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YeandSunAccountingEnglish@20091Lesson

1AnIntroductiontoAccountingYeandSunAccountingEnglishAccountinginformationTheaccountingprocessDecisionmakersEconomicactivitiesActions(decisions)Accountingthinksdecisionmakerswitheconomicactivitiesandwiththeresultsoftheirdecisions.1.1AccountingisaninformationsystemYeandSunAccountingEnglish@20092TheaccountingprocessDecision1.2FormsoforganizationSoleproprietorshipOwnedbyoneperson.Ownerispersonallyresponsibleforbusinessdebts.Partnership Ownedbytwoormorepersons.Partnersarepersonallyresponsibleforallpartnershipdebts.CorporationOwnedbysharesofstock.Acorporationisaseparatelegalentity.Itisresponsibleforitsowndebts.YeandSunAccountingEnglish@200931.2FormsoforganizationSole1.3FrameworkforPreparationandpresentationoffinancialstatementsIASC–since1973IASB–since2001Thereisagrowingtrendtoadoptaccountingstandardsthatareinharmonywithinternationalaccountingstandards.……YeandSunAccountingEnglish@200941.3FrameworkforPreparationYeandSunAccountingEnglish@20095Someaccountingconceptsandprinciples:businessentityobjectivitycostprinciplegoing-concernmonetaryunittimeperiodrevenuerecognitionorrealizationprinciplematchingprinciplefull-disclosureprincipleconsistencyprinciplematerialityprincipleconservatismprincipleYeandSunAccountingEnglishYeandSunAccountingEnglish@200961.4UnderstandingfinancialstatementsThestatementofcomprehensiveincome(incomestatement)summarizesfinancialperformanceresultingfromincome(revenueandgains)lessexpenses(includinglosses).Thestatementofchangesinequityreconcileschangesinequity(increasesarecausedbyownerinvestmentsandnetincome,whiledecreasesresultfromownerwithdrawals/dividendsandnetlosses.Thestatementoffinancialposition(balancesheet)detailsassets,liabilities,andequity.Thestatementofcashflowsshowsthecashinflowsandoutflowsfromoperatingactivities,investingactivities,andfinancingactivities.Usersofaccountinginformation–investorsandcreditorsetc.YeandSunAccountingEnglishYeandSunAccountingEnglish@200971.4UnderstandingfinancialstatementsTheincomestatementsummarizesnetprofit(ornetloss)resultingfromrevenueslessexpenses.Thestatementofowner’sequityreconcileschangesinowner’sequity(increasesarecausedbyownerinvestmentsandnetprofit,whiledecreasesresultfromownerwithdrawalsandnetlosses).Thebalancesheetdetailsassets,liabilities,andequity.Thestatementofcashflowsshowsthecashinflowsandoutflowsfromoperating,investingandfinancingactivities.Usersofaccountinginformation–investorsandcreditorsetc.YeandSunAccountingEnglishYeandSunAccountingEnglish@200981.5AccountinganditsprofessionTherearethreebasictypesofaccountants:Privateaccountantsworkforasingleemployer.Publicaccountantsareavailabletothepublic.Governmentaccountantsworkforlocal,provincial,andfederalgovernmentagencies.……YeandSunAccountingEnglishYeandSunAccountingEnglish@20099Fieldsofaccountingfinancialmanagerialtaxationaccounting-relatedYeandSunAccountingEnglishYeandSunAccountingEnglish@2009101.6UsingtheaccountingequationBusinesstransactionsalwaysaffectatleasttwoelementsintheaccountingequation.Theaccountingequationis:

Assets=Liabilities+EquityAfteratransactionisrecorded,theaccountingequationmustbeinbalance.……YeandSunAccountingEnglishYeandSunAccountingEnglish@200911Usingtheaccountingequation(1)Recording(2)Reporting (BasicStepsofAccountingProcessing)ExampleontextbookYeandSunAccountingEnglishYeandSunAccountingEnglish@200912Anexample!YeandSunAccountingEnglishStockholders’Equity1:

Barone’sRepairShopwasstartedonMay.PrepareatabularanalysisofthefollowingtransactionsforthemonthofMay.+10,0001.+10,000CashAccountsReceivableEquipmentAccountsPayableCommonStock++=+1.Stockholdersinvested$10,000cashtostarttherepairshop.InvestmentAssetsLiabilities13YeandSunAccountingEnglish@2009Stockholders’Equity1:Barone’+10,0001.+10,0002.Purchasedequipmentfor$5,000cash.-5,0002.+5,000InvestmentStockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilities14YeandSunAccountingEnglish@2009+10,0001.+10,0002.Purch+10,0001.+10,0003.Paid$400cashforMayofficerent.-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarningsExpense+15YeandSunAccountingEnglish@2009+10,0001.+10,0003.Paid+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarnings+5,1004.+5,1004.Received$5,100fromcustomersforrepairservice.Revenue+16YeandSunAccountingEnglish@2009+10,0001.+10,000-5,0002.+5,000+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarnings+5,1004.+5,1005.Paiddividendsof$1,000cash.-1,0005.-1,000+17YeandSunAccountingEnglish@2009+10,0001.+10,000-5,0002.+5,000+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarnings+5,1004.+5,100-1,0005.-1,0006.Paidpart-timeemployeesalariesof$2,000.-2,0006.-2,000Expense+18YeandSunAccountingEnglish@2009+10,0001.+10,000-5,0002.+5,000+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarnings+5,1004.+5,100-1,0005.-1,000-2,0006.-2,000Expense7.Incurred$250ofadvertisingcosts,onaccount.+250-2507.+19YeandSunAccountingEnglish@2009+10,0001.+10,000-5,0002.+5,000+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarnings+5,1004.+5,100-1,0005.-1,000-2,0006.-2,000Revenue+250-2507.8.Providedrepairservicesonaccounttocustomers$750.+7508.+750+20YeandSunAccountingEnglish@2009+10,0001.+10,000-5,0002.+5,000 6,820 +

630 + 5,000 = 250 + 10,000+ 2,200+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarnings+5,1004.+5,100-1,0005.-1,000-2,0006.-2,000+250-2507.+7508.+7509.Collected$120cashforservicespreviouslybilled.+1209.-120+21YeandSunAccountingEnglish@2009 6,820 + 630Companiespreparefourfinancialstatementsfromthesummarizedaccountingdata:BalanceSheetIncomeStatementStatementofCashFlowsRetainedEarningsStatement22YeandSunAccountingEnglish@2009CompaniespreparefourfinanciIncomeStatementReportstherevenuesandexpensesforaspecificperiodoftime.Netprofit–revenuesexceedexpenses.Netloss–expensesexceedrevenues.23YeandSunAccountingEnglish@2009IncomeStatementReportstIncomeStatementRetainedEarningsStatementNetprofitisneededtodeterminetheendingbalanceinretainedearnings.24YeandSunAccountingEnglish@2009IncomeStatementRetainedEaRetainedEarningsStatementStatementindicatesthereasonswhyretainedearningshasincreasedordecreasedduringtheperiod.25YeandSunAccountingEnglish@2009RetainedEarningsStatementStaBalanceSheetRetainedEarningsStatementTheendingbalanceinretainedearningsisneededinpreparingthebalancesheet.26YeandSunAccountingEnglish@2009BalanceSheetRetainedEarniReportstheassets,liabilities,andstockholders’equityataspecificdate.Assetslistedatthetop,followedbyliabilitiesandstockholders’equity.Totalassetsmustequaltotalliabilitiesandstockholders’equity.BalanceSheet27YeandSunAccountingEnglish@2009Reportstheassets,liabilitieStatementofCashFlowsBalanceSheet28YeandSunAccountingEnglish@2009StatementofCashFlowsBalStatementofCashFlowsInformationforaspecificperiodoftime.Answersthefollowing:Wheredidcashcomefrom?Whatwascashusedfor?Whatwasthechangeinthecashbalance?29YeandSunAccountingEnglish@2009StatementofCashFlowsInformaYeandSunAccountingEnglish@2009301.7EthicsinaccountingAccountantsmustperformtheirresponsibilitiesaccordingtothehighestethicalstandardsbecausemanyusersrelyonfinancialreports.Someofthebasicethicalstandardsexpectedofprofessionalaccountantsinclude:

IntegrityConfidentialityCompetenceObjectivityYeandSunAccountingEnglishYeandSunAccountingEnglish@200931EndofLesson1YeandSunAccountingEnglishYeandSunAccountingEnglish@200932Lesson

1AnIntroductiontoAccountingYeandSunAccountingEnglishAccountinginformationTheaccountingprocessDecisionmakersEconomicactivitiesActions(decisions)Accountingthinksdecisionmakerswitheconomicactivitiesandwiththeresultsoftheirdecisions.1.1AccountingisaninformationsystemYeandSunAccountingEnglish@200933TheaccountingprocessDecision1.2FormsoforganizationSoleproprietorshipOwnedbyoneperson.Ownerispersonallyresponsibleforbusinessdebts.Partnership Ownedbytwoormorepersons.Partnersarepersonallyresponsibleforallpartnershipdebts.CorporationOwnedbysharesofstock.Acorporationisaseparatelegalentity.Itisresponsibleforitsowndebts.YeandSunAccountingEnglish@2009341.2FormsoforganizationSole1.3FrameworkforPreparationandpresentationoffinancialstatementsIASC–since1973IASB–since2001Thereisagrowingtrendtoadoptaccountingstandardsthatareinharmonywithinternationalaccountingstandards.……YeandSunAccountingEnglish@2009351.3FrameworkforPreparationYeandSunAccountingEnglish@200936Someaccountingconceptsandprinciples:businessentityobjectivitycostprinciplegoing-concernmonetaryunittimeperiodrevenuerecognitionorrealizationprinciplematchingprinciplefull-disclosureprincipleconsistencyprinciplematerialityprincipleconservatismprincipleYeandSunAccountingEnglishYeandSunAccountingEnglish@2009371.4UnderstandingfinancialstatementsThestatementofcomprehensiveincome(incomestatement)summarizesfinancialperformanceresultingfromincome(revenueandgains)lessexpenses(includinglosses).Thestatementofchangesinequityreconcileschangesinequity(increasesarecausedbyownerinvestmentsandnetincome,whiledecreasesresultfromownerwithdrawals/dividendsandnetlosses.Thestatementoffinancialposition(balancesheet)detailsassets,liabilities,andequity.Thestatementofcashflowsshowsthecashinflowsandoutflowsfromoperatingactivities,investingactivities,andfinancingactivities.Usersofaccountinginformation–investorsandcreditorsetc.YeandSunAccountingEnglishYeandSunAccountingEnglish@2009381.4UnderstandingfinancialstatementsTheincomestatementsummarizesnetprofit(ornetloss)resultingfromrevenueslessexpenses.Thestatementofowner’sequityreconcileschangesinowner’sequity(increasesarecausedbyownerinvestmentsandnetprofit,whiledecreasesresultfromownerwithdrawalsandnetlosses).Thebalancesheetdetailsassets,liabilities,andequity.Thestatementofcashflowsshowsthecashinflowsandoutflowsfromoperating,investingandfinancingactivities.Usersofaccountinginformation–investorsandcreditorsetc.YeandSunAccountingEnglishYeandSunAccountingEnglish@2009391.5AccountinganditsprofessionTherearethreebasictypesofaccountants:Privateaccountantsworkforasingleemployer.Publicaccountantsareavailabletothepublic.Governmentaccountantsworkforlocal,provincial,andfederalgovernmentagencies.……YeandSunAccountingEnglishYeandSunAccountingEnglish@200940Fieldsofaccountingfinancialmanagerialtaxationaccounting-relatedYeandSunAccountingEnglishYeandSunAccountingEnglish@2009411.6UsingtheaccountingequationBusinesstransactionsalwaysaffectatleasttwoelementsintheaccountingequation.Theaccountingequationis:

Assets=Liabilities+EquityAfteratransactionisrecorded,theaccountingequationmustbeinbalance.……YeandSunAccountingEnglishYeandSunAccountingEnglish@200942Usingtheaccountingequation(1)Recording(2)Reporting (BasicStepsofAccountingProcessing)ExampleontextbookYeandSunAccountingEnglishYeandSunAccountingEnglish@200943Anexample!YeandSunAccountingEnglishStockholders’Equity1:

Barone’sRepairShopwasstartedonMay.PrepareatabularanalysisofthefollowingtransactionsforthemonthofMay.+10,0001.+10,000CashAccountsReceivableEquipmentAccountsPayableCommonStock++=+1.Stockholdersinvested$10,000cashtostarttherepairshop.InvestmentAssetsLiabilities44YeandSunAccountingEnglish@2009Stockholders’Equity1:Barone’+10,0001.+10,0002.Purchasedequipmentfor$5,000cash.-5,0002.+5,000InvestmentStockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilities45YeandSunAccountingEnglish@2009+10,0001.+10,0002.Purch+10,0001.+10,0003.Paid$400cashforMayofficerent.-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarningsExpense+46YeandSunAccountingEnglish@2009+10,0001.+10,0003.Paid+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarnings+5,1004.+5,1004.Received$5,100fromcustomersforrepairservice.Revenue+47YeandSunAccountingEnglish@2009+10,0001.+10,000-5,0002.+5,000+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarnings+5,1004.+5,1005.Paiddividendsof$1,000cash.-1,0005.-1,000+48YeandSunAccountingEnglish@2009+10,0001.+10,000-5,0002.+5,000+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarnings+5,1004.+5,100-1,0005.-1,0006.Paidpart-timeemployeesalariesof$2,000.-2,0006.-2,000Expense+49YeandSunAccountingEnglish@2009+10,0001.+10,000-5,0002.+5,000+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarnings+5,1004.+5,100-1,0005.-1,000-2,0006.-2,000Expense7.Incurred$250ofadvertisingcosts,onaccount.+250-2507.+50YeandSunAccountingEnglish@2009+10,0001.+10,000-5,0002.+5,000+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarnings+5,1004.+5,100-1,0005.-1,000-2,0006.-2,000Revenue+250-2507.8.Providedrepairservicesonaccounttocustomers$750.+7508.+750+51YeandSunAccountingEnglish@2009+10,0001.+10,000-5,0002.+5,000 6,820 +

630 + 5,000 = 250 + 10,000+ 2,200+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarnings+5,1004.+5,100-1,0005.-1,000-2,0006.-2,000+250-2507.+7508.+7509.Collected$120cashforservicespreviouslybilled.+1209.-120+52YeandSunAccountingEnglish@2009 6,820 + 630Companiespreparefourfinancialstatementsfromthesummarizedaccountingdata:BalanceSheetIncomeStatementStatementofCashFlowsRetainedEarningsStatement53YeandSunAccountingEnglish@2009CompaniespreparefourfinanciIncomeStatementReportstherevenuesandexpensesf

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