Week 6 Lecture Notes (2 slides)

Week 6 Lecture Notes (2 slides) - THE UNIVERSITY OF NEW...

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Unformatted text preview: THE UNIVERSITY OF NEW SOUTH WALES 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 [email protected] Blackboard: http://telt.unsw.edu.au . WEEK 6: 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 Test in tutorial session 1 Accounting and Financial Management 1A Week 6, Session 2, 2011 Special Journal, Subsidiary & Control Accounts 1 Dr. Youngdeok Lim QUAD 3069 Today’s 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 2 to subsidiary ledgers and the general ledgers 2 1 SOURCE DOCUMENTS 2 JOURNAL ENTRIES Recap: Accounting cycle During the accounting period 3 POST TO LEDGERS 4 A TRIAL BALANCE 5 ADJUSTING JOURNAL ENTRIES 6 AN ADJUSTED TRIAL BALANCE 6 AN ADJUSTED TRIAL BALANCE 7 CLOSING JOURNAL ENTRIES 8 POST-CLOSING TRAIL BALANCE End of accounting period 9 FINANCIAL STATEMENTS What we’ve covered Lecture 1: Why accounting is important, Accounting assumptions assumptions Lecture 2: Balance sheet, Income statement Lecture 3: Transaction analysis, Double entry system Lecture 4: Accounting Cycle (1) – 9 steps Lecture 5: Accounting Cycle (2) – Adjusting journal t i (4 t + t t entries (4 types + contra accounts) Lecture 6: Worksheet, Special journals & Subsidiary Ledgers 3 Worksheet A worksheet is a pretty neat “tool” to help you prepare your financial statements 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 Shareholder’s equity Revenue 5 Expense A multiple-column form used in preparing financial statements....
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This note was uploaded on 10/20/2011 for the course COMMERCE 3502 taught by Professor All during the One '11 term at University of New South Wales.

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Week 6 Lecture Notes (2 slides) - THE UNIVERSITY OF NEW...

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