tailieunhanh - Lecture Intermediate accounting (Volume 1, IFRS edition): Chapter 3 - Kieso, Weygandt, Warfield

Chapter 3 - The accounting information system. As the opening story indicates, a reliable information system is a necessity for all companies. The purpose of this chapter is to explain and illustrate the features of an accounting information system. | C H A P T E R 3 THE ACCOUNTING INFORMATION SYSTEM Intermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield Understand basic accounting terminology. Explain double-entry rules. Identify steps in the accounting cycle. Record transactions in journals, post to ledger accounts, and prepare a trial balance. Explain the reasons for preparing adjusting entries. Prepare financial statement from the adjusted trial balance. Prepare closing entries. Learning Objectives Identifying and recording Journalizing Posting Trial balance Adjusting entries Adjusted trial balance Preparing financial statements Closing Post-closing trial balance Reversing entries Summary Accounting Information System The Accounting Cycle Financial Statements For Merchandisers Basic terminology Debits and credits Accounting equation Financial statements and ownership structure Income statement Statement of retained earnings Statement of financial position Closing entries The Accounting Information System Collects and processes transaction data. Disseminates the information to interested parties. Accounting Information System Accounting Information System (AIS) How much and what kind of debt is outstanding? Were sales higher this period than last? What assets do we have? What were our cash inflows and outflows? Did we make a profit last period? Are any of our product lines or divisions operating at a loss? Can we safely increase our dividends to shareholders? Is our rate of return on net assets increasing? Accounting Information System Helps management answer such questions as: Basic Terminology LO 1 Understand basic accounting terminology. Event Transaction Account Real Account Nominal Account Ledger Journal Posting Trial Balance Adjusting Entries Financial Statements Closing Entries Debits and Credits LO 2 Explain double-entry rules. An Account shows the effect of transactions on a given asset, liability, equity, revenue, or expense account. Double-entry accounting system (two-sided effect). . | C H A P T E R 3 THE ACCOUNTING INFORMATION SYSTEM Intermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield Understand basic accounting terminology. Explain double-entry rules. Identify steps in the accounting cycle. Record transactions in journals, post to ledger accounts, and prepare a trial balance. Explain the reasons for preparing adjusting entries. Prepare financial statement from the adjusted trial balance. Prepare closing entries. Learning Objectives Identifying and recording Journalizing Posting Trial balance Adjusting entries Adjusted trial balance Preparing financial statements Closing Post-closing trial balance Reversing entries Summary Accounting Information System The Accounting Cycle Financial Statements For Merchandisers Basic terminology Debits and credits Accounting equation Financial statements and ownership structure Income statement Statement of retained earnings Statement of financial position Closing entries The Accounting Information System Collects .

• Kế toán - Kiểm toán
• Intermediate accounting
• Lecture Intermediate accounting
• Information system
• Accounting cycle
• Trial balance
• Basic accounting terminology
• Double entry rules
• Financial Accounting
• Accounting process
• Accounting equation
• Accounting processing cycle
• Stock issuance
• Estimating reserves
• Liquidating dividends
• Accounting changes
• Error corrections
• Accounting choices
• Theoretical structure
• Accrual accounting
• Financial accounting environment
• Accounting for leases
• Leasing environment
• Accounting by lessee
• Special accounting problems
• Cash versus accrual accounting
• International standard setting
• Accounting standards
• Accounting assists
• The challenges facing accounting
• Income taxes
• Accounting for income taxes
• Deferred tax liabilities
• Error analysis
• Accounting policy
• Accounting estimate
• Accounting policies
• Financial reporting
• Accounting information system
• Measurement issues
• Characteristics of accounting
• Capital allocation process