AccountingBasics英语会计基础教学课件期末复习
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Accounting Basics英语会计基础教学课件(4)
(to record return of unwanted inventory purchased on account)
ACCY901 A'12
Recording freight costs
If the buyer pays the freight costs, these are treated as part of the cost of the inventory. BUT, we still record freight costs in a separate account This is the SAME entry for the periodic and perpetual systems
Operating cycles
4
SERVICE BUSINESS
Perform service Accounts receivable Send invoice Receive cash
MERCHANDISING BUSINESS
Buy inventory Sell inventory Accounts receivable Send invoice Receive cash
Date Account Debit Credit
Nov 1 Inventory
5,000
Nov 1 le
5,000
Accounts payable
5,000
(to record purchase of inventory on account)
D E
Thursday Thursday
9:30 12:30
19-G006 19-2085
F
Friday
AccountingBasics英语会计基础教学课件期末复习
Chapter 6 - Inventories Chapter 7 - Accounting information systems Chapter 8 - Internal control and cash Chapter 9 - Accounting for receivables Chapter 11 - Current liabilities Chapter 10 - Non-current assets (PPE) Chapter 16 - Non-current liabilities Chapter 14 - Share capital Chapter 15 - Dividends & retained earnings Chapter 19 - Financial statement analysis
Week 13
Revision and exam preparation
Things to cover this week
Subject evaluation Exam overview Preparation techniques Overview of topics Remember: if you have something to ask
One of the compulsory financial statements for annual reporting by companies (along with Balance Sheet and Income Statement)
A lot of financial information in the cash flow statement
How do the chapters fit together?
AccountingBasics英语会计基础教学
2
STATEMENT OF CASH FLOWS: USEFULNESS AND FORMAT
LO1
• A statement of cash flows provides
information about an entity’s cash receipts and cash payments during a period
• Ability to pay dividends and meet obligations • Reasons for difference between profit and net
cash provided (used) by operating activities • Cash investing and financing transactions for the period
1
• Indicate the usefulness of the statement of cash
flows • Distinguish among operating, investing and financing activities • Prepare a statement of cash flows using the direct method • Statement of cash flows- the indirect method
8
Significant non-cash activities
• Significant financing and investing activities that
do not affect cash are not reported in the body of the statement of cash flows, but are disclosed elsewhere in the financial statement • Examples include …
AccountingBasics英语会计基础教学课件
When should Penny record the telephone expense?
The $400 is still a March expense because this is the period in which the expense was incurred. The actual cash won’t go out until April, but the expense is still a March expense.
We need to make sure that asset and liability balances are accurately reflected at the end of the accounting period
Adjusting entries occur after the transactions have been recorded and posted, but before the financial statements are prepared
4
Before we start…
Last week we looked at transactions analysis, journal entries and general ledger accounts…Elena Lee example
Transaction
1 October, office rent for October is paid in cash, $1800
.au/student/services/pass
Chapter 3: Adjusting the accounts
Week 3
2
BEFORE WE START….
The $400 is still a March expense because this is the period in which the expense was incurred. The actual cash won’t go out until April, but the expense is still a March expense.
We need to make sure that asset and liability balances are accurately reflected at the end of the accounting period
Adjusting entries occur after the transactions have been recorded and posted, but before the financial statements are prepared
4
Before we start…
Last week we looked at transactions analysis, journal entries and general ledger accounts…Elena Lee example
Transaction
1 October, office rent for October is paid in cash, $1800
.au/student/services/pass
Chapter 3: Adjusting the accounts
Week 3
2
BEFORE WE START….
2019年最新-AccountingBasics英语会计基础教学课件-精选文档
How much revenue should Penny record for 2019? Revenue for 2019 would be $22,400
Why?
Sales – Cash
$20,000
Sales – Accounts receivable $ 2,400
Total sales for 2019
debit. To increase balance debit again, to credit. To increase balance credit again,
decrease credit out of the account.
to decrease debit out of the account.
7
Accrual versus cash basis of accounting
Cash-based accounting
Revenue recognised when the cash is received or paid.
Accrual-based accounting
Revenue recognised when goods and services are provided
Expenses recognised when the cash is received or paid
8
Expenses recognised when assets are consumed or liabilities incurred
Cash versus accrual basis
Basic analysis
The expense Rent is increased $1800 because the payment pertains only to the current month; the asset Cash is decreased $1800
Accounting Basics英语会计基础教学(3)PPT课件
Journal entry Posting
Oct 1 Rent Expense
601 1800
Cash
101
(Paid October rent)
1800
Rent Expense 601 Oct 1 1800
Cash
101
Oct 1 800
7
This week…
Accrual versus cash basis of accounting Revenue recognition criteria Expense recognition criteria Types of adjusting entries Prepayments Accruals Adjusted trial balance Worksheets Financial statements from worksheets
.au/student/services/pass
1
第一部分
整体概述
THE FIRST PART OF THE OVERALL OVERVIEW, PLEASE SUMMARIZE THE CONTENT
2
Chapter 3: Adjusting the accounts
Expenses recognised when the cash is received or paid
Expenses recognised when assets are consumed or liabilities incurred
9
Cash versus accrual basis
Accrual basis
Income example: assume Penny received $20,000 in cash for sales during 2011 and charged clients $2,400 which was to be paid in the following year.
Accounting Basics英语会计基础教学课件.ppt
Chapter 7 Accounting information systems
1
•Basic principles of accounting information systems •Nature and purpose of a subsidiary ledger •How special journals are used •How to use a multicolumn journal •NOTE: download templates of all these journals from the elearning space!
Relevant, reliable, understandable, timely, comparable
Flexibility
Technological advances, increased competition, changing accounting principles, organisational growth, government regulation and de-regulation
Developing an accounting system
4
1. Analysis
Planning and identifying information needs and sources
2. Design
Creating forms, documents, procedures, job descriptions and reports
Examples
Sales journal Cash receipts journal Purchases journal Cash payments journal
1
•Basic principles of accounting information systems •Nature and purpose of a subsidiary ledger •How special journals are used •How to use a multicolumn journal •NOTE: download templates of all these journals from the elearning space!
Relevant, reliable, understandable, timely, comparable
Flexibility
Technological advances, increased competition, changing accounting principles, organisational growth, government regulation and de-regulation
Developing an accounting system
4
1. Analysis
Planning and identifying information needs and sources
2. Design
Creating forms, documents, procedures, job descriptions and reports
Examples
Sales journal Cash receipts journal Purchases journal Cash payments journal
Accounting Basics英语会计基础教学(8)PPT课件
continued
Factors influencing new share issue price include:
o Anticipated future earnings o Expected dividend rate per share o Current financial position o Current state of the economy o Current state of the securities market
7
Share issue considerations
Issue of Shares
A company can issue ordinary shares
o Directly to investors, or o Indirectly through an underwriter (such as an
o The total amount of cash and other assets paid to the company by shareholders
o Share may be ordinary or preference shares
10
Shareholders’ equity
5
Forming a company
Application filed with ASIC showing
o Name and purpose of company o Number and types of shares o Names of incorporators
Company constitution regulates internal management
4
Characteristics of a
Factors influencing new share issue price include:
o Anticipated future earnings o Expected dividend rate per share o Current financial position o Current state of the economy o Current state of the securities market
7
Share issue considerations
Issue of Shares
A company can issue ordinary shares
o Directly to investors, or o Indirectly through an underwriter (such as an
o The total amount of cash and other assets paid to the company by shareholders
o Share may be ordinary or preference shares
10
Shareholders’ equity
5
Forming a company
Application filed with ASIC showing
o Name and purpose of company o Number and types of shares o Names of incorporators
Company constitution regulates internal management
4
Characteristics of a
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Estimate of the future costs that may be incurred for repairing or replacing defective goods
The amount of the estimate for each year is recorded as an adjustment to the Warranty Provision account
Overview | LIABILITIES ~ Current liabilities
Types of current liabilities we’ve covered
Accounts payable Notes payable – same as accounts payable but with interest Unearned revenue – remember the concert example Accrued liabilities – provisions e.g. warranty liability
In this chapter, the focus is mostly on depreciation methods
Straight line (based on years of useful life) Units of production (based on units of useful life) Diminishing (or reducing) balance
EVERYONE wants it!!! So, we need internal control procedures. A fundamental internal control procedure for cash is the bank
reconciliation statement. In Week 5, our example was Friends Ltd. Key items in a bank reconciliation
Overview | ASSETS ~ Accounts receivable
What we’re interested here is how to account for measurement of accounts receivable and impairment.
If there is impairment, reduce accounts receivable via
Week 13
Revision and exam preparation
Things to cover this week
Subject evaluation Exam overview Preparation techniques Overview of topics Remember: if you have something to ask
Here we’re interested in calculating the value of ending inventory so we can complete the COGS calculation…
COGS = beginning inventory + net purchases – ending inventory.
One of the compulsory financial statements for annual reporting by companies (along with Balance Sheet and Income Statement)
A lot of financial information in the cash flow statement
Dividends
Overview | ASSETS ~ Non- current assets
Important to recognise that sometimes many costs can contribute to the actual cost of an asset (ie more than just purchase price)
EQUITY
Share capital, dividends & retained earnings
FINANCIAL STATEMENT ANALYSIS
Analysing financial statements
What about these topics?
CASH FLOW STATEMENTS
NON-CURRENT LIABILITIEerview | EQUITY ~ Share capital, dividends, retained earnings
Several elements of share issuing covered. Main focus:
BUDGETING
Budgeting is a basic life skill! Also important for all business/commerce majors, not just accounting.
Overview | ASSETS ~ Cash
What’s the problem with cash from a business point of view?
IGNORE any existing balance in impairment account
If using ageing method
ADJUST for any existing balance in impairment account
Overview | ASSETS ~ Inventories
Direct method Allowance method
Percentage of sales method Ageing of accounts receivable method
Key things to remember with allowance method
If using percentage of sales method
me about the final exam, it has to happen NOW!!! i.e. while the lecture is happening!!!! Thank you ☺
Exam overview
8 questions. No multiple choice. Problem-style questions. Similar to tutorials. Chapters covered include those AFTER mid-semester… More on the exam after we review the chapters…
Chapters…remember these ones???
Chapter 6 - Inventories – FIFO/LIFO/WA Chapter 7 - Accounting information systems Chapter 8 - Internal control and cash Chapter 9 - Accounting for receivables Chapter 11 - Current liabilities Chapter 10 - Non-current assets (PPE) Chapter 16 - Non-current liabilities Chapter 14 - Share capital Chapter 15 - Dividends & retained earnings Chapter 19 - Financial statement analysis Chapter 18 - Cash flow statements Chapter 20 - Management accounting Chapter 23 - Budgeting
First in, First out (FIFO) Last in, First out (LIFO) Average cost
Key things to remember:
Think about what it is you are working out…is it ending inventory or COGS?
Outstanding deposits Unpresented cheques Dishonoured cheques Bank or company errors Bank changes or collections on behalf of the company Any associated adjusting entries that might be required
Chapter 6 - Inventories Chapter 7 - Accounting information systems Chapter 8 - Internal control and cash Chapter 9 - Accounting for receivables Chapter 11 - Current liabilities Chapter 10 - Non-current assets (PPE) Chapter 16 - Non-current liabilities Chapter 14 - Share capital Chapter 15 - Dividends & retained earnings Chapter 19 - Financial statement analysis
Issuing of ordinary shares payable by installments
E.g. if a company wishes to issue 10,000 shares at an issue price of $20 per share with $10 payable on application, $5 payable on allotment and $5 payable on call.
The amount of the estimate for each year is recorded as an adjustment to the Warranty Provision account
Overview | LIABILITIES ~ Current liabilities
Types of current liabilities we’ve covered
Accounts payable Notes payable – same as accounts payable but with interest Unearned revenue – remember the concert example Accrued liabilities – provisions e.g. warranty liability
In this chapter, the focus is mostly on depreciation methods
Straight line (based on years of useful life) Units of production (based on units of useful life) Diminishing (or reducing) balance
EVERYONE wants it!!! So, we need internal control procedures. A fundamental internal control procedure for cash is the bank
reconciliation statement. In Week 5, our example was Friends Ltd. Key items in a bank reconciliation
Overview | ASSETS ~ Accounts receivable
What we’re interested here is how to account for measurement of accounts receivable and impairment.
If there is impairment, reduce accounts receivable via
Week 13
Revision and exam preparation
Things to cover this week
Subject evaluation Exam overview Preparation techniques Overview of topics Remember: if you have something to ask
Here we’re interested in calculating the value of ending inventory so we can complete the COGS calculation…
COGS = beginning inventory + net purchases – ending inventory.
One of the compulsory financial statements for annual reporting by companies (along with Balance Sheet and Income Statement)
A lot of financial information in the cash flow statement
Dividends
Overview | ASSETS ~ Non- current assets
Important to recognise that sometimes many costs can contribute to the actual cost of an asset (ie more than just purchase price)
EQUITY
Share capital, dividends & retained earnings
FINANCIAL STATEMENT ANALYSIS
Analysing financial statements
What about these topics?
CASH FLOW STATEMENTS
NON-CURRENT LIABILITIEerview | EQUITY ~ Share capital, dividends, retained earnings
Several elements of share issuing covered. Main focus:
BUDGETING
Budgeting is a basic life skill! Also important for all business/commerce majors, not just accounting.
Overview | ASSETS ~ Cash
What’s the problem with cash from a business point of view?
IGNORE any existing balance in impairment account
If using ageing method
ADJUST for any existing balance in impairment account
Overview | ASSETS ~ Inventories
Direct method Allowance method
Percentage of sales method Ageing of accounts receivable method
Key things to remember with allowance method
If using percentage of sales method
me about the final exam, it has to happen NOW!!! i.e. while the lecture is happening!!!! Thank you ☺
Exam overview
8 questions. No multiple choice. Problem-style questions. Similar to tutorials. Chapters covered include those AFTER mid-semester… More on the exam after we review the chapters…
Chapters…remember these ones???
Chapter 6 - Inventories – FIFO/LIFO/WA Chapter 7 - Accounting information systems Chapter 8 - Internal control and cash Chapter 9 - Accounting for receivables Chapter 11 - Current liabilities Chapter 10 - Non-current assets (PPE) Chapter 16 - Non-current liabilities Chapter 14 - Share capital Chapter 15 - Dividends & retained earnings Chapter 19 - Financial statement analysis Chapter 18 - Cash flow statements Chapter 20 - Management accounting Chapter 23 - Budgeting
First in, First out (FIFO) Last in, First out (LIFO) Average cost
Key things to remember:
Think about what it is you are working out…is it ending inventory or COGS?
Outstanding deposits Unpresented cheques Dishonoured cheques Bank or company errors Bank changes or collections on behalf of the company Any associated adjusting entries that might be required
Chapter 6 - Inventories Chapter 7 - Accounting information systems Chapter 8 - Internal control and cash Chapter 9 - Accounting for receivables Chapter 11 - Current liabilities Chapter 10 - Non-current assets (PPE) Chapter 16 - Non-current liabilities Chapter 14 - Share capital Chapter 15 - Dividends & retained earnings Chapter 19 - Financial statement analysis
Issuing of ordinary shares payable by installments
E.g. if a company wishes to issue 10,000 shares at an issue price of $20 per share with $10 payable on application, $5 payable on allotment and $5 payable on call.