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Topics We Are Covering: Accounting Cycle

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19 views1 page

Topics We Are Covering: Accounting Cycle

Uploaded by

Should Should
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Topics we are covering

 Accounting
 Four phases of accounting
i. Recording
ii. Classifying
iii. Summarizing
iv. Interpreting
 Importance of accounting information in decision making (in detail)
 External users (in detail)
 Internal users (in detail)
 Business and its types (in detail)
 Accounting period and Fiscal Year
 Types of Accounts
 Debit credit rule
 Cash basis and Accrual basis accounting
 Accounting equation
 Accounting concepts (principles)
 General accepted accounting principles (GAAP)
 Accounting Cycle
1. Identifying Transaction
2. General Journal (with problems and solutions)
3. Ledger (with problems and solutions)
4. Trial Balance (with problems and solutions)
5. Adjusting entries (with problems and solutions)
i. Depreciation
ii. Prepaid expenses
iii. Accrued expenses
iv. Accrued income
v. Unearned income
6. Adjusted Trial Balance (with problems and solutions)
7. Financial Statements
i. Income Statement/ Multi Income Statements (with problems and solutions)
ii. Statements of retained earnings (with problems and solutions)
iii. Statement of owner’s equity (with problems and solutions)
iv. Balance sheet (with problems and solutions)
8. Closing the accounts (with problems and solutions)
 Impact of Transactions on Accounting equation
 Impact of Transactions on Balance sheet

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