The Accounting Cycle

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Beschrijving

This book is the first of seven books which introduces the basic principles of accounting. It introduces accounting, the fundamental accounting equation, and four core financial statements. Students will learn the basics of accounting, such as debits and credits, the journal, and trial balance, income measurement, revenue and expense recognition, and the reporting cycle. With a foundation in these basics of accounting readers are introduced to financial statement preparation, the accounting cycle, closing entries, classified balance sheets, the importance of business liquidity, and the concept of the operating cycle.

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Content

  1. Part 1: Welcome to the World of Accounting
  2. Accounting Informatio…

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This book is the first of seven books which introduces the basic principles of accounting. It introduces accounting, the fundamental accounting equation, and four core financial statements. Students will learn the basics of accounting, such as debits and credits, the journal, and trial balance, income measurement, revenue and expense recognition, and the reporting cycle. With a foundation in these basics of accounting readers are introduced to financial statement preparation, the accounting cycle, closing entries, classified balance sheets, the importance of business liquidity, and the concept of the operating cycle.

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Content

  1. Part 1: Welcome to the World of Accounting
  2. Accounting Information
    1. Accounting Defined
    2. Financial Accounting
    3. Managerial Accounting
  3. A Quality Information System
  4. Inherent Limitations
  • The Accounting Profession and Careers
  1. Accounting and Professional Ethics
  • The Fundamental Accounting Equation
  1. Assets
  2. Liabilities
  3. Owners’ Equity
  4. Balance Sheet
  • How Transactions Impact the Accounting Equation
  1. Edelweiss Collects an Account Receivable
  2. Edelweiss Buys Equipment With Loan Proceeds
  3. Edelweiss Provides Services to a Costumer on Account
  4. Edelweiss Pays Expenses With Cash
  5. Generalizing About the Impact of Transactions
  6. Distinguishing Between Revenue and Income
  • The Core Financial Statements
  1. Financial Statements
  2. Income Statements
  3. The Statement of Retained Earnings
  4. Balance Sheet
  5. Statement of Cash Flows
  6. Articulation
  7. Unlocking the Mystery of Articulation
  • Part 2: Information Processing
  • Accounts, Debits and Credits
  1. Accounts
  2. Debits and Credits
  3. The Fallacy of “+/-” Nomenclature
  4. The Debit/Credit Rules
  5. Assets/Expenses/Dividends
  6. Liabilities/Revenues/Equity
  7. Analysis of Transactions and Events
  8. Determining an Account’s Balance
  9. A Common Misunderstanding About Credits
  • The Journal
  1. Illustrating the Accounting Journal
  2. Special Journals
  3. Page Numbering
  4. But, What are the Account Balances?
  • The General Ledger
  1. Posting
  2. To Review
  • The Trial Balance
  1. Debits Equal Credits
  2. Financial Statements From the Trial Balance
  • Computerized Processing Systems
  1. What do they Look Like
  • T-accounts
  1. Comprehensive T-accounting Illustration
  2. Chart of Accounts
  3. Control and Subsidiary Accounts
  • Part 3: Income Measurement
  • "Measurement Triggering” Transactions and Events
  1. The Meaning of “Accounting” Income
  2. More Income Terminology
  3. An Emphesis on Transactions and Events
  • The Periodicity Assumption
  1. Accounting Implications
  • Basic Elements of Revenue Recognition
  1. Payment and Revenue Recognition
  • Basic Elements of Expense Recognition
  1. Payment and Expense Recognition
  • The Adjusting Process and Related Entries
  1. Illustration of Prepaid Insurance
  2. Illustration of Prepaid Rent
  3. I’m a Bit Confused – Exactly When do I Adjust?
  4. Illustration of Supplies
  5. Depreciation
  6. Unearned Revenues
  7. Accruals
  8. Accrued Salaries
  9. Accrued Interest
  10. Accrued Rent
  11. Accrued Revenue
  12. Recap of Adjustments
  13. The Adjusted Trial Balance
  14. Alternative Procedures for Certain Adjustments
  • Accrual- Versus Cash-Basis Accounting
  1. Modified Approaches
  2. Illustration of Cash-Versus Accrual Basis Accounting
  • Part 4: The Reporting Cycle
  • Preparing Financial Statements
  1. An Illustration
  2. Considering the Actual Process for Adjustments
  3. Financial Statements
  4. Computerization
  5. A Worksheet Approach
  6. An Additional Illustration
  • The Accounting Cycle and Closing Process
  1. The Closing Process
  2. Post Closing Trial Balance
  3. Revisiting Computerization
  • Reversing Entries
  • Classified Balance Sheets
  1. Assets
  2. Liabilities
  3. Equity
  4. Other Entity Forms
  5. Notes to the Financial Statements
  • Business Liquidity and the Operating Cycle
  1. Working Capital
  2. Current Ratio
  3. Quick Ratio
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