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Financial Accounting Practice Session: Account Analysis and Presentation

Welcome back! Today's agenda includes administrative announcements, a short homework club session (cancelled and moved to Wednesday, March 21st at 11:30), and a news article review. We will focus on reviewing accounting concepts, practicing with presentations, and engaging in trivia challenges. Don't miss out on analyzing financial statements and the accounting cycle activities. Let's enhance our skills together!

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Financial Accounting Practice Session: Account Analysis and Presentation

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Presentation Transcript

  1. WELCOME BACK

  2. Agenda Administrative • Homework Club • Today Cancelled! • Moved to Wednesday March 21st @ 11:30 • This room Class • News Article • Review Concepts • Practice PracticePractice….Presentations!!!!

  3. Trivia Lets start easy… 24 H in a D

  4. Trivia 90 D in an RA

  5. News Article Why I am Leaving Goldman Sachs http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?_r=1

  6. Review – Chapter 8 Worksheet & Financial Statements

  7. 2. Journalize (General Journal) 3. Post (General Ledger) 1. Analyze transactions based on source documents 4. Prepare unadjusted trial balance Accounting Cycle 9. Prepare post-closing trial balance 5.Adjust 6. Prepare adjusted trial balance 7. Prepare financial statements 8. Close

  8. Chapter 8 • The Worksheet • Analyzing the Income Statement • Analyzing the Balance Sheet • Accountability

  9. 1. The Worksheet • What’s the purpose of the worksheet? • What are our two control accounts? Why do we have them? • Accounts Payable • Accounts Receivable • Is drawings an Balance Sheet or Income Statement Account? Why? • NOTE: Only the last row needs to BALANCE!

  10. 2. Analyzing the I/S Group 1 – Exercise 1, A-D (pg, 266) Group 2 – Exercise 2, 3 (pg. 266) Group 3 – Exercise 6 (pg. 266)

  11. 3. Analyzing the B/S Group 4- Exercise 1 A-F (pg 276) Group 5 – Exercise 4 A-C (pg 278) Group 6 – Exercise 5 A-B (pg 278) Group 7 – Exercise 6 A-B (pg 279)

  12. The Plan • 4 people per group • 20 Minutes to Finish your question • Group Presentations • Grab chart paper & marker

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