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Presentation transcript:

Welcome Back… ^^

http://www.hasbro.com/games/swf/scattergories_demo3.swf

Review Types of Business Service Business Merchandising Business Manufacturing & Production Business

Business Ownership Sole Proprietorship Partnership Corporation

Professional Organizations To be fully qualified accountant, you must complete one of the following designations: CGA (Certified General Accountant) CMA (Certified Management Accountant) CA (Chartered Accountant)

Special Accounting Terms: Asset Liablility Owner’s Equity Capital On Account Accounts Receivable Accounts Payable Taking Off a trial balance Auditing Public vs. Private Accounting

GAAP Business Entity concept Going Concern concept Conservatism principle Revenue Recognition Time Period concept Matching principle

‘Accounting’ for a Service Business

The balance sheet shows the fundamental accounting equation: A – L = OE

1.

Calculating our Ending Capital: Beginning Capital + Net Income - Drawings -------------------------- = Ending Capital

The balance sheet shows the fundamental accounting equation: A – L = OE

Changes in Financial Position (Transactions)

1.

The Capital Account:

Sales ‘Fees Earned’ ‘Revenue’ ‘Sales’ ‘Services Rendered’ etc.

What will my ledger look like now?

‘Double Entry’ Accounting Dr = Cr (Always!!!!)

Expenses Revenue Drawings

Paid $75 electricity bill with cash. Took $500 out of the business for personal use. Provided consulting services worth $800. It was paid in a cash. Provided consulting services worth $900, on account, to J&J Contractors. Bought a truck for $5500 from Huron Motor Products. Paid $1000 cash as a downpayment.

The Accounting Cycle

Annual Reports

Homework: Comprehensive Exercise Page 149: # 7 (B, C, D only.)