acc557_w2 - Financial Accounting ACC 557 Financial...

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Financial Accounting ACC 557 Financial Transactions in the Accounting Cycle Financial Accounting (6 th ed.).John Wiley & Sons.
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Objectives Upon completion of this lesson, you will be able to: Prepare and record financial transactions in the accounting cycle
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Types of Accounts
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Check Your Understanding
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Double-entry system Debits Credits Increase assets Decrease assets Decrease liabilities Increase liabilities Debit for increase Credit for decrease Normal balance Assets # 1 # 2 Debit for decrease Credit for increase Normal balance Liabilities
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Stockholders’ Equity Relationships
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Expansion of the Basic Accounting Equation
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The Recording Process
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Journals Initial accounting record Assists in the recording process Discloses impact of the business transaction Chronological record of transactions Helps to prevent or to locate errors Journalizing Entering the business transaction data into the journal
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Ledgers Definition
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This note was uploaded on 11/02/2010 for the course ACC557 ACC557 taught by Professor Na during the Spring '10 term at Strayer.

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acc557_w2 - Financial Accounting ACC 557 Financial...

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