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会计英语第二版ppt

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  • 更新时间:2019-04-03
  • 素材类别:教育培训PPT
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  • 关键提要:会计英语第二版,会计
  • 素材版本:PowerPoint2003及以上版本(.ppt)
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这是会计英语第二版ppt下载,主要介绍了Need for adjustments;Accrual and cash basis accounting;Entries to prepaid expenses;Depreciation Is Only an Estimate,欢迎点击下载。

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会计英语第二版ppt

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棋牌休闲直播Chapter 2-2 Accounting Cycle (Cont.) Before financial statements can be prepared, the accounts must be reviewed to ensure they reflect the correct balances; adjustments will be needed to adjust prepayments and unearned amounts, and to record amortization and accruals. The adjusted trial balance is used to prepare the statements. Closing entries are journalized and posted in preparation for the next accounting period. Need for adjustments The life of a business is divided into accounting periods so that periodic financial reports can be prepared and used. Adjustments at the end of each period are necessary to update some of the asset, liability, expense, and revenue accounts and to show the effects of previously unrecorded internal economic events of the business. ……. Accrual and cash basis accounting Accrual accounting requires adjustments for prepaid, unearned, and accrued items; therefore, it reports revenues when earned and expenses when the expiration of benefit is incurred. Cash basis accounting does not make adjustments; revenues are recorded when cash is received and expenses are recorded when cash is paid. The cash basis of accounting is not generally accepted. Adjusting the accounts (… step 5) Adjusting entries are journalized in the general journal and then posted into the general ledger. Adjusting entries are used to: charge the expired portion of prepaid expenses to Expense charge the expired portion of fixed assets cost to Amortization/Depreciation expense accrue expenses and record the related liabilities recognize as revenues the earned portion of unearned revenue liabilities accrue revenues and record the related assets Types of Adjusting Entries Entries to prepaid expenses… Entries to prepaid expenses… Entries to prepaid expenses… Entries to prepaid expenses… Entries to prepaid expenses… Entries to prepaid expenses The Concept of Depreciation… The Concept of Depreciation… The portion of an asset’s utility that is used up must be expensed in the period used. Depreciation Is Only an Estimate… During May of 20x7, Barone’s repair shop purchased an equipment with a useful life of 50 months for $5,000 cash. Using the straight-line method, calculate the monthly depreciation expense. Depreciation Is Only an Estimate… Entries to Unearned Revenue… Entries to Unearned Revenue… Entries to Unearned Revenue.. Entries to Unearned Revenue.. Entries to Unearned Revenue.. Entries to Unearned Revenue Entries to Accrued Expenses.. Entries to Accrued Expenses.. Entries to Accrued Expenses.. Entries to Accrued Expenses.. Entries to Accrued Expenses.. Entries to Accrued Expenses… Entries to Accrued Expenses Entries to Accrued Revenue… Entries to Accrued Revenue… Entries to Accrued Revenue… Entries to Accrued Revenue… Entries to Accrued Revenue... Entries to Accrued Revenue… Entries to Accrued Revenue Steps 6 and 7: The adjusted trial balance and preparation of financial statements The sixth step in the accounting cycle is the preparation of an adjusted trial balance to prove the equality of debits and credits upon completion of the adjustment process. The seventh step in the accounting cycle is preparing the financial statements using the adjusted account balances as summarized on the adjusted trial balance. The worksheet A worksheet is a tool the accountant uses at the end of an accounting period to show the effects of the adjustments and organize the data for use in preparing financial statements and recording the adjusting and closing entries. The worksheet is an internal working paper that incorporates steps 4 (unadjusted trial balance) through 7 (preparation of financial statements) of the accounting cycle. Step 8: Closing entries Closing the temporary accounts at the end of each accounting period serves to transfer the effects of these accounts to the proper owner’s equity account that appears on the SOFP. It also gives the revenue, expense, and withdrawals (or dividend for a corporation) accounts zero balances, preparing them for use in the following period. Step 8: Closing entries (cont.)… Closing involves the following steps: Revenues are closed to the Income summary account. Expenses are closed to the Income summary account. The balance in the Income summary account is closed to the Owner’s equity account. The Owner’s dividends/withdrawals account is closed to the Owner’s equity account. Closing Entries for Revenue Accounts… Closing Entries for Revenue Accounts… Closing Entries for Expense Accounts… Closing Entries for Expense Accounts… Closing the Income Summary Account… Closing the Income Summary Account… Closing the Owner’s Dividend Account… Closing the Owner’s Dividend Account… Step 9: Post-closing trial balance The two main goals of the post-closing trial balance are to: test the equality of debits and credits in the general ledger after the closing entries have been posted confirm that all temporary accounts have been closed The accounting cycle summary The nine steps in the accounting cycle are: analyze journalize in the general journal post from the general journal to the general ledger prepare the unadjusted trial balance journalize and post adjusting entries prepare the adjusted trial balance prepare financial statements journalize and post closing entries prepare post-closing trial balance Classification of SOFP items A classified SOFP categorizes asset, liability, and equity accounts. Assets are grouped into three main categories: current assets long-term investments fixed assets Liabilities are grouped into two categories: current liabilities non-current liabilities …… Classification of SOFP items (cont.) The equity of a sole proprietorship is reported on one line, while a separate capital account is reported for each partner in a partnership. Corporations report the investments of their shareholders as contributed capital; the equity from net incomes less dividends is reported as retained earnings. End of Chapter 2

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《会计英语第二版ppt》是由用户咦哩于2019-04-03上传,属于教育培训PPT。

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