CMA103
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| Accounting | Described as the language of business.
Process of recording, classifying summarizing, reporting, analyzing and interpreting economic data.
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| Users | Owners
Managers
Creditors
Government Agencies
Accrediting Agencies
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| Analyzing | Does and activity constitute a transaction?
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| Recording | Documenting a transaction.
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| Classifying | Organizing the data into useful categories.
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| Summarizing | Providing an overall view of the financial picture.
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| Interpreting | Deriving meaning from the data.
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| Accounting Elements | Assets
Liabilities
Owners Equity
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| Assets | Property rights of value.
Money
Land Building Fixtures
Equipment
Merchandise
Accounts Receivable
Securities
Copyrights
Supplies
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| Liabilities | Contractual debt obligations: also called creditors interest.
Accounts Payable
Salaries Payable
Notes Payable
Bond Payable
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| Owner's Equity | Amount by which assets exceed liabilities.
Also called net worth, net assets, capital, ownership interest.
Revenue
Expense
Drawing
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| Accounting Equation | Assets = Liabilities + Owners Equity
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| LIABILITIES | = ASSETS - OWNERS EQUITY
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| OWNERS EQUITY | = ASSETS - LIABILITIES
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| Double Entry System | Each transaction affects at least two accounts. Each transaction is recorded in a a manner that maintains a balance of the accounting elements.
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| Account | A record used to keep track of changes in each element of the accounting equation.
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| Journal | A book of original entry that serves as chronological record of daily business transactions.
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| Ledger | A collection of individual records of each account.
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| Debit | Left side on an account.
Increase Assets.
Decreases Owners Equity.
Decreases Liability
DR=CR
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| Credit | Right side of an account.
Decreases Assets
Increases Owners Equity
Increases Liability
DR=CR
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| Temporary Owners Equity | Accounts are maintained for an accounting period (a year) and then closed to the permanent owners equity account (capital or retained earnings)
Revenue
Expense
Drawing
"Change. Zero it out"
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| Revenue | Represents the receipt (inflow) of an asset resulting from business operations.
Increase Equity.
Cash (Common Asset)
Sales
Service
Credit = Increase OE
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| Expense | Represents the use (outflow) of an asset to generate revenue.
Decreases Equity.
Salaries
Utilities
Rent
Wage
Debit Side
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| Drawing | Represents withdrawal (outflow) of an asset for personal use.
Decreases Equity
Debit Side
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| Trail Balance | A list of all accounts showing the title and balance of each account.
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| Income Statements | Summarizes revenue and expenses to determine the level of profit or loss.
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| Balance Sheet | Summarize the assets, liabilities and owners equity at a specified date to determine the financial status of the organization.
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| Example: Assets= $50 Liability= $30 | OE= $20
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| Purpose: Accounting | Provide financial information regarding the current business operations to interested parties, especially outside stakeholders.
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| Financial Condition | Profitability and Solvency
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| Managerial Performance | Effectiveness v. Efficiency
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| General Ledger | Includes assets, liabilities, and capital accounts grouped together.
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| Accounts Receivable Ledger | Collection of all persons and businesses that owe money to the practice.
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| Accounts Payable Ledger | Collection of all persons and businesses the practice owes money to.
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| Assets = Equities | Equities represent the sources of assets or business interests.
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| Liabilities | outside interest—creditor’s claim.
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| Owners’ Equity | inside interest—owners’ claim.
Affects two accounts: assets and liabilities
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