上海海事外國會(huì)計(jì)選讀課件chapter04

1、1. accounting cycle2.financial statements 3.adjusting and closing entries 4.fiscal yearaccounting cycle 會(huì)計(jì)循環(huán)vthe process that begins with analyzing and journalizing transactions and ends with summarizing and reporting these transactions is called the accounting cycle.vthe most important output of th

2、e accounting cycle is the financial statementsseven basic steps of the accounting cycle1. transactions are analyzed and recorded in the journal.2. transactions are posted to the ledger.3. a trial balance is prepared, adjustment data are assembled, and an optional work sheet is completed.4. financial

3、 statements are prepared.5. adjusting entries are journalized and posted.6. closing entries are journalized and posted.7. a post-closing trial balance is prepared.classified balance sheetvclassified balance sheet: a balance sheet that groups the accounts into subcategories to help readers quickly ga

4、in a perspective on the companys financial positionvassets: grouped into current assets and long-term assetsvliabilities: grouped into current liabilities and long-term liabilitiesclassification of assetsvcurrent assets 流動(dòng)資產(chǎn):cash plus assets that are expected to be converted to cash or sold or consu

5、med during the next 12 months or within the normal operating cycle of longer than a yearmonetary assets: assets that have a fixed monetary exchange value and are not affected by a change in the price level.vcashvaccount receivablevnote receivablenonmonetary assetsvinventoryvprepaid expensesvlong-ter

6、m assets/long-lived assets 長期資產(chǎn): resources that are held for an extended timeland, building, equipment, natural resources, and patents.classification of liabilitiesvcurrent liabilities 流動(dòng)負(fù)債:liabilities that fall due within the coming year or within the normal operation cycle if longer than a yearnot

7、e payableaccounts payableunearned rent revenuewages payableinterest payableincome taxes payablevlong-term liabilities 長期負(fù)債: obligations that fall due beyond one year from the balance sheet datelong-term debtformats of balance sheetsvaccount format（賬戶式）asset at the leftvreport format(報(bào)告式）asset on the

8、 topincome statementvsingle-step income statement 單步式it groups all revenues together and then lists and deducts all expenses together without drawing any intermediate subtotalsvmultiple-step income statement 多步式it contains one or more subtotals that highlight significant relationshipsvadjusting entr

9、ies are recorded in the journal at the end of the accounting period.close entriesvclosing entries / closing process 關(guān)賬closing process is a process that final entries at the end of an accounting period to transfer the income and expenses items to the balance sheet accounts. the income summary 利潤匯總賬戶

10、account is used only for the closing process. the income summary is debited for a companys revenues, and is credited for a companys expenses. the entries that transfer the balances of revenues and that of the expenses are called closing entries 結(jié)賬分錄 the revenue and expense account balances are reset

11、 to zero and the net income (net loss) generated during the period increases (decreases) retained income.vreal accounts 實(shí)賬戶the accounts: asset, liability, reserve and capital - whose balances are not canceled out at the end of an accounting period, but are carried over to the next period. these acco

12、unts appear on the post-closing trial balance and the statement of condition (balance sheet). also called permanent accounts. vtemporary accounts / nominal accounts 虛賬戶accounts which are concerned with revenue and expenses, such as sales, purchases, etc income summaryrevenues are transferred to inco

13、me summaryexpenses are transferred to income summarynet income or net loss is transferred to owners capitaldrawings are transferred to owners capitalincome summaryrevenues are transferred to income summaryexpenses are transferred to income summarynet income or net loss is transferred to owners capit

14、aldrawings are transferred to owners capitalwages expensebal.4,525rent expensebal.1,600depreciation expensebal.50utilities expensebal.985supplies expensebal.2,040insurance expensebal.100miscellaneous expensebal.455fees earnedbal. 16,840rent revenuebal.120chris clark, capitalbal. 25,000chris clark, d

15、rawingbal.4,000income summarywages expensebal.4,525rent expensebal.1,600depreciation expensebal.50utilities expensebal.985supplies expensebal.2,040insurance expensebal.100miscellaneous expensebal.455fees earnedbal. 16,840rent revenuebal.120chris clark, capitalbal. 25,000chris clark, drawingbal.4,000

16、income summarydebit each revenue account for the amount of its balance, and credit income summary for the total revenue.16,84012016,960wages expensebal.4,525rent expensebal.1,600depreciation expensebal.50utilities expensebal.985supplies expensebal.2,040insurance expensebal.100miscellaneous expenseba

17、l.455chris clark, capitalbal. 25,000chris clark, drawingbal.4,000income summarydebit income summary for the total expenses and credit each expense account for its balance.fees earnedbal. 16,840rent revenuebal.12016,84012016,9609,7754551002,040985501,6004,525wages expensebal.4,525rent expensebal.1,60

18、0depreciation expensebal.50utilities expensebal.985supplies expensebal.2,040insurance expensebal.100miscellaneous expensebal.455chris clark, capitalbal. 25,000chris clark, drawingbal.4,000income summarydebit income summary for the amount of its balance (in this case, the net income) and credit the c

19、apital account.fees earnedbal. 16,840rent revenuebal.12016,84012016,9609,7754551002,040985501,6004,5257,2057,205wages expensebal.4,525rent expensebal.1,600depreciation expensebal.50utilities expensebal.985supplies expensebal.2,040insurance expensebal.100miscellaneous expensebal.455chris clark, capit

20、albal. 25,000chris clark, drawingbal.4,000income summarydebit the capital account for the balance of the drawing account, and credit drawing for the same amount.fees earnedbal. 16,840rent revenuebal.12016,84012016,9609,7754551002,040985501,6004,5257,2057,2054,0004,000wages expensebal.4,525rent expen

21、sebal.1,600depreciation expensebal.50utilities expensebal.985supplies expensebal.2,040insurance expensebal.100miscellaneous expensebal.455chris clark, capitalbal. 25,000chris clark, drawingbal.4,000income summaryfees earnedbal. 16,840rent revenuebal.12016,48012016,9609,7754451002,040985501,6004,5257

22、,2057,2054,0004,000close entriesvfees earned16840 rent revenue 120income summary16960vincome summary9755 wages expense4525rent expense1600depreciation expense 50utilities expense 985supplies expense2040insurance expense 100miscellaneous expense 455vincome summary7205 chris clark, capital7025vchris c

23、lark, capital4000 chris clark, drawing4000after the closing entries are posted, all of the temporary accounts have zero balances.netsolutionspost-closing trial balancedecember 31, 2005cash2 065 00accounts receivable2 720 00supplies760 00prepaid insurance2 300 00land20 000 00office equipment1 800 00accumulated depreciation50 00accounts payable900 00wages payable250 00unearned rent240 00chris clark, capital28 205 0029 645 0029 645 001. transactions are analyzed and recorded in journal.documentsjournal2. tr