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Asignatura: Introduction to Accounting, Profesor: , Carrera: Administració i Direcció d'Empreses - Anglès, Universidad: UAB
Tipo: Apuntes
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Topic 2: The Accounting Equation
a
The Accounting Equation
a
The Balance Sheet
a
The Profit and Loss Account
a
The Statement of Retained Earnings
a
The Statement of Cash Flows
a
Analysis of Business Transactions
Topic 2: The Accounting Equation
Land and Buildings
a
Equipment, Machinery
a
Vehicles, Trucks
a
Computers
a
Patents, trade marks,contractual rights, computersoftware
a
Financial investments insecurities
a
Inventories
a
Accounts receivable (Credits tocustomers)
a
Cash and Checking account
Funds from owners (owners’ orshareholders’ equity)
a
Subsidies
a
Bank Loan (short- or long-term)
a
Accounts payable to ...(Credits from suppliers, banks,employees, ...)
a
Taxes payable
Running a business requires
Introduction to AccountingUniversitat Autònoma de Barcelona
Topic 2: The Accounting Equation
Can the resources or rightsgenerate a future economic
benefit?
Does the company possess
or control the resource or
the right?
Introduction to AccountingUniversitat Autònoma de Barcelona
Topic 2: The Accounting Equation
Has the company receivedan asset item or externalservices?
Has the company paid forthe asset or for externalservices?
Does the company have topay for them in the future?
Topic 2: The Accounting Equation
(Net worth)
How are the funds
used?
Where do the funds
come from?
(Liabilities and Owners’
Equity)
Balance Sheet on Dec. 31, 2…
Topic 2: The Accounting Equation
Assets
Equities
Noncurrent
Current
Low (long-term) High (short-term)
Liquidity
Maturity
Topic 2: The Accounting Equation
ACTIVO
No corriente a
Intangible
a
Material
a
Financiero
Corriente a
Existencias
a
Realizable
a
Disponible
FONDOS PROPIOS Y
PASIVO
Neto o No ExigibleExigible (Pasivo) a largo plazoExigible (Pasivo) a corto plazo
Topic 2: The Accounting Equation
a
Noncurrent Assets
`
Resources held and used forseveral years.
a
Current Assets
`
Resources expected to beturned into cash, sold orconsumed within less than oneyear from the date of thebalance sheet.
Resources of a firm that are expected to provide future benefits to the firm.
Topic 2: The Accounting Equation
Merchandise
Raw materials
Unfinished goods
Finished goods
Topic 2: The Accounting Equation
Topic 2: The Accounting Equation
a
Accounts payable to …
a
Suppliers, Creditors
a
Notes payable
a
Advances from customers
a
Unearned revenues
a
Expenses payable
a
Bonds payable
Introduction to AccountingUniversitat Autònoma de Barcelona
Topic 2: The Accounting Equation
At Acquisition Price orProduction Costs
Lower of cost or Market Rule
Acquisition Price higher thanMarket Value
Æ
Market Value
Acquisition Price lower than MarketValue
Æ
Acquisition Price
At Repayment Price
Recognize all obligationsalready established andthose which can only beestimated
Introduction to AccountingUniversitat Autònoma de Barcelona
Topic 2: The Accounting Equation
Performance is measured over discrete time periods1.
Calendar year versus fiscal yearFiscal year: year that does not end on December 31, chosen according to low pointin annual business activity.
Interim periods – quarterly, monthly basis
Topic 2: The Accounting Equation
Time
Balance Sheet December 31,
Balance Sheet December 31,
Balance Sheet December 31,
Income Statement for Jan. – Dec. 2006
Income Statement for Jan. – Dec. 2007
Periodic Income
for 2006
Periodic Income
for 2007
Total Income
