tailieunhanh - Lecture Accounting fundamentas (7e): Chapter 6 - Curran

Chapter 6 - Financial statements. After completing this chapter, students will be able to: Prepare an income statement, prepare a statement of owner’s equity, prepare a balance sheet. | CHAPTER SIX Financial Statements 1. Prepare an income statement. 2. Prepare a statement of owner’s equity. 3. Prepare a balance sheet. FINANCIAL STATEMENTS Objectives: 6- The Accounting Period The period for which results are summarized are known as the accounting period or the fiscal period. 6- Completion of the Income Statement The income statement is prepared on accounting paper with two money columns. The income statement heading answers Who, What, and When? The balance will reflect a net income or net loss. 6- Completion of the Statement of Owner’s Equity This supplemental statement shows the details of the changes in owner’s equity during the accounting or fiscal period. The heading answers Who, What and When? 6- Completion of the Balance Sheet (Continued) The balance sheet shows the status of the business on one particular day. A balance sheet may be prepared at any time. The balances are taken from trial balance. 6- Completion of the Balance Sheet . | CHAPTER SIX Financial Statements 1. Prepare an income statement. 2. Prepare a statement of owner’s equity. 3. Prepare a balance sheet. FINANCIAL STATEMENTS Objectives: 6- The Accounting Period The period for which results are summarized are known as the accounting period or the fiscal period. 6- Completion of the Income Statement The income statement is prepared on accounting paper with two money columns. The income statement heading answers Who, What, and When? The balance will reflect a net income or net loss. 6- Completion of the Statement of Owner’s Equity This supplemental statement shows the details of the changes in owner’s equity during the accounting or fiscal period. The heading answers Who, What and When? 6- Completion of the Balance Sheet (Continued) The balance sheet shows the status of the business on one particular day. A balance sheet may be prepared at any time. The balances are taken from trial balance. 6- Completion of the Balance Sheet (Continued) The owner’s equity section of the balance sheet shows one figure from the owner’s equity statement. 6- Accounting Terminology Accounting period Balance sheet Financial statements Fiscal period Income statement Statement of owner’s equity 6- Chapter Summary The accounting period is the period of time for which financial results are summarized. Another name for accounting period is the fiscal period. 6- Chapter Summary (continued) Most of the information used in preparing the financial statements comes from the trial balance, which is taken on the last day of the fiscal period. The income statement summarizes the revenue and expenses for an accounting period. 6- Chapter Summary(continued) The statement of owner’s equity shows the details of the changes in owner’s equity that occurred during an accounting period. The balance sheet shows the financial position of a business on one particular date. 6- 1. Fiscal period is another name for the accounting period. 2. .

• Kế toán - Kiểm toán
• Accounting fundamentas
• Lecture Accounting fundamentas
• Nguyên lý kế toán
• Financial statements
• Income statement
• Balance sheet
• Trial balance
• Accounting errors
• Accounting terminology
• Accounting for purchases
• Purchases discounts
• Freight in
• Accounting equation
• Principles of accounting
• Analyze business transactions
• Net income
• The worksheet
• Business transactions
• Closing the ledger
• Closing entries
• Postclosing trial balance
• Accounting cycle
• Accounting for sales
• Sales discounts
• Sales returns
• Purchases journal
• Recording transactions
• Worksheet adjustments
• Uncollectible accounts
• Owner’s equity accounts
• Form of accounts
• Account balances
• Expense accounts
• Recording revenue
• Transaction analysis
• General journal
• Chart of accounts
• Business’s transactions
• General ledger
• Posting reference
• Correcting errors
• Merchandising businesses
• Charge account
• Cash discount
• Unpaid invoice file
• Purchases returns
• The sales journal
• Special journal
• Cash receipts journal
• Memorandum entry
• Cash payments journal
• Cash purchases
• Accounts receivable ledger
• Accounts receivable
• Statement of account
• Accounts payable ledger
• Schedule of accounts payable
• Notes payable
• Goods sold
• Cost of goods sold
• Ten column worksheet
• Classified balance sheet
• Adjusting entries
• Banking procedures
• Deposit slips
• Check stubs