Introduction to Accounting

Slides:

Advertisements

Similar presentations

Investing and Financing Decisions and the Balance Sheet

Advertisements

Financial Accounting Review McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.

An accounting device used to analyze transactions is a called a/an ____________ T ACCOUNT.

Question Answer Accounting I Debits & Credits Analyzing.

Introduction to Accounting Name:. The Basic Accounting Equation Write the equation here. Use Video 1.

Nursery Management Understanding and Managing Finance Session 2.

AAT Level 3 Recap on Debits and Credits and Introduction to Income Statement and Statement of Financial Position.

1-1 Accounting Basics Prepared/Edited by Nita S. Edwards, CPA.

Accounting Unit. MSBCS-BCSIII-5: The students will examine basics of accounting. a) Define credits and debits. b) Identify account types (assets, liabilities,

Basic Accounting Course YESCO 2009 Office Managers Conference.

For Every Debit There Is A Credit OR Debits = Credits.

Written by Ruby Ann Sawyer, Brantley County Middle School.

Introduction to Accounting Written by Ruby Ann Sawyer, Brantley County Middle School.

WRITTEN BY RUBY ANN SAWYER, BRANTLEY COUNTY MIDDLE SCHOOL Introduction to Accounting.

Using Financial Information and Accounting Chapter 14.

Introduction to Accounting

Introduction to Accounting 8 th grade Mrs. Stovall.

Financial Statements for a Corporation Chapter 19.

JOURNAL ENTRIES: LIABILITES, OWNERS EQUITY, AND REVENUE TO INCREASE A LIABILITY, OWNERS EQUITY OR REVENUE ACCOUNT IT IS CREDITED TO DECREASE ONE OF THEM.

1. »Are vital because a business cannot exist without cash flow »Focus on the following: –creating up-to-date, accurate financial statements –making a.

Introduction to Accounting. What is accounting? The system of recording and summarizing ______________ ___________and analyzing, verifying, and reporting.

> > > > Understanding Financial Statements. Balance Sheet What is a Balance Sheet? A statement that shows –(1) How much money a company has –(2) How much.

Accounting The Balance Sheet The Income Statement Break-Even Analysis Transportation.

Jeopardy Category 1 Category 2 Category 3 Category 4 Category 5 Q $100

Analyzing Transactions into Debit and Credit Parts

Managing Business Finances

The Financial Statements

Company Performance: Cash Flows

POB 4.01 Part 3 – Income Statements & Balance Sheets

Accounting Thursday September 29th, 2016.

Accounting Concepts and Procedures

Introduction to Accounting Story Time!

$ $ $ $ Financial Information Chapter 19

Lesson 1-1 The Accounting Equation

What Do You Think? What do you think is meant by the term transaction?

Statement of Cash Flows

Refresher on… Debits Credits Accounts

Understanding Financial Analysis.

Basic Financial Statements

The Accounting Equation and Double-entry Bookkeeping 会计等式和复式记账法

1.1 Financial Records BST.

Introduction to Accounting

Marketing Management Indicator 2.03.

C. Financing a Small Business

Chapter 3 Financial Statements

Financial Statements for a Corporation

Accounting process.

Accounting BBI2O.

Accounting Standard 8 Understand, interpret, and use accounting principles to make financial decisions.

Financial Statements Balance sheet.

Basic Financial Concepts

Presentation Gb530 Session 1 Review of Accounting.

ENGINEERING ECONOMICS

12-2 Financial Records and Financial Statements

Chapter 1, 2, 3 Review.

Business Transactions and the Accounting Equation

Financial Records and Financial Statements

Recall: Balance sheet shows the financial position of a business for a specific point in time. Balance sheet shows assets, liabilities, and owner’s equity.

MAINTAINING FINANCIAL INFORMATION

Understanding Principles of Accounting

Financial Accounting Lesson 2: The Balance Sheet

Introduction Start.

Chapter One 12 Words.

Analyzing Transactions

SQ-1 Week 5--Finance Judy Ballard.

6.01 Vocabulary.

Financial Statements Balance sheet.

Financial Statements.

Presentation transcript:

Introduction to Accounting Mrs. Stovall 8th grade

What is accounting? the system of recording and summarizing financial transactions and analyzing, verifying, and reporting the results http://www.merriam-webster.com/dictionary/accounting

Who uses accounting? Everyone! Businesses use accounting information to run the business. Investors use it to make decisions about whether to buy a company’s stocks. Creditors use it to make decisions about whether to loan money to a company. IRS use it to determine how much taxes the company must pay. Customers use the information to determine which company to purchase products or services from (you want a company that is going to be around in the future).

Key Terms Assets – things you own Liabilities – a debt or obligation (money owed) Owner’s Equity – the amount of the initial investment plus retained earnings. Income – a monetary gain (usually from the sale of products or services) Expenses – financial burdens; cost

What is credit & debit? Credit – the entry on the right side of an account Debit – the entry on the left side of an account Account Name Debit Credit

Example of Debit & Credit Type of Account Asset Account Asset Account Debit Increases Credit Decreases In this example, your parents gave you $150 cash and you spend $100 on clothes.

Example of Debit & Credit Type of Account Asset Account Asset Account Debit Increases Credit Decreases In this example, your parents gave you $150 cash and you spend $100 on clothes. Cash $150 $100 $50 What is the balance of your cash account?

Financial Statements Balance Sheet - An official financial statement that includes the company’s assets and liabilities. It determines the value of the company by subtracting liabilities from assets. Income Statement - A financial statement of a company’s operation. Shows a company’s income, expenses, and income for a period of time. Shows the company’s profit or loss for a given period of time.

BCS III – Accounting Unit Essential Questions What are debits? credits? What are the basic account types? What is an Income Statement? What is a Balance Sheet? Let’s get started!