tailieunhanh - Lecture Financial accounting: Tools for business decision-making (7th edition) – Chapter 3

Chapter 3 - The accounting information system. This chapter include objectives: Analyze the effect of transactions on the accounting equation; explain how accounts, debits and credits are used to record transactions; journalize transactions in the general journal; post transactions to the general ledger; prepare a trial balance. | CHAPTER 3: THE ACCOUNTING INFORMATION SYSTEM LO 1: Analyze the effect of transactions on the accounting equation. LO 2: Explain how accounts, debits and credits are used to record transactions. LO 3: Journalize transactions in the general journal. LO 4: Post transactions to the general ledger. LO 5: Prepare a trial balance. LEARNING OBJECTIVES Accounting information system: The system of collecting and processing transaction data and communicating financial information Can vary widely based on factors such as: Type of business and its transactions Size of company Amount of data Information requirements Accounting Transactions Transactions are economic events that must be recorded in the financial statements Not all events are recorded and reported as accounting transactions: Only those that change assets, liabilities, or shareholders’ equity Accounting Transactions (Continued) Transaction Identification Process Step 1: Analyze each transaction to determine its effect on accounts (if . | CHAPTER 3: THE ACCOUNTING INFORMATION SYSTEM LO 1: Analyze the effect of transactions on the accounting equation. LO 2: Explain how accounts, debits and credits are used to record transactions. LO 3: Journalize transactions in the general journal. LO 4: Post transactions to the general ledger. LO 5: Prepare a trial balance. LEARNING OBJECTIVES Accounting information system: The system of collecting and processing transaction data and communicating financial information Can vary widely based on factors such as: Type of business and its transactions Size of company Amount of data Information requirements Accounting Transactions Transactions are economic events that must be recorded in the financial statements Not all events are recorded and reported as accounting transactions: Only those that change assets, liabilities, or shareholders’ equity Accounting Transactions (Continued) Transaction Identification Process Step 1: Analyze each transaction to determine its effect on accounts (if any) Evidence comes from a source document Step 2: Record transaction as a journal entry in the general journal Step 3: Transfer journal entries recorded to appropriate accounts in the general ledger Step 4: Prepare a trial balance Steps in the Recording Process Transaction analysis determines impact on the accounting equation Assets = Liabilities + Shareholders’ Equity The accounting equation must always balance Therefore, each transaction has a dual (double-sided) effect on the equation Analyzing Transactions Step 1 of Accounting Cycle Analyzing Transactions Identify an economic event that would be recorded in the accounting system and one that would not be recorded. Discussion Question 10 An individual accounting record of increases and decreases in a specific asset, liability, or shareholders’ equity item T Account—three parts: Title of the account A left or debit side A right or credit side In its simplest form, these parts are positioned like the letter T; therefore called a T .

• Kế toán - Kiểm toán
• Financial accounting
• Lecture Financial accounting
• Financial statements
• Kế toán tài chính
• Accounting information system
• Accounting transactions
• Issues in financial accounting
• Accounting standards
• Financial reporting
• Financial Accounting Standards Board
• Fundamental financial accounting
• Lecture Fundamental financial accounting concepts
• Financial statement
• Accounting cycle
• Accounting for accruals
• Accounting system
• Accounting activities
• Financial accounting practice
• Accounting terminology
• Reporting financial results
• Evaluating liquidity
• Business firms
• The financial reporting reform
• Accounting information
• Management accounting
• Accounting equation
• Accounting systems
• Decision making
• External financial reporting
• Accounting for business
• Lecture Accounting for business
• Financial accounting reports
• Statement of financial performance
• Accrual accounting systems
• Statement of financial position
• Mastering financial accounting essentials
• Financial accounting essentials
• Accrual accounting
• Income statement
• Accounting conventions
• Internal control
• Accounting for cash
• Accounting for receivables
• Computing uncollectible accounts expense
• Long term debt
• Accounting for long term debt
• Paper F3
• Revision kit 2016
• Accounting Financial
• Accounting Financial Review
• Financial Review accounting exam
• Study text 2016
• Language of business
• Double entry accounting system
• Credit terminology
• Merchandising businesses
• Accounting for merchandising businesses
• Accounting for inventories
• Cash discounts
• The accounting cycle
• International financial reporting standards
• Completing the accounting cycle
• Accounting worksheet
• Classified balance sheet