Chapter 7 Week 1 Day 1 Spring 2010 Revised

Chapter 7 Week 1 Day 1 Spring 2010 Revised - Chapter 7 Week...

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Unformatted text preview: Chapter 7 Week 1 Day 1 (Mar. 22 nd ) Accounting Information Systems 7-1 7-2 Learning Objectives • Explain the impact of accounting events on the accounting equation • Describe and demonstrate the steps in the accounting cycle • Explain how accounting events are reported on the financial statements 7-3 What are the 3 Characteristics of an Accounting Event? • Specific to the entity for which the accounting records are kept • Measurable in monetary terms • Impacts the entity’s assets, liabilities, and/or owners’ equity Business Events and Accounting Events 7-4 Business Events Accounting Events Is this an accounting event? • We hire a new salesperson. • The salesperson works 40 hours. • We order 100 bags of chocolate caramels. • We purchase (usually means receive) the 100 bags of chocolate caramels. • We pay for the 100 bags of chocolate caramels. • The candy store a mile down the road goes out of business....
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This note was uploaded on 04/18/2010 for the course ACCT 12995 taught by Professor Krisj.clark during the Spring '10 term at Georgia State.

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Chapter 7 Week 1 Day 1 Spring 2010 Revised - Chapter 7 Week...

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