BMGT 220 - Chapter 2

BMGT 220 - Chapter 2 - CHAPTER 2 Analyzing and Analyzing...

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Analyzing and Recording Business Transactions Analyzing and Recording Business Transactions C H A P T E R 2
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External Transactions occur between the organization and an outside party. Internal Transactions occur within the organization. Analyzing and Recording Process Exchanges of economic consideration between two parties. 2-2
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Analyze each transaction and event from source documents Analyzing and Recording Process Record relevant transactions and events in a journal P o s t j o u r Prepare and analyze the trial balance 2-3
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An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. The Account and its Analysis The general ledger is a record containing all accounts used by the company. The general ledger is a record containing all accounts used by the company.
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Liabilities Liabilities Equity Equity Assets Assets = + The Account and its Analysis Owner’s Capital Owner’s Capital Owner’s Withdrawals Owner’s Withdrawals Revenues Revenues Expenses Expenses + +
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Ledger and Chart of Accounts The ledger is a collection of all accounts for an information system. A company’s size and diversity of operations affect the number of accounts needed. The ledger is a collection of all accounts for an information system. A company’s size and diversity of operations affect the number of accounts needed. The chart of accounts is a list of all accounts and
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BMGT 220 - Chapter 2 - CHAPTER 2 Analyzing and Analyzing...

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