基础会计学第四单元课件英文版

会计学1

FundamentalFinancialAccounting1Instructor:Dr.XiaoyanLuEmail:luxy@Tel:84114272会计学1

FundamentalFinancialAccSTUDYOBJECTIVESAfterstudyingthischapter,youshouldunderstand:CHAPTER4COMPLETETHEACCOUNTINGCYCLEHowtoprepareaworksheetStepsintheaccountingcycleTheclosingprocessCorrectingentriesThepost-closingtrialbalanceTheclassifiedbalancesheetSTUDYOBJECTIVESCHAPTER4HowtAworksheet

isamultiple-columnformthatmaybeusedintheadjustmentprocessandinpreparingfinancialstatements.Itisanoptionaltool--notapermanentrecord.Adjustmentsarejournalizedandpostedfromtheworksheetafterfinancialstatementsareprepared.STUDYOBJECTIVE1PREPARINGAWORKSHEETAworksheetisamultiple-colBenefitsofaWorkSheetAidsthepreparationoffinancialstatements.Reducespossibilityoferrors.Linksaccountsandtheiradjustments.Assistsinplanningandorganizinganaudit.Helpsinpreparinginterimfinancialstatements.Showstheeffectsofproposedtransactions.Notarequiredreport.P1BenefitsofaWorkSheetAidst.PrepareaEnterEnterExtendadjustedbalancestotrialbalanceadjustmentadjustedappropriatestatementcolumnsonthedatesbalances5.worksheetTotalthestatementcolumns,computenetincome(ornetloss),andcompleteworksheetWorkSheetAdjustedIncomeBalanceAccountTrialBalanceAdjustmentsTrialBalanceStatementSheetTitlesDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.(Ledgeraccounttitles)(Additionalaccounttitlesforadjustments)FORMANDPROCEDUREFORAWORKSHEET.PrepareaEnterEnterExt1

Prepareatrialbalanceontheworksheet2Entertheadjustmentsintheadjustmentscolumns3Enteradjustedbalancesintheadjustedtrialbalancecolumns4ExtendadjustedtrialbalanceamountstotheF/Scolumns5TotalF/Scolumns,computenetincomeorloss,andcompletetheworksheetSTEPSINPREPARINGAWORKSHEET1PrepareatrialbalanceontFastForward

Worksheet

FortheMonthEndedDecember31,2013P1FastForward

Worksheet

FortheSTUDYOBJECTIVE2

TheClosingProcessResetsrevenue,expense,andwithdrawalaccountbalancestozeroattheendoftheperiod.Helpssummarizeaperiod’srevenuesandexpensesintheIncomeSummary

account.C1STUDYOBJECTIVE2

TheClosinPermanentAccountsAssetsLiabilitiesOwner’sCapitalTemporaryand

PermanentAccountsTheclosingprocessappliesonlytotemporaryaccounts.C1PermanentAccountsAssetsLiabilLet’sseehowtheclosingprocessworks!RecordingClosingEntriesCloseCreditBalancesinRevenueAccountstoIncomeSummary.CloseDebitBalancesinExpenseaccountstoIncomeSummary.CloseIncomeSummaryaccounttoOwner’sCapital.CloseWithdrawalstoOwner’sCapital.P2Let’sseehowtheclosingprocUsingtheadjustedtrialbalance,let’spreparetheclosingentriesforFastForward.P2Usingtheadjustedtrialbalan1.CloseCreditBalancesinRevenueAccountstoIncomeSummary.P21.CloseCreditBalancesinReCloseCreditBalancesin

RevenueAccountstoIncomeSummaryNow,let’slookattheledgeraccountsafterpostingthisclosingentry.P2CloseCreditBalancesin

RevP2

CloseCreditBalancesin

RevenueAccountstoIncomeSummaryP2CloseCreditBalancesin

2.CloseDebitBalancesinExpenseAccountstoIncomeSummary.P22.CloseDebitBalancesinExpNow,let’slookattheledgeraccounts

afterpostingthisclosingentry.

CloseDebitBalancesinExpenseAccountstoIncomeSummaryP2Now,let’slookattheledgerNetIncome

CloseDebitBalancesinExpenseAccountstoIncomeSummary

P2NetIncomeCloseDebitBalance3.CloseIncomeSummarytoOwner’sCapital.P23.CloseIncomeSummarytoOwnNow,let’slookattheledgeraccounts

afterpostingthisclosingentry.CloseIncomeSummary

toOwner’sCapitalP2Now,let’slookattheledgerP2CloseIncomeSummary

toOwner’sCapitalP2CloseIncomeSummary

toO4.CloseWithdrawalsAccounttoOwner’sCapital.P24.CloseWithdrawalsAccounttNow,let’slookattheledgeraccounts

afterpostingthisclosingentry.CloseWithdrawalsAccount

toOwner’sCapitalP2Now,let’slookattheledgerP2CloseWithdrawalsAccount

toOwner’sCapitalP2CloseWithdrawalsAccount

SummaryoftheClosingProcessCloseCreditBalancesinRevenueAccountstoIncomeSummary.CloseDebitBalancesinExpenseAccountstoIncomeSummary.CloseIncomeSummarytoOwner’sCapital.CloseWithdrawalsAccounttoOwner’sCapital.SummaryoftheClosingProcessLet’slookatFastForward’s

post-closingtrialbalance.Post-ClosingTrialBalanceListofpermanentaccountsandtheirbalancesafterpostingclosingentries.

Totaldebitsandcreditsmustbeequal.P3Let’slookatFastForward’s

poPost-ClosingTrialBalanceP3Post-ClosingTrialBalanceP3AccountingCycleC2AccountingCycleC2Currentitemsarethoseexpectedtocomedue(bothcollectedandowed)withinthelongerofoneyearorthecompany’snormaloperatingcycle.ClassifiedBalanceSheetC3CurrentitemsarethoseexpectCurrentassetsareexpectedtobesold,collected,orusedwithinoneyearorthecompany’soperatingcycle.C3CurrentassetsareexpectedtoLong-terminvestmentsareexpectedtobeheldformorethanoneyearortheoperatingcycle.C3Long-terminvestmentsareexpePlantassetsaretangiblelong-livedassetsusedtoproduceorsellproductsandservices.C3PlantassetsaretangiblelongIntangibleassetsarelong-termresourcesusedtoproduceorsellproductsandservicesandthatlackphysicalform.C3Intangibleassetsarelong-terCurrentliabilitiesareobligationsduewithinthelongerofoneyearorthecompany’soperatingcycle.C3CurrentliabilitiesareobligaLong-termliabilitiesareobligationsnotduewithinthelongerofoneyearorthecompany’soperatingcycle.C3Long-termliabilitiesareobliEquityistheowner’sclaimontheassets.C3Equityistheowner’sclaimonGlobalViewThedefinitionofanassetissimilarunderU.S.GAAPandIFRSandinvolvesthreebasiccriteria:thecompanyownsorcontrolstherighttousetheitem,therightarisesfromapasttransactionorevent,andtheitemcanbereliablymeasured.Bothsystemsdefinetheinitialassetvalueashistoricalcostfornearlyallassets.ThedefinitionofaliabilityissimilarunderU.S.GAAPandIFRSandinvolvesthreebasiccriteria:(1)theitemisapresentobligationrequiringaprobablefutureresourceoutlay,(2)theobligationarisesfromapasttransactionorevent,and(3)theobligationcanbereliablymeasured.GlobalViewThedefinitionofaCurrentRatioHelpsassessthecompany’sabilitytopayitsdebtsinthenearfuture

CurrentRatio=CurrentAssetsCurrentLiabilities

LimitedBrands,Inc.A1CurrentRatioHelpsassesstheP4Appendix4A–ReversingEntriesReversingentriesareoptional.Theyarerecordedinresponsetoaccruedassetsandaccruedliabilitiesthatwerecreatedbyadjustingentriesattheendofareportingperiod.Thepurposeofreversingentriesistosimplifyacompany’srecordkeeping.Let’sseehowtheaccountingforourpayrollaccrualwillbehandledwithandwithoutreversingentries.P4Appendix4A–ReversingEntP4P4P4WithoutReversingEntriesWithReversingEntriesP4WithoutReversingEntriesWiAssignments

Individual:E4-1,E4-2,E4-3,E4-4,E4-5,E4-6,E4-7GroupAssignment:P4-2A,P4-3AClassDiscussion:Whattwopurposesareaccomplishedbyrecordingclosingentries?AssignmentsIndividual:E4-1,EndofChapter4EndofChapter4会计学1

FundamentalFinancialAccounting1Instructor:Dr.XiaoyanLuEmail:luxy@Tel:84114272会计学1

FundamentalFinancialAccSTUDYOBJECTIVESAfterstudyingthischapter,youshouldunderstand:CHAPTER4COMPLETETHEACCOUNTINGCYCLEHowtoprepareaworksheetStepsintheaccountingcycleTheclosingprocessCorrectingentriesThepost-closingtrialbalanceTheclassifiedbalancesheetSTUDYOBJECTIVESCHAPTER4HowtAworksheet

isamultiple-columnformthatmaybeusedintheadjustmentprocessandinpreparingfinancialstatements.Itisanoptionaltool--notapermanentrecord.Adjustmentsarejournalizedandpostedfromtheworksheetafterfinancialstatementsareprepared.STUDYOBJECTIVE1PREPARINGAWORKSHEETAworksheetisamultiple-colBenefitsofaWorkSheetAidsthepreparationoffinancialstatements.Reducespossibilityoferrors.Linksaccountsandtheiradjustments.Assistsinplanningandorganizinganaudit.Helpsinpreparinginterimfinancialstatements.Showstheeffectsofproposedtransactions.Notarequiredreport.P1BenefitsofaWorkSheetAidst.PrepareaEnterEnterExtendadjustedbalancestotrialbalanceadjustmentadjustedappropriatestatementcolumnsonthedatesbalances5.worksheetTotalthestatementcolumns,computenetincome(ornetloss),andcompleteworksheetWorkSheetAdjustedIncomeBalanceAccountTrialBalanceAdjustmentsTrialBalanceStatementSheetTitlesDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.(Ledgeraccounttitles)(Additionalaccounttitlesforadjustments)FORMANDPROCEDUREFORAWORKSHEET.PrepareaEnterEnterExt1

Prepareatrialbalanceontheworksheet2Entertheadjustmentsintheadjustmentscolumns3Enteradjustedbalancesintheadjustedtrialbalancecolumns4ExtendadjustedtrialbalanceamountstotheF/Scolumns5TotalF/Scolumns,computenetincomeorloss,andcompletetheworksheetSTEPSINPREPARINGAWORKSHEET1PrepareatrialbalanceontFastForward

Worksheet

FortheMonthEndedDecember31,2013P1FastForward

Worksheet

FortheSTUDYOBJECTIVE2

TheClosingProcessResetsrevenue,expense,andwithdrawalaccountbalancestozeroattheendoftheperiod.Helpssummarizeaperiod’srevenuesandexpensesintheIncomeSummary

account.C1STUDYOBJECTIVE2

TheClosinPermanentAccountsAssetsLiabilitiesOwner’sCapitalTemporaryand

PermanentAccountsTheclosingprocessappliesonlytotemporaryaccounts.C1PermanentAccountsAssetsLiabilLet’sseehowtheclosingprocessworks!RecordingClosingEntriesCloseCreditBalancesinRevenueAccountstoIncomeSummary.CloseDebitBalancesinExpenseaccountstoIncomeSummary.CloseIncomeSummaryaccounttoOwner’sCapital.CloseWithdrawalstoOwner’sCapital.P2Let’sseehowtheclosingprocUsingtheadjustedtrialbalance,let’spreparetheclosingentriesforFastForward.P2Usingtheadjustedtrialbalan1.CloseCreditBalancesinRevenueAccountstoIncomeSummary.P21.CloseCreditBalancesinReCloseCreditBalancesin

RevenueAccountstoIncomeSummaryNow,let’slookattheledgeraccountsafterpostingthisclosingentry.P2CloseCreditBalancesin

RevP2

CloseCreditBalancesin

RevenueAccountstoIncomeSummaryP2CloseCreditBalancesin

2.CloseDebitBalancesinExpenseAccountstoIncomeSummary.P22.CloseDebitBalancesinExpNow,let’slookattheledgeraccounts

afterpostingthisclosingentry.

CloseDebitBalancesinExpenseAccountstoIncomeSummaryP2Now,let’slookattheledgerNetIncome

CloseDebitBalancesinExpenseAccountstoIncomeSummary

P2NetIncomeCloseDebitBalance3.CloseIncomeSummarytoOwner’sCapital.P23.CloseIncomeSummarytoOwnNow,let’slookattheledgeraccounts

afterpostingthisclosingentry.CloseIncomeSummary

toOwner’sCapitalP2Now,let’slookattheledgerP2CloseIncomeSummary

toOwner’sCapitalP2CloseIncomeSummary

toO4.CloseWithdrawalsAccounttoOwner’sCapital.P24.CloseWithdrawalsAccounttNow,let’slookattheledgeraccounts

afterpostingthisclosingentry.CloseWithdrawalsAccount

toOwner’sCapitalP2Now,let’slookattheledgerP2CloseWithdrawalsAccount

toOwner’sCapitalP2CloseWithdrawalsAccount

SummaryoftheClosingProcessCloseCreditBalancesinRevenueAccountstoIncomeSummary.CloseDebitBalancesinExpenseAccountstoIncomeSummary.CloseIncomeSummarytoOwner’sCapital.CloseWithdrawalsAccounttoOwner’sCapital.SummaryoftheClosingProcessLet’slookatFastForward’s

post-closingtrialbalance.Post-ClosingTrialBalanceListofpermanentaccountsandtheirbalancesafterpostingclosingentries.

Totaldebitsandcreditsmustbeequal.P3Let’slookatFastForward’s

poPost-ClosingTrialBalanceP3Post-ClosingTrialBalanceP3AccountingCycleC2AccountingCycleC2Currentitemsarethoseexpectedtocomedue(bothcollectedandowed)withinthelongerofoneyearorthecompany’snormaloperatingcycle.ClassifiedBalanceSheetC3CurrentitemsarethoseexpectCurrentassetsareexpectedtobesold,collected,orusedwithinoneyearorthecompany’soperatingcycle.C3CurrentassetsareexpectedtoLong-terminvestmentsareexpectedtobeheldformorethanoneyearortheoperatingcycle.C3Long-terminvestmentsareexpePlantassetsaretangiblelong-livedassetsusedtoproduceorsellproductsandservices.C3PlantassetsaretangiblelongIntangibleassetsarelong-termresourcesusedtoproduceorsellproductsandservicesandthatlackphysicalform.C3Intangibleassetsarelong-terCurrentliabilitiesareobligationsduewithinthelongerofoneyearorthecompany’soperatingcycle.C3CurrentliabilitiesareobligaLong-termliabilitiesareobligationsnotduewithinthelongerofoneyearorthecompany’soperatingcycle.C3Long-termliabilitiesareobliEquityistheowner’sclaimontheassets.C3Equityistheowner’sclaimonGlobalViewThedefinitionofanassetissimilarunderU.S.GAAPandIFRSandinvolvesthreebasiccr