1 / 7

Understanding the Accounting Process: Intermediate Accounting I Overview (Fall 2011)

Dive into the essentials of the accounting process with Professor Bill O'Brien in this Intermediate Accounting I course from Fall 2011. Cover key topics such as transaction analysis, recording and posting, summarizing accounts, and preparing financial statements including the income statement and balance sheet. Learn the significance of adjusting journal entries, trial balances, and the relationships between financial statements. This course provides a comprehensive foundation in understanding bookkeeping cycles, asset classifications, and cash vs. accrual accounting methods.

hilda-horne
Download Presentation

Understanding the Accounting Process: Intermediate Accounting I Overview (Fall 2011)

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Intermediate Accounting I Session 1 The Accounting Process Fall2011 Professor Bill O’Brien Intermediate Accounting I--Fall 2011

  2. Accounting (Bookkeeping) Cycle-modified • Analyze Transaction • Record and Post • Summarize Accounts • Unadjusted Trial Balance • Adjusting Journal Entries (AJE’s) • Adjusted Trial Balance • Prepare Income Statement • Closing Entries • Final Trial Balance • Prepare Balance Sheet, SCF and SSE Intermediate Accounting I--Fall 2011

  3. Financial Statement Relationships Stmt of Sharehldrs Eq. Balance Sheet Income Statement Statement of Cash Flows Current Assets Non- current Assets Current Liabilities Long- term Debt Equity Revenue Cost of Goods Sold (COGS) Gross Margin Operating Exps. Net Income Operating Cash Investing Cash Financing Cash Change in Cash Beginning Cash Ending Cash Beginning S/E Net Income Less: Dividends Ending S/E Intermediate Accounting I--Fall 2011

  4. The “T-Account” ASSETS & EXPENSES LIABILITIES, EQUITY & REVENUES Debit Credit Debit Credit Intermediate Accounting I--Fall 2011

  5. Close Worksheet Intermediate Accounting I--Fall 2011

  6. Adjusting Journal Entries • Accruals • Prepayments • Deferrrals • Cost Expirations Intermediate Accounting I--Fall 2011

  7. Cash versus Accrual • Cash basis: when cash actually flows • Accrual basis: when earned or incurred Intermediate Accounting I--Fall 2011

More Related