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The recording process, Apuntes de Administración de Empresas

Universitat Autònoma de Barcelona (UAB)Administración de Empresas

Asignatura: Introduction to Accounting, Profesor: , Carrera: Administració i Direcció d'Empreses - Anglès, Universidad: UAB

Tipo: Apuntes

2011/2012

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Topic 3: The Recording Process 1

Introduction to Accounting

Universitat Autònoma de Barcelona

Topic 3: The Recording Process - Outline.

The Account as an Accounting Instrument.

Classification of Accounts.

The Recording Process.

The Journal and The Ledger.

Journal Entries.

Descubre Apuntes de Administración de Empresas Universitat Autònoma de Barcelona (UAB)

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Topic 3: The Recording Process

Topic 3: The Recording Process - Outline. ^ The Account as an Accounting Instrument. ^ Classification of Accounts. ^ The Recording Process. ^ The Journal and The Ledger. ^ Journal Entries.Introduction to AccountingUniversitat Autònoma de Barcelona

Topic 3: The Recording Process

The Account^ ^ Definitionis any device that summarizesincreases and decreases relating to a singleasset, liability, or owners’ equity item, including revenues andexpenses.^ ^ Form of an Account^ •^ many possible forms^ •^ most useful for learning purposes: T-Account^ ^ Content of an Account (in general)^ •^ Opening (starting) balance (NOT: revenue and expenseaccounts)^ •^ Increases, DecreasesIntroduction to AccountingUniversitat Autònoma de Barcelona

Æ^ resulting from transactions

-^ Ending (closing) balance

Topic 3: The Recording Process

The T-Account in general^ ^ Every business transaction involves both a debit and a credit;^ ^ The type of account determines how increases and decreases arerecorded in it: Introduction to AccountingUniversitat Autònoma de Barcelona

Topic 3: The Recording Process

Additional Stockholders’ Equity Accounts:Revenues and Expenses^ ^ Revenues are increases in stockholders’ equity that result fromdelivering goods and services to customers^ ^ Expenses are decreases in stockholders’ equity due to the costof operating the business.Introduction to AccountingUniversitat Autònoma de Barcelona

Topic 3: The Recording Process Introduction to AccountingUniversitat Autònoma de Barcelona

Endingbalance

Account Terminology and Procedure (1)OpeningbalanceIncreases

Any Asset AccountDecreases

OpeningbalanceIncreases Any Liability Account andAny Owners’ Equity AccountDecreasesEndingbalanceBalance Sheet on … Assets

LiabilitiesOwners’Equity

Topic 3: The Recording Process Introduction to AccountingUniversitat Autònoma de Barcelona

Revenues

Account Terminology and Procedure (2)Any Expense AccountIncreases

Any Revenue AccountBalance^ Income Statement for …Expenses

Increases ProfitRetained Earnings^ (on the Balance Sheet)

OpeningbalanceIncreases(Profit) Decreases Decreases(Loss, Dividends)Ending Balance

DecreasesBalance

Topic 3: The Recording Process

Classification of Accounts a^ According to the NORMAL balance:^ `^ Debit-balance accounts:asset accounts, expense accounts.^`^ Credit-balance accounts:liability accounts, owners’ equity accounts, revenue accounts. a^ According to whether they appear on the balance sheet or not:^ `^ Permanent (real) accounts:accounts that appear on the balance sheet: asset, liability andowners’ equity accounts.^`^ Temporary (nominal) accounts:expense and revenue accounts. They are closed to the incomestatement and not reopened in the following period. The periodicincome (balance of the income statement) is recorded on theretained earnings account.Introduction to AccountingUniversitat Autònoma de Barcelona

Topic 3: The Recording Process

Chart of Accounts (Spanish System) –Plan General de Contabilidad Introduction to AccountingUniversitat Autònoma de Barcelona

Gastos financieros por valoraciónde activos y pasivos Gastos imputados al patrimonio 8 neto

Ingresos financieros por valoraciónde activos y pasivos Ingresos imputados al 9 patrimonio neto

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Topic 3: The Recording Process

The Journal and The Ledger^ •^ General Ledger (Book of Accounts) - El Libro MayorA record containing the individual accounts;the journal entries are entered or posted to the individual accountsperiodically.^ •^ General Journal (Book of Original Entry) - El Libro DiarioA record of journal entries in chronological order – like a diary,first record of each transaction in the accounting system.Introduction to AccountingUniversitat Autònoma de Barcelona

Topic 3: The Recording Process

Journalizing TransactionsJournalizingProcess of entering transactions into the journal.Journal EntryIdentification of the account(s) debited and credited by a transaction.Remember the double-entry recording framework:! For each transaction the amounts debited to the account(s) must equalthe amounts credited to the account(s) !Usual Form for journal entries:^ •^ Date and identification number of the entry (= keying)^ •^ Accounts affected and explanation of the transaction^ •^ Posting reference – number assigned to each accountaffected by the transaction^ •^ Amounts by that the accounts are debited and creditedIntroduction to AccountingUniversitat Autònoma de Barcelona

Topic 3: The Recording Process

Air&Sea Travel, Inc. – Transaction 1Introduction to AccountingUniversitat Autònoma de Barcelona

Topic 3: The Recording Process

Air&Sea Travel, Inc. – Transaction 2Introduction to AccountingUniversitat Autònoma de Barcelona

Topic 3: The Recording Process

Air&Sea Travel, Inc. – Transaction 4Introduction to AccountingUniversitat Autònoma de Barcelona

Topic 3: The Recording Process

Accounts After Posting^ ^ Each account has a balance, denoted as Introduction to AccountingUniversitat Autònoma de Barcelona

Bal. ^ This amount is the difference between the accounts’ total debits andcredits.

The recording process, Apuntes de Administración de Empresas

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Topic 3: The Recording Process - Outline. ^ The Account as an Accounting Instrument. ^ Classification of Accounts. ^ The Recording Process. ^ The Journal and The Ledger. ^ Journal Entries.Introduction to AccountingUniversitat Autònoma de Barcelona

The T-Account in general^ ^ Every business transaction involves both a debit and a credit;^ ^ The type of account determines how increases and decreases arerecorded in it: Introduction to AccountingUniversitat Autònoma de Barcelona

Account Terminology and Procedure (1)OpeningbalanceIncreases

Account Terminology and Procedure (2)Any Expense AccountIncreases

Chart of Accounts (Spanish System) –Plan General de Contabilidad Introduction to AccountingUniversitat Autònoma de Barcelona

Air&Sea Travel, Inc. – Transaction 1Introduction to AccountingUniversitat Autònoma de Barcelona

Air&Sea Travel, Inc. – Transaction 2Introduction to AccountingUniversitat Autònoma de Barcelona

Air&Sea Travel, Inc. – Transaction 4Introduction to AccountingUniversitat Autònoma de Barcelona

Accounts After Posting^ ^ Each account has a balance, denoted as Introduction to AccountingUniversitat Autònoma de Barcelona

Topic 3: The Recording Process - Outline. ^ The Account as an Accounting Instrument. ^ Classification of Accounts. ^ The Recording Process. ^ The Journal and The Ledger. ^ Journal Entries.Introduction to AccountingUniversitat Autònoma de Barcelona

The T-Account in general^ ^ Every business transaction involves both a debit and a credit;^ ^ The type of account determines how increases and decreases arerecorded in it: Introduction to AccountingUniversitat Autònoma de Barcelona

Accounts After Posting^ ^ Each account has a balance, denoted as Introduction to AccountingUniversitat Autònoma de Barcelona