ACTG 2010 - 2013W - Week 3

ACTG 2010 - 2013W - Week 3 - Intro to Financial Accounting...

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Intro. to Financial Accounting I ACTG 2010 S Winter 2013 Week 3
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Reminders Lyryx Assignment #1 was due last night As of 7:38pm yesterday: 53 out of 55 students had completed the assignment 46 students got either 100% or 99% on the assignment
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Review from Last Class In-class problem – exercise E2-12
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Accounting - what is it? Keeping track of transactions and economic events Summarizing data into useful format
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The process followed to: Keep track of transactions and economic events Summarize data into useful format End product = financial statements Accounting Cycle
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Accounting Cycle In-class problem – exercise P3-10, page 154 in the textbook – do part (a) only Use a spreadsheet in the form of: ASSETS = LIABILITIES + OE
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Journal Entries Spreadsheet format works well for a business with few transactions Many transactions = a really big spreadsheet This is not practical Thus, use “journal entries” as part of the accounting cycle instead
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