ACIS+3115+Ch03+Student+Fall+2010

ACIS+3115+Ch03+Student+Fall+2010 - Chapter 3-1 C H A P T E...

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Unformatted text preview: Chapter 3-1 C H A P T E R C H A P T E R 3 3 THE ACCOUNTING THE ACCOUNTING INFORMATION SYSTEM INFORMATION SYSTEM Intermediate Accounting 13th Edition Kieso, Weygandt, and Warfield Chapter 3-2 Identifying and recording Identifying and recording Journalizing Journalizing Posting Posting Trial balance Trial balance Adjusting entries Adjusting entries Adjusted trial balance Adjusted trial balance Preparing financial Preparing financial statements statements Closing Closing Post-closing trial balance Post-closing trial balance Reversing entries Reversing entries Accounting Accounting Information System Information System The Accounting The Accounting Cycle Cycle Financial Financial Statements for Statements for Merchandisers Merchandisers Basic terminology Basic terminology Debits and credits Debits and credits Accounting equation Accounting equation Financial statements Financial statements and ownership and ownership structure structure Income statement Income statement Statement of retained Statement of retained earnings earnings Balance sheet Balance sheet Closing entries Closing entries The Accounting I nfor mation System The Accounting I nfor mation System Chapter 3-3 Collects and processes transaction data. Disseminates the information to interested parties. Accounting I nfor mation System Accounting I nfor mation System Accounting I nfor mation System ( AI S ) Chapter 3-4 The Accounting Equation The Accounting Equation LO 2 Explain double-entr y r ules. LO 2 Explain double-entr y r ules. Relationship among the assets, liabilities and Relationship among the assets, liabilities and stockholders equity of a business: stockholders equity of a business: The equation must be in balance after every The equation must be in balance after every transaction. For every transaction. For every Debit Debit there must be a there must be a Cr edit Cr edit . Illustration 3-3 Chapter 3-5 Ownership structure dictates the types of accounts that are part of the equity section. Proprietorship or Proprietorship or Partnership Partnership Corporation Corporation Capital Account Dr awing Account Common Stock Additional Paid- in Capital Dividends Declar ed Retained Ear nings Financial Statements and Owner ship Financial Statements and Owner ship Str uctur e Str uctur e LO 2 Explain double-entr y r ules. LO 2 Explain double-entr y r ules. Chapter 3-6 Financial Statements and Owner ship Financial Statements and Owner ship Str uctur e Str uctur e LO 2 Explain double-entr y r ules. LO 2 Explain double-entr y r ules. Stockholders Equity Balance Sheet Statement of Retained Ear nings Net income or Net loss (Revenues less expenses) (Revenues less expenses) I ncome Statement I ncome Statement Dividends Retained Earnings Retained Earnings (N et income r etained in (N et income r etained in business) business) Common Stock Common Stock (I nvestment by stockholder s) (I nvestment by stockholder s) I llustration 3-4 Chapter 3-7 The Accounting Cycle...
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ACIS+3115+Ch03+Student+Fall+2010 - Chapter 3-1 C H A P T E...

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