f16 - Copyrright Doug Hillman 1997 The System of Accounting...

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Unformatted text preview: Copyrright Doug Hillman 1997 The System of Accounting Copyrright Doug Hillman 1997 The Entity Concept Any organizational unit Copyrright Doug Hillman 1997 The Entity Concept Any organizational unit for which we want Copyrright Doug Hillman 1997 The Entity Concept Any organizational unit for which we want financial information Copyrright Doug Hillman 1997 Assets Anything of value held by an organization Assets have Copyrright Doug Hillman 1997 Assets Anything of value held by an organization Assets have Potential usefulness Copyrright Doug Hillman 1997 Assets Anything of value held by an organization Assets have Potential usefulness Future usefulness Copyrright Doug Hillman 1997 Assets Anything of value held by an organization Assets have Potential usefulness Future usefulness Economic Value Copyrright Doug Hillman 1997 Equities Claims against the total assets of an organization Liabilities Claims of nonowners Owner's Equity Claims of owners Copyrright Doug Hillman 1997 Revenues Inflows of assets that result from performing services or selling goods Revenues are realized when the service is performed or Copyrright Doug Hillman 1997 Revenues Inflows of assets that result from performing services or selling goods Revenues are realized when the service is performed or the goods are delivered Copyrright Doug Hillman 1997 Expenses Outflows of assets or incurrence of liabilities while earning revenues A business incurrs expenses to earn revenues Copyrright Doug Hillman 1997 The Accounting Equation Things of Value = Claims Assets = Equities Assets = Liabilities + Owner's Equity Copyrright Doug Hillman 1997 The Account Account Title Copyrright Doug Hillman 1997 The Account Left side Left side Account Title Copyrright Doug Hillman 1997 The Account Left side Left side Right Right side side Account Title Copyrright Doug Hillman 1997 The Account Left side Left side Right Right side side the debit side the debit side Account Title Copyrright Doug Hillman 1997 The Account Left side Left side Right Right side side the debit side the debit side the credit side the credit side Account Title Copyrright Doug Hillman 1997 Summary of the Debit/Credit Rules Assets Copyrright Doug Hillman 1997 Summary of the Debit/Credit Rules Assets Appear on the left (debit) side of the equation Copyrright Doug Hillman 1997 Summary of the Debit/Credit Rules Assets Appear on the left (debit) side of the equation Therefore we: Increase them with debits Decrease them with credits Copyrright Doug Hillman 1997 Summary of Debit/Credit Rules Liabilities Copyrright Doug Hillman 1997 Summary of Debit/Credit Rules Liabilities Appear on the right (credit) side of the equation Copyrright Doug Hillman 1997 Summary of Debit/Credit Rules...
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This note was uploaded on 02/11/2011 for the course ACG 2021 taught by Professor Mcdonald during the Spring '08 term at University of Florida.

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f16 - Copyrright Doug Hillman 1997 The System of Accounting...

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