Reimersppt_ch03 - Chapter 3 The Accounting Information...

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Chapter 3 The Accounting Information System and the Accounting Cycle
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Now that we’ve analyzed the effect transactions have on the Accounting Equation We need to standardize the format Each transaction must be recorded in a manner that: o Is recognizable by General Ledger Software o Can be interpreted efficiently by accounting professionals o Accurately reflects the economic activity
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Are you left-handed? If I ask a class how many people are left-handed Invariably, several people raise their left hands!
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Why did these folks raise their left hands? Because that’s how their brains are wired! That’s their dominant side.
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Let’s play some basketball… If these same left-handed people were playing basketball…. We’d expect them to dribble with their left hands….
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Go up the court on the left side…. . And have their strong shot on the left.
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Let’s play some Defense…. How would we defend against these left-handed players? We’d force them to the right!
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What does Basketball have to do with Accounting? Assets are left-handed! That’s no surprise….they dominate the
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Reimersppt_ch03 - Chapter 3 The Accounting Information...

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