course studied lecture 32. chapter 1 introduction to accounting and business
TRANSCRIPT
Course Studied
Lecture 32
Chapter 1Introduction to Accounting
and Business
Lecture 01
• Business Organizations • Business Types• Business Stakeholders• GAAP and Accounting Standards• Purpose of Information• The Purpose of Accounting• Accounting System• Difference Between Financial Accounting, Managerial Accounting and Cost
Accounting• Financial Statements• business transaction• Accounting Equation• Effects of Transactions on Owner’s Equity• Practice Questions • Tools for Financial Analysis and Interpretation
– Debt to Equity Ratio
Lecture 02
• Practice Question of Accounting Equations• Affect of Transactions on Financial Statements• Statement of Cash Flows with its components• Accounts Classifications– Assets, Liabilities and Owner’s Equity– Revenues and Expenses
• T Accounts• Rules of Debit / Credit Balance Sheet Accounts• End of chapter 01
Chapter 02
Analyzing Transactions
Lecture 03
• Rules of Debit / Credit Income Statement Accounts
• Double-Entry Accounting• Normal Balances of Accounts• System to Analyze Transactions• Journalizing of Transactions • Posting Journal Entry into Ledgers• Practice Question
Lecture 04
• Transactions• Rules of Debit and Credit• Journalizing• Posting into Ledgers• Balancing the Ledger Accounts
Lecture 05
• Trial Balance• Preparing Financial Statements from Trial Balance• Errors or Mistakes in Transactions• Errors that will not cause the trial balance to be unequal• Correction of Errors• Financial Analysis and Interpretation• Comparing an item in a current statement with the same
item in prior statements is called horizontal analysis.
• End of Chapter 2
Chapter 3
The Matching Concept and the Adjusting Process
Lecture 06
• The Matching Concept and the Adjusting Process
• Reporting Revenue and Expenses– Cash Basis of Accounting – Accrual Basis of Accounting
• Unadjusted trial balance• Chart of Accounts
Lecture 07
• The Matching Concept and the Adjusting Process
• Reporting Revenues and Expenses• Deferred Expenses (Prepaid Expenses)• Deferred Revenue (Unearned Revenue)• Accrued Expenses (Accrued Liabilities)• Accrued Revenues (Accrued Assets)• Fixed Assets• Effect of Omitting Adjustment
Lecture 08• The Matching Concept and the Adjusting Process• Reporting Revenues and Expenses• Deferred Expenses (Prepaid Expenses)• Deferred Revenue (Unearned Revenue)• Accrued Expenses (Accrued Liabilities)• Accrued Revenues (Accrued Assets)• Fixed Assets• Effect of Omitting Adjustment• Summary of Basic Adjustments• Adjusted Trial Balance• Vertical Analysis and Interpretation• End of Chapter 3
Chapter 04
Completing the Accounting Cycle
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Lecture 09
• Seven Basic Steps of the Accounting Cycle• Development of Income Statement• Development of Balance Sheet• Assets Classification• Liabilities Classification• Worksheet• Structure of Worksheet
Lecture 10
• Unadjusted Trial Balance
• Adjusting entries and their affect on adjustment column
• Adjustment of entries on Adjusted column
Lecture 11
• Structure of Worksheet
• Unadjusted Trial Balance
• Adjusting entries and their affect on adjustment column
• Adjustment of entries on Adjusted column
• Preparation of Income Statement Column
• Preparation of Balance Sheet Column
Lecture 12
• Property, Plant and Equipment
• Effect of Omitting Adjustment
• Summary of Basic Adjustments
• Preparation of Income Statement Column
• Preparation of Balance Sheet Column
• Closing Entries
• After Closing Trial Balance
Lecture 13• Unadjusted Trial Balance
• Adjustments
• Adjusted Trial Balance
• Preparation of Income Statement Column
• Preparation of Balance Sheet Column
• Closing Entries
• After Closing Trial Balance
Lecture 14
• Practice Question
• Unadjusted Trial Balance
• Adjustments
• Adjusted Trial Balance
• Preparation of Income Statement Column
• Preparation of Balance Sheet Column
• Closing Entries
• After Closing Trial Balance
Lecture 15
• Practice Questions to Students
• Sample Income Statements
– Service Business (Banking)
– Trading or Merchandizing Business
– End of Chapter 04
Chapter 5
Accounting Systems and Internal Controls
Lecture 16
• Basic Accounting System• Objectives of Internal Control• Elements of Internal Control
1. Control environment2. Risk assessment3. Control procedures4. Monitoring5. Information and communication
• abuses or consequences• Clues to Potential Problems
Lecture 17
• Manual Accounting System• Format of Ledger with running balance• Special Journal• Subsidiary Ledger• Revenue Journal
Lecture 18
• Format of Ledger with running balance• Special Journal• Subsidiary Ledger• Revenue Journal
Lecture 19
• Special Journal
• Subsidiary Ledger
• Revenue Journal
• Cash Receipt Journal
Lecture 20
• Special Journal
• Subsidiary Ledger
• Revenue Journal
• Cash Receipt Journal
• Purchase Journal
Lecture 21• Internal Control
• Special Journal
• Subsidiary Ledger
• Revenue Journal
• Cash Receipt Journal
• Purchase Journal
• Cash Payment Journal
• Computerized Accounting
• End of Chapter 05
Receivables and Inventories
Chapter 6
Lecture 22
• Chapter 06 (Receivables and Inventories)• Accounts Receivable• Notes Receivable• 2/10, n/30
• Estimate Based on Sales• Estimate Based on Aging of Receivables
Lecture 23
• Difference Between Merchandizing and Service Business
• Accounting for Inventories• Terms of purchases• Terms of Sales• Calculation of Net Profit• Closing Entries
Lecture 24
• Cost, Product Cost, Period Cost• Components of Manufacturing Products• Cost of Good Manufactured• Cost of Goods Sold• Manufacturing Cost Flows• Income Statements
Lecture 25
• Accounting for Manufacturing Business• Importance of Inventory Control • Effect of Inventory Errors on Financial
Statements• Defining Inventory• Inventory Systems• Cost Flow Assumptions
Lecture 26
• Chapter 06 ( Inventories)• Inventory Control Important• Effect of Inventory Errors on Financial
Statements• Defining Inventory• Inventory Systems• Cost Flow Assumptions
Lecture 27
• FIFO (Perpetual Inventory System)• FIFO (Periodic Inventory System)
Lecture 28
• LIFO (Perpetual Inventory System)• LIFO (Periodic Inventory System)
Lecture 29
• Inventory Systems• Perpetual Inventory System• Periodic Inventory System
• Cost Flow Assumptions• First in First Out• Last in First Out• Average Inventory Method
• End of Chapter 6
Chapter 07
Cash and Bank Reconcialiation Statement
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Lecture 30
• Control Over Cash• Retailers’ Sources of Cash• Controlling Cash Received in the Mail• Internal Control of Cash Payments• Basic Features of the Voucher System• Bank Reconciliation Statement• Reasons for Differences Between Depositor’s Records
and the Bank Statement• Steps in a Bank Reconciliation• End of Chapter 7
Lecture 31
• Practice Questions of • Accounting Equation• Accounting Cycle• Complete Accounting Cycle• Inventories–Merchandizing Business–Manufacturing Business
• Bank Reconciliation Statement
• End of Lecture 32• Accounting 1• MGT 130
• Completion of Course