BUS 2101 Decision Making Financial Information Financial Statement Analysis Financial Statements GAAP Income Statement Statement of Cash Flow Balance Sheet.

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Presentation transcript:

BUS 2101 Decision Making Financial Information Financial Statement Analysis Financial Statements GAAP Income Statement Statement of Cash Flow Balance Sheet Statement of Retained Earnings Preparation Annual Reports Management Discussion Notes Auditor’s Report Ratios Liquidity Profitability Solvency Market Users External Internal Business Activities Operating Investing Financing The Big Picture…

Accounting Information System Debits and credits General Journal Ledger Chart of accounts Posting Trial balance

Debits and credits Accounting Equation Assets = Dr. +Cr. - Liabilities Dr. -Cr. + + Equity Expenses Dividends Dr. - Revenue Cr. +

General Journal Explanation needed?

Chart of accounts List of all accounts See page 118.

Post to Ledger

Trial Balance

Trial balance Just because it’s in balance can’t tell if –All transactions recorded –All journal entries posted –Journal entry posted more than once –Incorrect accounts used in journal entries and posting

Trial balance If it does not balance –Check your work in the reverse order of preparation Check addition of trial balance Determine amount of difference –Look for this amount »Fail to post a credit, for example. –Divide difference by 2. Look for this. »Record debit as a credit, for example. –Divide difference by 9. If result is a whole number »Transposition error. Record 81 as 18, for example.