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basics-of-accounting-information-processing

basics-of-accounting-information-processing - Larry M...

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Download free eBooks at bookboon.com 2 Larry M. Walther Basics of Accounting & Information Processing The Accounting Cycle
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Download free eBooks at bookboon.com 3 Basics of Accounting & Information Processing – The Accounting Cycle © 2010 Larry M. Walther, under nonexclusive license to Christopher J. Skousen & Ventus Publishing ApS. All material in this publication is copyrighted, and the exclusive property of Larry M. Walther or his licensors (all rights reserved). ISBN 978-87-7681-583-7
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Download free eBooks at bookboon.com Please click the advert Basics of Accounting & Information Processing 4 Contents Contents Part 1: Welcome to the World of Accounting 7 1. Accounting Information 8 1.1 Accounting Defined 8 1.2 Financial Accounting 9 1.3 Managerial Accounting 9 1.4 A Quality Information System 9 1.5 Inherent Limitations 10 2. The Accounting Profession and Careers 11 2.1 Accounting and Professional Ethics 11 3. The Fundamental Accounting Equation 12 3.1 Assets 12 3.2 Liabilities 12 3.3 Owners’ Equity 12 3.4 Balance Sheet 13 4. How Transactions Impact the Accounting Equation 15 4.1 Edelweiss Collects an Account Receivable 15 4.2 Edelweiss Buys Equipment With Loan Proceeds 16 4.3 Edelweiss Provides Services to a Costumer on Account 17 Designed for high-achieving graduates across all disciplines, London Business School’s Masters in Management provides specific and tangible foundations for a successful career in business. This 12-month, full-time programme is a business qualification with impact. In 2010, our MiM employment rate was 95% within 3 months of graduation*; the majority of graduates choosing to work in consulting or financial services. As well as a renowned qualification from a world-class business school, you also gain access to the School’s network of more than 34,000 global alumni – a community that offers support and opportunities throughout your career. For more information visit www.london.edu/mm , email [email protected] or give us a call on +44 (0)20 7000 7573 . Masters in Management The next step for top-performing graduates * Figures taken from London Business School’s Masters in Management 2010 employment report
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Download free eBooks at bookboon.com Please click the advert Basics of Accounting & Information Processing 5 Contents 4.4 Edelweiss Pays Expenses With Cash 17 4.5 Generalizing About the Impact of Transactions 17 4.6 Distinguishing Between Revenue and Income 19 5. The Core Financial Statements 20 5.1 Financial Statements 21 5.2 Income Statement 21 5.3 The Statement of Retained Earnings 22 5.4 Balance Sheet 23 5.5 Statement of Cash Flows 24 5.6 Articulation 25 5.7 Unlocking the Mystery of Articulation 25 Part 2: Information Processing 26 6. Accounts, Debits, and Credits 27 6.1 Accounts 28 6.2 Debits and Credits 29 6.3 The Fallacy of ”+/-“ Nomenclature 29 6.4 The Debit/Credit Rules 29 6.5 Assets/Expanses Dividends 30 6.6 Liabilities/Revenues/Equity 30 6.7 Analysis of Transactions and Events 31 6.8 Determining an Account’s Balance 31 6.9 A Common Misunderstanding About Credits 32 EADS unites a leading aircraft manufacturer, the world’s largest
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