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Lecture Accounting (6th edition): Chapter 3 - Kimmel, Weygandt, Kieso

Chapter 3 - The accounting information system. This chapter provides knowledge of: Analyze the effect of transactions on the accounting equation; explain how accounts, debits and credits are used to record transactions; journalize transactions in the general journal; post transactions to the general ledger; prepare a trial balance. | The Accounting Information System Kimmel ● Weygandt ● Kieso Accounting, Sixth Edition 3 Explain how accounts, debits, and credits are used to record business transactions. CHAPTER OUTLINE Analyze the effect of business transactions on the basic accounting equation. 1 2 LEARNING OBJECTIVES Indicate how a journal is used in the recording process. 3 Explain how a ledger and posting help in the recording process. 4 Prepare a trial balance. 5 Accounting Information System System of collecting and processing transaction data and communicating financial information to decision-makers. LEARNING OBJECTIVE Analyze the effect of business transactions on the basic accounting equation. 1 LO 1 Accounting information systems rely on a process referred to as the accounting cycle. Accounting Information System Analyze business transactions Journalize Post Trial Balance Adjusting Entries Adjusted Trial Balance Financial Statements Closing Entries Post-Closing Trial Balance Most businesses use computerized accounting systems. LO 1 Transactions are economic events that require recording in the financial statements. Not all activities represent transactions. Assets, liabilities, or stockholders’ equity items change as a result of some economic event. Dual effect on the accounting equation. ACCOUNTING TRANSACTIONS LO 1 Question: Are the following events recorded in the accounting records? Event Purchase computer Criterion Pay rent Record/ Don’t Record Discuss guided trip options with potential customer Illustration 3-1 Transaction identification process ACCOUNTING TRANSACTIONS Is the financial position (assets, liabilities, or stockholders’ equity) of the company changed? LO 1 Assets Liabilities Stockholders’ Equity = + Basic Accounting Equation The process of identifying the specific effects of economic events on the accounting equation. ANALYZING TRANSACTIONS LO 1 Illustration 3-2 Expanded accounting equation ANALYZING TRANSACTIONS LO 1 Event (1). On October 1, cash of $10,000 is . | The Accounting Information System Kimmel ● Weygandt ● Kieso Accounting, Sixth Edition 3 Explain how accounts, debits, and credits are used to record business transactions. CHAPTER OUTLINE Analyze the effect of business transactions on the basic accounting equation. 1 2 LEARNING OBJECTIVES Indicate how a journal is used in the recording process. 3 Explain how a ledger and posting help in the recording process. 4 Prepare a trial balance. 5 Accounting Information System System of collecting and processing transaction data and communicating financial information to decision-makers. LEARNING OBJECTIVE Analyze the effect of business transactions on the basic accounting equation. 1 LO 1 Accounting information systems rely on a process referred to as the accounting cycle. Accounting Information System Analyze business transactions Journalize Post Trial Balance Adjusting Entries Adjusted Trial Balance Financial Statements Closing Entries Post-Closing Trial Balance Most businesses use .