Presentation is loading. Please wait.

Presentation is loading. Please wait.

AOF Principles of Accounting

Published by隼童 左 Modified over 5 years ago

Similar presentations

Presentation on theme: "AOF Principles of Accounting"— Presentation transcript:

1 AOF Principles of Accounting
Unit 2, Lesson 8 The Balance Sheet Copyright © 2008–2011 National Academy Foundation. All rights reserved. Copyright © National Academy Foundation. All rights reserved. Copyright © National Academy Foundation. All rights reserved.

2 Step 5 in the accounting cycle is to prepare financial statements
1 Source Documents – Paper trail of financial transactions  2 General Journal – Chronological listing of transactions 3 General Ledger – Details activity by account  4 Trial Balance – Proves Debits = Credits  5 Financial Statements – Income statement, SCOE, balance sheet, statement of cash flow 6 Post-closing journal entries – Temp accts = $0 7 Post-closing trial balance – Debits still equal credits Copyright © National Academy Foundation. All rights reserved.

3 Assets Liabilities _ – Liabilities Owner’s Equity + Owner’s Equity
The balance sheet is a simple way of showing a business’s accounting equation Assets _ – Liabilities Owner’s Equity Liabilities + Owner’s Equity Assets is the same as What happens when a business’s liabilities are greater than its assets? Copyright © National Academy Foundation. All rights reserved.

4 Information on the balance sheet can be compared for accuracy to information on other financial statements Copyright © National Academy Foundation. All rights reserved.

5 The balance sheet shows: Assets Liabilities Owner’s equity
The balance sheet is a high-level snapshot of a company’s financial makeup The balance sheet shows: Assets Liabilities Owner’s equity Copyright © National Academy Foundation. All rights reserved.

Download ppt "AOF Principles of Accounting"

Similar presentations

ACCT 2110 GENERAL LEDGER. ACCOUNTING EQUATION n Assets = Equities n Assets = Liabilities + Owner’s equity.

ACCT 2110 GENERAL LEDGER. ACCOUNTING EQUATION n Assets = Equities n Assets = Liabilities + Owner’s equity.
Journalizing Closing Entries

Journalizing Closing Entries
Unit 3, Lesson 9 Accounting Basics

Unit 3, Lesson 9 Accounting Basics
Trial Balance. Accounting Cycle: 1. Transaction Occurs 2. Journal entry 3. General Ledger (t-accounts) 4. Trial Balance.

Trial Balance. Accounting Cycle: 1. Transaction Occurs 2. Journal entry 3. General Ledger (t-accounts) 4. Trial Balance.
Financial Accounting Review McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.

Financial Accounting Review McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.
AOF Principles of Accounting

AOF Principles of Accounting
© 2014 Cengage Learning. All Rights Reserved. Learning Objective © 2014 Cengage Learning. All Rights Reserved. LO5 Prepare a post-closing trial balance.

© 2014 Cengage Learning. All Rights Reserved. Learning Objective © 2014 Cengage Learning. All Rights Reserved. LO5 Prepare a post-closing trial balance.
Recording Adjusting and Closing Entries for a Service Business Chapter 8, Section 3.

Recording Adjusting and Closing Entries for a Service Business Chapter 8, Section 3.
Business Transactions Financial transaction? NO YES Create journal entries Source Documents Record journal entries in JOURNALS Post to JOURNALS Post to.

Business Transactions Financial transaction? NO YES Create journal entries Source Documents Record journal entries in JOURNALS Post to JOURNALS Post to.
The book (or printout) holding all the accounts

The book (or printout) holding all the accounts
Principles of Financial Accounting Chapter 3 Accounting Equation Assets = Liabilities + SE Stockholder’s Equity is divided into: Paid in capital Retained.

Principles of Financial Accounting Chapter 3 Accounting Equation Assets = Liabilities + SE Stockholder’s Equity is divided into: Paid in capital Retained.
Keyterms Journal Entries Closing Entries Normal Balance Accounting Cycle 50 40 30 20 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50.

Keyterms Journal Entries Closing Entries Normal Balance Accounting Cycle
1 Chapter 4 - Ledger Notes. 2 Record increases and decreases in a specific asset, liability, equity, revenue, or expense item. Debit = “Left” Credit =

1 Chapter 4 - Ledger Notes. 2 Record increases and decreases in a specific asset, liability, equity, revenue, or expense item. Debit = “Left” Credit =
AOF Principles of Accounting

AOF Principles of Accounting
Recording and Adjusting Closing Entries. 2LESSON 8-1 ADJUSTING ENTRY FOR SUPPLIES 1 2 page 202 3 4 4.Write the title of the account credited. Record the.

Recording and Adjusting Closing Entries. 2LESSON 8-1 ADJUSTING ENTRY FOR SUPPLIES 1 2 page Write the title of the account credited. Record the.
Accounting Theory.  Accounting Period Cycle ◦ Preparing financial statements at the end of each fiscal period  Adjusting Entries ◦ Journal entries recorded.

Accounting Theory.  Accounting Period Cycle ◦ Preparing financial statements at the end of each fiscal period  Adjusting Entries ◦ Journal entries recorded.
Appendix A. think there are two parts to every entry what did the Co. receive why did we receive it OR what did it give up why did we give it up.

Appendix A. think there are two parts to every entry what did the Co. receive why did we receive it OR what did it give up why did we give it up.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-3 Preparing a Post-Closing Trial Balance.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-3 Preparing a Post-Closing Trial Balance.
FINANCIAL MANAGEMENT GUIDE © Marin Management, Inc. 1 A. The Purpose of This Policy The purpose of this policy is to provide those who perform the Company's.

FINANCIAL MANAGEMENT GUIDE © Marin Management, Inc. 1 A. The Purpose of This Policy The purpose of this policy is to provide those who perform the Company's.
AOF Principles of Accounting

AOF Principles of Accounting

Similar presentations

Ads by Google