Lecture International accounting: Chapter 1 - Nguyễn Quốc Nhất

Lecture "International accounting - Chapter 1: Recording business transactions" has content: Explain accounts, journals, and ledgers as they relate to recording transactions and describe common accounts, define debits, credits, and normal account balances, and use double-entry accounting and T-accounts, list the steps of the transaction recording process Journalize and post sample transactions to the ledger, prepare the trial balance from the T-accounts.
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Lecture International accounting: Chapter 1 - Nguyễn Quốc NhấtInternational AccountingChapter 1: Recording Business TransactionsMINISTRY OF INDUSTRY AND TRADEINDUSTRIAL UNIVERSITY OF HO CHI MINH CITYFACULTY OF ACCUONTING-AUDITINGINTRODUCEMA.Nguyen Quoc Nhat1INTRODUCE•Code modules: 2127407•Credits: 3•Texbook:•Reference material:-Accounting, Charles T. Horngren, Walter T. Harrison Jr. and M.Suzanne Oliver, 2012, Prentice hall.-PRINCIPLES OF ACCOUNTING Published by McGraw-Hill/Irwin,a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue ofthe Americas, New York, NY, 10020. Copyright © 2009.-Website: http://www.ifrs.org/IFRSs/Pages/IFRS.aspxwww.iasplus.com2INTRODUCELearning objective:• Presenting the basic knowledge about accounting cyclefrom record economic transactions arising in theirdiary, to take notes on ledger, trial balance spreadsheetprogram, implementing adjustments.• Applying the knowledge to create a good platform forstudents to acquire academic accounting researchdeeper, higher.3MA. Nguyen Quoc Nhat –nhatnq.faa@gmail.com1International AccountingChapter 1: Recording Business TransactionsINTRODUCETable of content:Chapter123456789101112RECORDING BUSINESS TRANSACTIONSTHE ADJUSTING PROCESSCOMPLETING THE ACCOUNTING CYCLEMERCHANDISING OPERATIONSMERCHANDISE INVENTORYINTERNAL CONTROL AND CASHRECEIVABLESPLANT ASSETS AND INTANGIBLESCURRENT LIABILITIES AND PAYROLLLONG-TERM LIABILITIES, BONDS PAYABLE, ANDCLASSIFICATION OF LIABILITIES ON THE BALANCE SHEETCORPORATIONS: PAID-IN CAPITAL AND THE BALANCESHEETPARTNERSHIPS4CHAPTER1: RECORDING BUSINESS TRANSACTIONSLearning of objective:Explain accounts, journals, and ledgers as they relate torecording transactions and describe common accountsDefine debits, credits, and normal account balances, and usedouble-entry accounting and T-accountsList the steps of the transaction recording process Journalizeand post sample transactions to the ledgerPrepare the trial balance from the T-accounts5CHAPTER1: RECORDING BUSINESS TRANSACTIONSTable of content:1.1 The Account, the Journal, and the Ledger1.2 Debits, Credits, and Double-Entry Accounting1.3 List the Steps of the Transaction Recording Process1.4 Journalizing Transactions and Posting to the Ledger1.5 Preparing the Trial Balance from the T-Accounts6MA. Nguyen Quoc Nhat –nhatnq.faa@gmail.com2International AccountingChapter 1: Recording Business Transactions1.1 The Account, the Journal, and the Ledger1.1.1 The Accounting Cycle(9) Prepare the post closingtrial balanceStart with thebalances in theledger at thebeginning of theperiod(1) Identify and analyzetransactions as they occur(8) Journalize and post alizean the closing entries(2) Record transactions in ajournal(7) Prepare the financialstatements(3) Post (copy) from thejournal to the ledgeraccounts(6) Prepare an adjusted trialbalanceOPTIONAL:Worksheet(4) Prepare the unadjustedtrial balance(5) Journalize and postadjusting entries71.1 The Account, the Journal, and the Ledger1.1.2 The Accounting Equation :Assets = Liabilities + Owner’s Equity81.1 The Account, the Journal, and the Ledger1.1.2 The Accounting Equation (continue)•An asset is any resource controlled by the business that hasmeasurable value and is expected to provide future benefits.•A liability is a measurable amount that a business owes to acreditor.•Owner’s equity represents the owner’s claim to the business.9MA. Nguyen Quoc Nhat –nhatnq.faa@gmail.com3International AccountingChapter 1: Recording Business Transactions1.1 The Account, the Journal, and the Ledger1.1.2 The Accounting Equation (continue)•A T-account is a quick way to show the effect of transactions ona particular account—a useful shortcut or tool used inaccounting. T-accounts are not part of the formal accountingrecords.101.2 Debits, Credits, and Double-Entry Accounting1.2.1 Double-entry accountingThe T-acount: The form of account used for mostillustrations in this book is called the T-account because it takes theform of the capital letter “T.”cash(left side)(right side)DebitCredit111.2 Debits, Credits, and Double-Entry Accounting1.2.1 Double-entry accounting (continue)The type of an account (asset, liability, owner’s equity)determines how we record increases and decreases. For any giventype of account, all increases are recorded on one side, and alldecreases are recorded on the other side. Increases in assets arerecorded in the left (debit) side of the account. Decreases in assets arerecorded in the right (credit) side of the account. Conversely,increases in liabilities and owner’s equity are recorded by credits.Decreases in liabilities and owner’s equity are recorded by debits .12MA. Nguyen Quoc Nhat –nhatnq.faa@gmail.com4International Accountin ...