[PDF] CHAPTER 2: ACCOUNTING FOR TRANSACTIONS

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CHAPTER 2 ACCOUNTING FOR TRANSACTIONS - Harper

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CHAPTER 2: ACCOUNTING FOR TRANSACTIONS

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Financial Accounting Fundamentals, Ch. 2, Wild, 2009. Page 1

CHAPTER 2: ACCOUNTING FOR TRANSACTIONS

I. FINANCIAL STATEMENTS

A. Income Statement

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revenues and expenses along with the resulting net income or loss over a period of time due to earnings activities.

› Examples of accounts

on form: Consulting revenue, rental revenue, advertising expense, rent expense, salaries expense

B. Statement of Retained Earnings

› Explains changes in retained earnings from net income (or loss) and from any dividends over a period of time.

› Examples of

accounts on form: retained earnings for April 1, 2009,

Net Income or (net

loss), Dividends, retained earnings for April 30, 2009 Financial Accounting Fundamentals, Ch. 2, Wild, 2009. Page 2

C. Balance Sheet

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financial position (types and amounts of assets, liabilities, and equity) at a point in time.

› Examples of accounts on

form: assets like cash, accounts receivable, supplies, equipment; liabilities like accounts payable; equity like common stock and retained earnings

D. Statement of Cash Flows

› Identifies cash inflows

(receipts) and cash outflows (payments) over a period of time.

› Has three sections: 1st section

on cash flows from Operating

Activities, 2nd section reports

Investing Activities, and the

3rd section shows cash flows

from Financing Activities.

› Examples of accounts on

form: cash from operating activities, purchase of equipment, investments by stockholder, dividends to stockholder Financial Accounting Fundamentals, Ch. 2, Wild, 2009. Page 3 II. TRANSACTION ANALYSIS AND THE ACCOUNTING EQUATION

A. Accounting Equation

1. Assets

› Resources owned or controlled by a company.

› Examples: cash, accounts receivable, supplies, equipment, and land › These resources are expected to yield future benefits › Examples: musical instruments for a rock band, land for a vegetable grower › Receivable³is an asset that promises a future inflow of resources. › A company that provides a seUYLŃH RU SURGXŃP ´RQ ŃUHGLP· LV VMLG PR have an account receivable from that customer.

2. Liabilities

› What a company owes to its creditors in future payments, products, or services.

› Payable³means a liability that promises a

future outflow of resources. › Examples: wages payable to workers, accounts payable to suppliers, notes payable to banks, taxes payable to the government

3. Equity

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