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Accounting

Today, this presentation will help you understand more about Accounting!
by

Tai Lam

on 4 October 2013

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Transcript of Accounting

Account
An account
is an individual record or form to record and summarize information for each asset, liability, or owner’s equity transaction.
This statement is a listing of the firm’s assets, liabilities, and owner’s equity at a specific point in time. Total Assets must
equal
the addition of Liabilities and Owner’s Equity.

The left side must
equal
the right side of a "T" account.
Business Transactions
: is any activity that you sell or buy something. It will changes the value of a firm's assets, liabilities, or owner's equity.
Ex: You buy a pen ; I sold my car; ....
You are going to prepare a Balance Sheet for the Financial Statements.
The Equation:
Assets
=
Liabilities
+
Owner's Equity

Liabilities:
are debts owed by the business. The name of the account used is
Accounts Payable.
Introduction:
Balance Sheet
Transactions
Equation

Accounting:
is the process of keeping track of a business' finances by keeping track of its expenses and income.
Ex: Manage, Calculating,
Organizing, Investing
money of particular
business.

Debit
Credit
Accounting I
Tai Lam


Assets:
are items with money value that are owned by a business.
Examples : cash, equipment, supplies,...
Assets
Liabilities
Owner's Equity
Invest
Drawing

Owner's Equity:
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
Worth
This equation
must
always
balance
"T" account
Accounting System
Step by step process organizing of the business record
Source Document
Receipts, checks, something that have balanced on
Accounting Record
Organized summaries of a business' financial activities
Ex: pass bills, balance sheet, ...
Accountant
A person who plans, summarizes, analyzes accounting-information
Accounting
Manage, calculate, organize, invest the money of particular business
Journal
A form for recording transactions relate to cash
Transfering information from a journal entry to a ledger account
Posting
CJ
Trial Balance
a proof of the equality of debits and credits in a general ledger
A = L + OE
Balance Sheet
Transactions
CJ-Proofs
Post CJ
Worksheet
Trial Balance
Banking Activities
Full transcript