DiscussionSection_3_20090605

DiscussionSection_3_20090605 - Introduction to Financial...

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Click to edit Master subtitle style  9/22/09 Introduction to Financial Accounting UGBA102A Discussion Section 3   June 5, 2009
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 9/22/09 1. Three good follow up questions from discussion section 1 2. Review of chapter 2 and connection to chapter 3 3. Summary of chapter 3 and chapter 4 4. Problem/case solutions Agenda
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 9/22/09 1. Mark-up assets or mark-up prices? 2. Flexibility of management to change its accounting method. 3. Categorizing dividend, expense, and revenue accounts. Follow Up Questions
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 9/22/09 Chapter 2 Analyzing Business Transactions Economic Events Recognition Valuation Classification Transaction Step 1:   Transaction Analysis Step 2:   Entry Recording Step 3:   Entry Posting Step 4:   Preparing Trial  Balance General Journal General Ledger Trial Balance Balance Sheet =+++++++++++++++++ ++ Assets Liabilities Common  Stock Retained  Earnings Stockholders’ Equity Statements of Retained Earnings Dividends Revenues Expenses Investments Income Statement Dr.    Cr. +       - Dr.    Cr. +       - Dr.    Cr. +       - Dr.    Cr. -       + Dr.    Cr. -       + Dr.    Cr. -       + Dr.    Cr. -       + T Accounts Adjusted Trial Balance Financial Statements Closing Accounts and Post-Closing Trial Balance Step 5:   Adjusting   Trial Balance Step 6:   Preparing Financials Step 7   Closing
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 9/22/09 Chapter 3 Measuring Business Income Deferred Expenses Prepaid expenses Depreciation Assets Liabilities Expenses Revenues BALANCE SHEET INCOME STATEMENT Accrued Revenues Accounts receivable Accrued Expenses Interest expenses Tax expenses Deferred Revenues Unearned revenue Deferred Expenses Asset Dr.    Cr. +       - Expense Dr.    Cr. +       -
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DiscussionSection_3_20090605 - Introduction to Financial...

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