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ID:7292968
大小:2.06 MB
页数:62页
时间:2018-02-10
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1、ConfirmingPagesCHAPTER2ReviewoftheAccountingProcessOVERVIEWChapter1explainedthattheprimarymeansofconveyingfinancialinfor-mationtoinvestors,creditors,andotherexternalusersisthroughfinancialstatementsandrelatednotes.Thepurposeofthischapteristoreviewthefundamentalaccountingprocessusedtopr
2、oducethefinancialstatements.Thisreviewestablishesaframeworkforthestudyoftheconceptscoveredinintermediateaccounting.Actualaccountingsystemsdiffersignificantlyfromcompanytocompany.Thischapterfocusesonthemanyfeaturesthattendtobecommontoanyaccountingsystem.LEARNINGAfterstudyingthischapter,
3、youshouldbeableto:OBJECTIVES●LO2–1Analyzeroutineeconomicevents—transactions—andrecordtheireffectsonacompany’sfinancialpositionusingtheaccountingequationformat.(p.52)●LO2–2Recordtransactionsusingthegeneraljournalformat.(p.56)●LO2–3Posttheeffectsofjournalentriestogeneralledgeraccountsand
4、prepareanunadjustedtrialbalance.(p.63)●LO2–4Identifyanddescribethedifferenttypesofadjustingjournalentries.(p.66)●LO2–5Recordadjustingjournalentriesingeneraljournalformat,postentries,andprepareanadjustedtrialbalance.(p.67)●LO2–6Describethefourbasicfinancialstatements.(p.75)●LO2–7Explain
5、theclosingprocess.(p.79)●LO2–8Convertfromcashbasisnetincometoaccrualbasisnetincome.(p.83)sspi2532X_ch02_050-111.indd50pi2532X_ch02_050-111.indd5011/3/125:26PM/3/125:26PMConfirmingPagesFINANCIALREPORTINGCASEEngineeringProfitsAftergraduatingfromcollegelastyear,twoofyourengineering-majorf
6、riendsstartedanInternetconsultingpractice.TheybeganoperationsonJuly1andfelttheydidquitewellduringtheirfirstyear.Nowtheywouldliketoborrow$20,000fromalocalbanktobuynewcomputingequipmentandofficefurniture.Tosupporttheirloanapplication,thefriendspresentedthebankwiththefollowingincomestatem
7、entfortheirfirstyearofoperationsendingJune30:Consultingrevenue$96,000Operatingexpenses:Salaries$32,000Rent9,000Supplies4,800Utilities3,000Advertising1,200(50,000)Netincome$46,000Thebankofficernoticedthattherewasnodepreciationexpenseintheincomestatementandhasaskedyourfriendstoreviseth
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