FINANCIAL ACTG. - BUS 020 - SPRING 2015 Session 4 Adjusting Journal Entries and Closing Entries.

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Presentation transcript:

FINANCIAL ACTG. - BUS SPRING 2015 Session 4 Adjusting Journal Entries and Closing Entries

FINANCIAL ACTG. - BUS SPRING 2015 Measuring Transactions- The Basics n At least two account n The integrity of the accounting equation n Debits (left-side entries) = Credits (right-side entries

FINANCIAL ACTG. - BUS SPRING 2015 Measuring Transactions- Methodology n Determine the accounts n Determine the direction of the exchange n Determine the amounts n Note pages very carefully

FINANCIAL ACTG. - BUS SPRING 2015 The “T-Account” ASSETS & EXPENSES LIABILITIES, EQUITY & REVENUES Debit Credit

FINANCIAL ACTG. - BUS SPRING 2015 Accounting Process- Detail n Analyze Transaction (Exchange) n Measure and Record n Summarize Accounts n Unadjusted Trial Balance n Adjusting Journal Entries (AJE’s) n Adjusted Trial Balance n Prepare Income Statement n Closing Entries n Final Trial Balance n Prepare Balance Sheet, SCF and SSE Focus on 9/3 Focus on 9/5

FINANCIAL ACTG. - BUS SPRING 2015 Adjusting Journal Entries n Accruals n Prepayments n Accruals/Deferrrals n Unearned Revenue n Cost Expirations

FINANCIAL ACTG. - BUS SPRING 2015 Close Worksheet

FINANCIAL ACTG. - BUS SPRING 2015 Closing Entries n Temporary accounts n Zero them out n Revenue, expenses and dividends n Permanent accounts n Retained earnings is the final location for the temporary accounts

FINANCIAL ACTG. - BUS SPRING 2015 Financial Statement Preparation n Headings are IMPORTANT n Company, Title and Date n Note how the T-Account balances track to the actual financial statements

FINANCIAL ACTG. - BUS SPRING 2015 Financial Statement Relationships Balance SheetIncome StatementStatement of Cash Flows Stmt of Sharehldrs Eq. Current Assets Non- current Assets Current Liabilities Long- term Debt Equity Revenue Cost of Goods Sold (COGS) Gross Margin Operating Exps. Net Income Operating Cash Investing Cash Financing Cash Change in Cash Beginning Cash Ending Cash Beginning S/E Net Income Less: Dividends Ending S/E

FINANCIAL ACTG. - BUS SPRING 2015 Competencies by Session 4 n What are the primary financial statements in the F/S Package? n What are their uses? n What are the other key components of the F/S Package? n What are their uses? n Describe the Financial Accounting Model. n What is the accounting equation? n Relate it to the Balance Sheet. n Relate it to the Income Statement. n What is Statement of Financial Accounting Concepts #1 (SFAC #1)? n What are the financial accounting assumptions? n What are the financial accounting principles?