Chap2MAF - Chapter 2 Accounting for Transactions and the...

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Chapter 2 Accounting for Transactions and the Financial Statements
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Financial Statements The 4 fundamental financial statements used in accounting: 1. Income Statement 2. Statement of Retained Earnings 3. Balance Sheet 4. Statement of Cash Flows
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Land Equipment Buildings Cash Notes Receivable Supplies Prepaid Accounts Accounts Receivable Asset Accounts Asset Accounts
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Accrued Liabilities Unearned Revenue Notes Payable Accounts Payable Liability Accounts Liability Accounts
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Equity Accounts Revenues Common Stock Dividends Expenses Equity Accounts
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Liabilities Equity Assets = + Expanded Accounting Equation Revenues Expenses Common Stock Dividends _ + _ Retained Earnings Liabilities Equity Assets = +
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Analyze each transaction and event form source documents Analyzing and Recording Process Record relevant transactions and events in a journal Post journal information to ledger accounts Prepare and analyze the trial balance
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External Transactions occur between the organization and an outside party. Internal Transactions occur within the organization. Analyzing and Recording Process Exchanges of economic consideration between two parties.
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Sales Tickets Bank Statements Purchase Orders Checks Source Documents Bills from Suppliers Employee Earnings Records
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An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. The Account and its Analysis The general ledger is a record containing all accounts used by the company.
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Assets Accounts Assets Accounts Assets Accounts = The Account and its Analysis + Liability Accounts Liability Accounts Liability Accounts Equity Accounts Equity Accounts Equity Accounts
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This note was uploaded on 04/17/2008 for the course ACC 201 taught by Professor Fielder during the Spring '08 term at Syracuse.

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Chap2MAF - Chapter 2 Accounting for Transactions and the...

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