The Accounting Process

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Presentation transcript:

The Accounting Process Sid Glandon, DBA, CPA Associate Professor of Accounting

Basic Accounting Equation Assets = Liabilities + Owners’ Equity Owners’ Equity consists of Revenues and gains, less Expenses and losses, plus Contributions by owners, less Withdrawals by owners, plus or less Other comprehensive income

Accounting Cycle Identify transactions and/or events Journalize transactions and/or events Post transactions and/or events Prepare unadjusted trial balance Prepare adjusting journal entries Prepare adjusted trial balance Prepare financial statements Journalize adjusting journal entries Post adjusting journal entries Journalize closing journal entries Post closing journal entries Prepare a post closing trial balance

Permanent Accounts Assets Liabilities Owners’ Equity

Temporary Accounts Revenue Gains Expenses Losses

Conversion from Cash to Accrual Basis Accounting

Adjusting Journal Entries Prepayments (deferrals) Cash received/paid before recognition of the transaction Accruals Cash received/paid after recognition of the transaction Estimates Bad debt expense Amortization, depreciation and depletion

The Closing Process Close revenue and gain accounts to the income summary Close expense and loss accounts to the income summary Close the income summary to retained earnings Close dividends declared to retained earnings