, 2001

2.19

Balance SheetAssets are economic resources owned by a

business. They are expected to providefuture benefits to the business.

Liabilities are

obligations of thebusiness. They

are claimsagainst the

assets of the

business.

Equity is theowner’s claim on

the assets of the

business. It is theresidual interest in

the assets afterdeductingliabilities.

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2-47

Exh.

2 19




2-47

Describes

thesourcesand uses of cash

for a

reportingperiod.

Cash flows from operating activities:

Cash received from clients 9,100$

Cash paid for supplies (3,520)

Cash paid for insurance (2,400)

Cash paid for rent & utilities (1,230)

Cash paid to employee (1,400) Net cash provided by operating acitivities 550$

Cash flows from investing activities:

Purchase of equipment (26,000)$

Net cash used by investing activities (26,000)

Cash flows from financing activities:

Investment by owner 30,000$Withdrawal by owner (600)

Net cash provided by financing activities 29,400

Net increase in cash 3,950$

Cash balance, December 1, 2001 -

Cash balance, December 31, 2001 3,950$

FastForward

Statement of Cash Flows

For Month Ended December 31, 2001

2.19

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2-48

GENERAL JOURNAL Page 123

Date Description

Post.

Ref. Debit Credit

Generally, dollar signs ($)

are not used in the journals orledgers.

RoundingRound numbers in financial

statements to the nearest

dollar.

ACCOUNT NAME: ACCOUNT No.


Formatting Conventions

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2 49

Describes the relationship between net income

for the period and average equity.

Helps an owner judge the compnay’s profitabilitycompared to other business or personal

opportunities.

Return on Equity = Net Income Average Equity

Using the Information - Return on

Equity

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2 50

End of Chapter 2

Now, was that debitsto the left or credits

to the left?I sure wish I had paid

more attention inclass!