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

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Presentation transcript:

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

What is accounting? the system of recording and summarizing financial transactions and analyzing, verifying, and reporting the results 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 Account Name CreditDebit Debit – the entry on the left side of an account

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

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