week 6 - School of Accounting ACCT 1501: Accounting and...

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Unformatted text preview: School of Accounting ACCT 1501: Accounting and Financial Management 1A Week 6 SPECCIAL JOURNAL, SUBSIDIARY & CONTROL ACCOUNTS Student Handout Lecturer: Dr. Youngdeok Lim School of Accounting UNSW QUAD 3069 Ph: 9385 6081 youngdeok.lim@unsw.edu.au Blackboard: http://telt.unsw.edu.au WEEK 5: Special Journal, Subsidiary & Control Accounts 1. Introduction If you have followed the course to date, we are now in a position to complete the accounting cycle. This week we will complete the accounting cycle through to the financial statements using comprehensive class example. Secondly, we introduce the special journals and subsidiary ledgers, which can make record keeping easier. Learning objectives At the end of this topic you should be able to: Understand the worksheet Explain the function of the special journals Record appropriate transactions in special and general journals and subsidiary ledgers Understand and perform the function of posting to subsidiary ledgers and the general ledger Required Reading Trotman & Gibbins Chapter 5: Appendix 2. Tutorial Questions Week 7 Students should attempt these questions before the tutorial. Preparation Questions Self Study Revision Tutorial Questions Mid Semester Exam in tutorial session PA5.4 1 Accounting and Financial Management 1A Week 6, Session 1, 2010 Special Journal, Subsidiary & Control Accounts Dr. Youngdeok Lim QUAD 3069 Todays lecture objectives: Understand the worksheet Explain the function of the special journals Record appropriate transactions in special and general journals and subsidiary ledgers Understand and perform the function of posting to subsidiary ledgers and the general ledger 1 SOURCE DOCUMENTS 2 JOURNAL ENTRIES 3 POST TO LEDGERS 4 A TRIAL BALANCE 5 ADJUSTING JOURNAL ENTRIES 6 AN ADJUSTED TRIAL BALANCE 7 CLOSING JOURNAL ENTRIES 8 POST-CLOSING TRAIL BALANCE Recap: Accounting cycle During the accounting period End of accounting period 9 FINANCIAL STATEMENTS Worksheet A worksheet is a pretty neat tool to help you prepare your financial statements It lists all the accounts vertically down the page starting with the Current assets/Non current assets Current liabilities/Non-current liabilities Shareholders equity Revenue Expense A multiple-column form used in preparing financial statements. Use of worksheet is optional. 2 Worksheet It has 10 columns, or 5 sets of 2 columns. Each set has a debit and a credit column (1) Trial Balance (2) Adjustments (3) Adjusted Trial Balance (4) Income Statement (IS) (5) Balance Sheet (BS) After completing the Worksheet, all that is left to do is transfer the information from the IS and BS columns to their respective financial statements, in the correct format. The worksheet greatly simplifies the process of preparing financial statements....
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week 6 - School of Accounting ACCT 1501: Accounting and...

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