Introduction to Accounting Preparing for a User’s Perspective

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Presentation transcript:

Introduction to Accounting Preparing for a User’s Perspective Overview of the Accounting Cycle Debits and Credits Trainer By Kevin C. Kimball, CPA with support from www.canvas.net Free Jan. 2014 Available on the Google Play Store

Statement of Cash Flows General-Purpose Financial Statements Names Equations Balance Sheet Assets = Liabilities + Equity Statement of Shareholder Equity Beg. Equity + Adds – Subs = End. Equity Income Statement Revenues – Expenses = Net Income Statement of Cash Flows Op. Cash Flows + Invest Cash Flows + Finance Cash Flows + Beg. Cash = End. Cash Footnote disclosures

General-purpose financial statements The Accounting Cycle Source documents Accounting cycle Recurring procedures and thought processes used by entities to convert economic data from source documents into general purpose financial statements General-purpose financial statements

Steps in the Accounting Cycle 1) Identify 2) Analyze Steps in the Accounting Cycle a) What accounts? b) Increase or decrease? c) Amount $? d) Debit or credit? 3) Record 5) Prepare* Date Account Debit Credit 4/8 Accts Receivable 100 Consult. Revenue Trial Balance DR (CR) 20 50 80 Etc. (150) $0 Cash Accounts Receivable Inventory Etc. Accts Payable Total Acct. Rec Cons. Rev. 4) Post 100 100 * Will include preparation of financial statements

The Full Accounting Cycle Original Transaction Entries Identify Analyze Record Post Prepare Pre-adjusted TB Adjusting Entries Identify Analyze Record Post Prepare Adjusted TB Financial Statements Closing Entries Identify Analyze Record Post Prepare Post-Closing TB

DEF Co. Statement of Cash Flows For the year ended 12/31/X2 DEF Co. Balance Sheet As of 12/31/X2 Operating Act. $40 Cash $30 Investing Act. (5) Accounts Receivable 40 Financing Act. (15) Inventory 10 Change in cash $20 Vehicles 60 Beginning cash $10 Equipment 70 Building 80 Ending cash $30 Land 90 Ttl Assets $380 DEF Co. Income Statement For the year ended 12/31/X2 DEF Co. Statement of Retained Earnings For the year ended 12/31/X2 Accounts Payable $20 Notes Payable 50 Ttl Liabilities $ 70 Revenues $500 Beginning Ret. Earnings $50 Capital Contributions $220 Net Income 100 Expenses (400) Retained Earnings 90 Dividends (60) Ttl Shareholder Equity $310 Net Income $100 Ending $90 Ttl Liab & Share Equity $380

The Accounting Cycle and You Perform it Manage it Program it Audit it Certify it Accounting = the language of business

Original Transaction Entries Summary Original Transaction Entries Identify Analyze Record Post Prepare Pre-adjusted TB Adjusting Entries Identify Analyze Record Post Prepare Adjusted TB Financial Statements Closing Entries Identify Analyze Record Post Prepare Post-Closing TB

Additional Accounting Cycle Videos (7m:53s) YouTube video titled: lecture 6 - the accounting cycle (57m:15s) YouTube video titled: Chap 04 Lecture - The Accounting Cycle

Introduction to Accounting Preparing for a User’s Perspective Overview of the Accounting Cycle Debits and Credits Trainer By Kevin C. Kimball, CPA with support from www.canvas.net Free Jan. 2014 Available on the Google Play Store