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1、密码：accounting,邮箱：,Chapter 3 Accounting Cycle,Learning Objectives,Understand the concept of accounting cycle, learn to talk about its roles Understand 7 steps of accounting cycle, and compare them with accounting practice in China. Understand the concept of account and its parts in application. Under
2、stand the basic function of journal and its types Learn to make entries for adjusting Learn to balance accounts,Key words, phrases and special terms,Journalize 登记日记账dn()laz Journal 日记账，序时账 Journal entry 日记账分录 Cash journal 现金日记账 Post 过账 Ledger accounts 分类账led总帐，分户总帐； Account 账户 An account is a record
3、 based on the items of accounting elements, representing an increase or a decrease and the result of those items. Trial balance 试算平衡表tral试验；审讯；努力,Steps in the accounting cycle,1、Analyze transactions from source documents 2、Record by entries 3、Post to accounts 4、Adjusting entries 5、Journalizing and p
4、osting closing entries 6、Prepare trial balance 7、Prepare financial statements,Steps of The accounting cycle,1.Analyze Transactions,2.Journalize,3.Post,6.Prepare Financial Statements,5.Close,4.Adjust,Source Documents,Journal Entry,Ledger accounts,Trial Balance,Income statement Accounts,Balance Sheet
5、Income Statement etc,Understand how double-entry accounting works,The mechanics of double-entry accounting are such that every transaction is recorded in the debit side of one or more accounts and in the credit side of one or more accounts with equal debits and credits. double-entry bookkeeping (or
6、system) single-entry bookkeeping (or system),The Double-Entry Accounting,Debit （Dr.） n. 借,借方,借记 Debit card 借记卡 Debit balance 借方余额 v. 计入借方,借计 Debit an account 计入借方账 Credit （Cr.） n. 贷,贷方,贷记 Credit card 贷记卡 Credit贷方余额 v. 计入贷方,贷计 Credit an account 计入贷方账,Double-Entry Accounting,“ Double-entry accounting
7、is based on a simple concept: each party in a business transaction will receive something and give something in return. In terms, what is received is a debit and what bookkeeping is given is a credit. The T account is a representation of a scale or balance.”,Give CREDIT,T account,Left Side Receive D
8、EBIT,Right Side Give CREDIT,Accounting equation,Assets = Liabilities + Owners equity Assets - Liabilities = Owners equity Net assets = Owners equity,Rules of Double-Entry Accounting,1.Each transaction affects at least two accounts. These accounts contains at least one account debited and at least on
9、e account credited. 2. Total debits must equal total credits.,T-account,T-account: a simplest form of an account, used to help illustrate the effect of transaction.,Account name,Debit (left side),Credit (right side),Rules of debits &credits,The type of account determines the side in which increases
10、and decreases are recorded.,Increases and Decreases in the Accounts,Income Statement Accounts,Record transactions in the journal,Recording Phase,What is a journal? It is a record of each business transaction in a chronological order krnldk()l，依时间前后排列而记载的. Steps of journalizing: Identify transaction
11、from source documents. Specify accounts affected. Apply debit/credit rules. Record transaction with description. Verify that total debits equal total credits,Journal classification,General journal-to record all kinds of transactions Special journal-to record a certain kind of transactions,Classifica
12、tion of Ledgers,Ledgers are created on the basis of the item of financial statements. General ledger accounts总分类帐帐户 It contains all of the balance sheet and income statement accounts. Subsidiary ledger accounts明细分类帐 A record created to record the individual items relating to a single general ledger
13、account.,Post from the journal to the ledger,What is posting? Posting is the process that debits and credits are transferred from the journal to the ledger accounts. In the process, each amount in the debit column of the journal is posted by entering it on the debit side of an ledger account, and ea
14、ch amount in the credit column of the journal is posted by entering it on the credit side of an ledger account.,Dec. 1Net Solutions paid a premium （primm，保险费） of $2,400 for a comprehensive insurance policy covering two years.,1 2 3 4,Prepaid Insurance2 400 00,Cash2 400 00,ACCOUNT,Prepaid Insurance,A
15、CCOUNT NO. 15,Balance,Debit,Credit,Date,Debit,Credit,Item,Post. Ref.,2 400 00,2 400 00,Paid premium on two-year policy.,1 2 3 4,Prepaid Insurance2 400 00,Cash2 400 00,ACCOUNT,Prepaid Insurance,ACCOUNT NO. 15,Balance,Debit,Credit,Date,Debit,Credit,Item,Post. Ref.,2 400 00,2 400 00,2,15,Paid premium on two-year policy.,ACCOUNT,Cash,ACCOUNT NO. 11,Balance,Debit,Credit,Date,Debit,Credit,Item,Post. Ref.,2 000 00,5 900 00,2,Dec. 1,2 400 00,3 500 00,ACCOUNT,Cash,ACCOUNT NO. 11,Balance,Debit,Credit,Date,Debit,Credit,Item,Post. Ref.,2 000 00,5 900 00,2,2 400 00,3 500 00,Dec. 1,11,2,E
