Section outline
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Lecture Objectives:
To teach the students about the basic concepts of Accounting ,along with the activities,users,principles,effects of accounting equation,financial statements and how they can use the knowledge in their academic and professional career.
Lecture Outcomes:
At the end of the session student will be:
- You will be able to know the primary forms of business organization.
- You will be able to identify the users and users of Accounting Information.
- You will be able to state the accounting equation, and define its components.
- You will be able to know the basic three principal blocks of accounting: ethics, principles, and assumptions.
- You will be able to know the content and purpose of each of the financial statements.
- You will be able to analyze the effects of business transactions on the accounting equation.
- You will be able to know the meaning of Assets,Liabilities and Stockholders equity and state the basic accounting equation.
- You will be able to describe the components that supplement the financial statements in an annual report and how they are prepared.
Lecture contents:
- Definition is Accounting?
- Users of Accounting Data
- Three Activities
- Assumptions of Accounting
- Basic Accounting Equation
- Ethics
- Measurement principles
- GAAP
- Accounting Transactions
- Transactions analysis
- Summery of Transactions
- Income Statement
- Owner's Equity Statement
- Balance Sheet
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Students mustMark as done
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Students mustMark as done
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Additional Materials
GOOGLE CLASSROOM CODE :
Accounting A = 6jzcm7s
Accounting B = b7iepou
Accounting C = vnmbymh
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You are welcome to solve this math using your brain.
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Math Practice
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Joan Robinson opens her own law office on July 1, 2012. During the first month of
operations, the following transactions occurred.
1. Joan invested $11,000 in cash in the law practice.
2. Paid $800 for July rent on office space.
3. Purchased office equipment in cash $3,000.
4. Provided legal services to clients for cash $1,500.
5. Borrowed $700 cash from a bank on a note payable.
6. Performed legal services for client on account $2,000.
7. Paid monthly expenses: salaries and wages $500, utilities $300, and supplies $100.
8. Joan withdraws $1,000 cash for personal use.
Instructions
(a) Prepare a Journal Account.
(b) Prepare the Ledger Account
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Threet’s Repair Shop was started on May 1 by Erica Threet. A summary of May transac-
tions is presented below.
1. Invested $10,000 cash to start the repair shop.
2. Purchased equipment for $5,000 cash.
3. Paid $400 cash for May office rent.
4. Paid $500 cash for supplies.
5. Incurred $250 of advertising costs in the Beacon News on account.
6. Received $6,100 in cash from customers for repair service.
7. Withdrew $1,000 cash for personal use.
8. Paid part-time employee salaries $2,000.
9. Paid utility bills $170.
10. Provided repair service on account to customers $750.
11. Collected cash of $120 for services billed in transaction (10).
Instructions:
1) Prepare a Journal Entry
2)Prepare a tabular summery
3)Prepare Ledger account
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CLASS VIDEO LECTURE
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