chapter 1 - acc in business
TRANSCRIPT
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
Accounting inBusinessChapter
1 100 Shares$1 par value
Accounting?
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Learning Objectives
Identify users and uses of
accounting
Identify opportunities in
accounting and related fields
Explain the meaning of
Generally Accepted
Accounting Principles, and
define and apply several key
principles of accounting
Identify Professional
Accounting Bodies and
standards setting in Malaysia
Define and interpret the
accounting equation andeach of its components
Analyze business
transactions using the
accounting equation Identify and prepare basic
financial statements and
explain how they interrelate
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Identifies
Records
CommunicatesRelevant
Reliable
Comparable
Importance of Accounting
Accountingis a
system that
information
that is
to help users makebetter decisions.
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IdentifyingBusinessActivities
RecordingBusinessActivities
CommunicatingBusinessActivities
Accounting Activities
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Users of Accounting Information
External Users
Lenders
Shareholders
Governments
Consumer Groups
External Auditors
Customers
Internal Users
Managers
Officers
Internal Auditors
Sales Staff
Budget Officers
Controllers
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
Users of Accounting Information
External Users
Financial accountingprovidesexternal users with financial
statements.
Internal Users
Managerial accountingprovidesinformation needs for internal
decision makers.
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Characteristics of AccountingInformation
USEFULFINANCIAL
INFORMATION
CONSISTENCYCOMPARABILITY
RELEVANCE1. Predictive value
2. Feedback value
3. Timely
RELIABILITY1. Verifiable
2. Faithful representation
3. Neutral
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Opportunities in Accounting
Financial
PreparationAnalysisAuditingRegulatory
ConsultingPlanningCriminalinvestigation
Managerial
General accountingCost accountingBudgetingInternal auditing
ConsultingControllerTreasurerStrategy
Taxation
PreparationPlanningRegulatoryInvestigations
ConsultingEnforcementLegal servicesEstate planning
Accounting-related
LendersConsultantsAnalysts
TradersDirectorsUnderwritersPlannersAppraisers
FBI investigatorsMarket researchersSystems designers
Merger servicesBusiness valuationHuman servicesLitigation supportEntrepreneurs
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Financial accounting practice is governed byconcepts and rules known as Generally Accepted
Accounting Principles (GAAP).
Generally Accepted AccountingPrinciples
RelevantInformation
Affects the decision ofits users.
Reliable Information Is trusted byusers.
ComparableInformation
Is helpful in contrastingorganizations.
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The Securities Commissionis the governmentgroup that establishes reporting requirementsfor companies that issue share to the public.
Setting Accounting Principles
Financial AccountingStandards Boardis the privategroup that sets both broad and
specific principles.
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The Operating Guidelines of Accounting
ASSUMPTIONS PRINCIPLES CONSTRAINTS
Economic entity Historical costs Conservatism
Monetary unit Revenue recognition Materiality
Going concern Matching
Time period Full disclosure
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Accounting Assumptions
Economic Entity
The business is accounted forseparately from other business
entities, including its owner
Monetary Unit PrincipleExpress transactions and events in
monetary, or money, units
Now Future
Going-Concern PrincipleReflects assumption that the
business will continue operating
instead of being closed or sold
Time PeriodThe economic life of business can be
divided into artificial time period for
the purpose of financial reporting
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Historical CostAccounting information is based
on actual cost.
Revenue Recognition1. Recognize revenue when it is
earned.
2. Proceeds need not be in cash.3. Measure revenue by cash
received plus cash value of items
received.
MatchingExpenses are matched against
revenues, and recorded in the
same period in which the related
revenues are earned
Accounting Principles
Full DisclosureReport enough information for
users to make knowledgeable
decisions about the company
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Professional Accounting Bodies andStandard Setting in Malaysia
Malaysian Institute of Accountant (MIA)
http://www.mia.org.my
Malaysian Institute of Certified Public Accountant
(MICPA) Malaysian Accounting Standards Board (MASB)
http://www.masb.org.my
Financial Reporting Foundation (FRF)
http://www.mia.org.my/http://www.masb.org.my/http://www.masb.org.my/http://www.mia.org.my/ -
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Malaysian Institute of Accountant (MIA)
established under the Accountants Act 1967
regulating the accounting profession.
play a significant role in the development and
advancement of accounting profession globally. Its membership in such bodies include the:
Asean Federation of Accountants (AFA)
Confederation of Asian and Pacific Accountants(CAPA)
International Federation of Accountants (IFAC)
Intergovernmental Working Group of Experts onInternational Standards of Accounting and Reporting(ISAR)
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Malaysian Institute of Accountant (MIA)
Objectives:
To promote and regulate professional and ethical
standards
To enhance competency through continuouseducation and training to meet the challenges of the
global economy
To enhance the status of members
To lead research and development for the
enhancement of the profession
To inculcate a high sense of social responsibility
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Malaysian Institute of Certified PublicAccountant (MICPA)
Objectives: To advance the theory and practice of accountancy in
all its aspects.
To recruit, educate, train and assess by means of
examination or otherwise a body of members skilled inthese areas.
To preserve at all times the professional independenceof accountants in whatever capacities they may beserving.
To maintain high standards of practice and professionalconduct by all its members.
To do all such things as may advance the profession ofaccountancy in relation to public practice, industry,commerce, education and the public service.
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Malaysian Accounting Standards Board(MASB)
Established under the Financial Reporting Act 1997(the Act) as an independent authority to develop andissue accounting and financial reporting standards in
Malaysia. Working with FRF to make up the new framework for
financial reporting in Malaysia, with representationfrom all relevant parties in the standard-settingprocess, including preparers, users, regulators andthe accountancy profession.
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Financial Reporting Federation (FRF)
Established under the Financial Reporting Act 1997
(Act), comprises representation from all relevant
parties in the standard setting process, including
preparers, users, regulators and accountancyprofession.
Oversight the MASB's performance, financial and
funding arrangements, and as an initial source of
views for the MASB on proposed standards andpronouncements. It has no direct responsibility with
regard to standard setting. This responsibility rests
solely with the MASB.
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
Business Entity Forms
Proprietorship Partnership Corporation
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
Characteristics Proprietorship Partnership Corporation
Business entity yes yes yes
Legal entity no no yesLimited liability no no yes
Unlimited life no no yes
Business taxed no no yes
One owner allowed yes no yes
*
* Proprietorships and partnerships that are set up as LLCs
provide limited liability.
Characteristics of Businesses
*
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Owners of a corporation are called
shareholders(or stockholders).
When a corporation issues only oneclass of share, we call it common
share (or capital share).
Corporation
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
Land
Equipment
Buildings
Cash
Vehicles
StoreSupplies
NotesReceivable
AccountsReceivable
Resourcesowned orcontrolled
by a
company
Assets
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TaxesPayable
WagesPayable
NotesPayable
AccountsPayable
Creditors
claims onassets
Liabilities
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Ownersclaims
on
assets
Revenues
OwnerInvestments
OwnerWithdrawals
Expenses
Equity
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Liabilities EquityAssets = +
Expanded Accounting Equation
Revenues ExpensesOwner
Capital
Owner
Withdrawals_
+_
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Transaction Analysis Equation
The accounting equation must remain in
balanceafter each transaction.
Liabilities EquityAssets = +
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
Transaction Analysis
The accounts involved are:
(1) Cash (asset)
(2) J. Scott, Capital (equity)
J. Scott, the owner, contributed $20,000cash to start the business.
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Transaction Analysis
Assets = Liabilities + Equity
Cash Supplies Equipment AccountsPayable NotesPayable J. Scott,Capital
(1) 20,000$ 20,000$
20,000$ -$ -$ -$ -$ 20,000$
20,000$ = 20,000$
J. Scott, the owner, contributed $20,000cash to start the business.
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Transaction Analysis
The accounts involved are:(1) Cash (asset)
(2) Supplies (asset)
Purchased supplies paying $1,000cash.
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Transaction Analysis
Purchased supplies paying $1,000cash.
Assets = Liabilities + Equity
Cash Supplies Equipment
Accounts
Payable
Notes
Payable
J. Scott,
Capital
(1) 20,000$ 20,000$
(2) (1,000) 1,000$
19,000$ 1,000$ -$ -$ -$ 20,000$
20,000$ = 20,000$
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Transaction Analysis
The accounts involved are:(1) Cash (asset)
(2) Equipment (asset)
Purchased equipment for $15,000cash.
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Transaction Analysis
Purchased equipment for $15,000cash.
Assets = Liabilities + Equity
Cash Supplies Equipment
Accounts
Payable
Notes
Payable
J. Scott,
Capital
(1) 20,000$ 20,000$
(2) (1,000) 1,000$
(3) (15,000) 15,000$
4,000$ 1,000$ 15,000$ -$ -$ 20,000$
20,000$ = 20,000$
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
Transaction Analysis
The accounts involved are:
(1) Supplies (asset)
(2) Equipment (asset)
(3) Accounts Payable (liability)
Purchased Supplies of $200 andEquipment of $1,000 on account.
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Transaction Analysis
Purchased Supplies of $200 andEquipment of $1,000 on account.
Assets = Liabilities + Equity
Cash Supplies Equipment
Accounts
Payable
Notes
Payable
J. Scott,
Capital
(1) 20,000$ 20,000$
(2) (1,000) 1,000$
(3) (15,000) 15,000$
(4) 200 1,000 1,200$
4,000$ 1,200$ 16,000$ 1,200$ -$ 20,000$
21,200$ = 21,200$
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Transaction Analysis
The accounts involved are:
(1) Cash (asset)
(2) Notes payable (liability)
Borrowed $4,000 from 1st AmericanBank.
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
Transaction Analysis
Borrowed $4,000 from 1st AmericanBank.
Assets = Liabilities + Equity
Cash Supplies Equipment
Accounts
Payable
Notes
Payable
J. Scott,
Capital
(1) 20,000$ 20,000$
(2) (1,000) 1,000$
(3) (15,000) 15,000$
(4) 200 1,000 1,200$
(5) 4,000 4,000$
8,000$ 1,200$ 16,000$ 1,200$ 4,000$ 20,000$
25,200$ = 25,200$
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
Assets = Liabilities + Equity
Cash Supplies Equipment
Accounts
Payable
Notes
Payable
J. Scott,
CapitalBal. 8,000$ 1,200$ 16,000$ 1,200$ 4,000$ 20,000$
8,000$ 1,200$ 16,000$ 1,200$ 4,000$ 20,000$
25,200$ = 25,200$
Transaction Analysis
The balances so far appear below. Note that theBalance Sheet Equation is still in balance.
Now lets look at transactions involving
revenue, expenses and withdrawals.
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
Transaction Analysis
The accounts involved are:
(1) Cash (asset)
(2) Revenues (equity)
Rendered consulting servicesreceiving $3,000 cash.
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
Transaction Analysis
The accounts involved are:
(1) Cash (asset)
(2) Salaries expense (equity)
Paid salaries of $800 to employees.
Remember that the balance in the salariesexpense account actually increases.
But, equity actually decreases because
expenses reduce equity.
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
Transaction Analysis
The accounts involved are:
(1) Cash (asset)
(2) J. Scott, Withdrawals (equity)
J. Scott withdrew $500 from thebusiness for personal use.
Remember that the balance in the J. Scott,
Withdrawals account actually increases.
But, equity actually decreases because
withdrawals reduce equity.
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
Transaction Analysis
Assets = Liabilities +
Cash Supplies Equipment
Accounts
Payable
Notes
Payable
J. Scott,
Capital
J. Scott,
Withdrawal Revenue ExpensesBal. 8,000$ 1,200$ 16,000$ 1,200$ 4,000$ 20,000$
(6) 3,000 3,000$
(7) (800) (800)$
(8) (500) (500)$
9,700$ 1,200$ 16,000$ 1,200$ 4,000$ 20,000$ (500)$ 3,000$ (800)$
26,900$ = 29,500$
Equity
Remember that withdrawals decreaseequity.
J. Scott withdrew $500 from thebusiness for personal use.
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
Financial Statements
Lets prepare the Financial Statements
reflecting the transactions we have recorded.
1. Income Statement2. Statement of Owners Equity
3. Balance Sheet
4. Statement of Cash Flows
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Scott CompanyI St t t
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
The profit of$2,200
increasesScotts capital
by $2,200.
Revenues:
Consulting revenue 3.000$Less Expenses:
Salaries expense 800
Profit for the period 2.200$
Income Statement
For Month Ended 31 December 2006
J. Scott, Capital, 1 Dec. 2006 -$
Add: Investment by owner 20.000Net income 2.200
Less: Withdrawals 500
J. Scott, Capital, 31 Dec. 2006 21.700$
Scott Company
Statement of Owner's Equity
For Month Ended 31 December 2006
The Statement ofOwners Equity
explains changes in
equity from profit (or
loss) and from owner
investments andwithdrawals for a
period of time.
Scott Company
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J. Scott, Capital, 1 Dec. 2006 -$
Add: Investment by owner 20.000
Profit for the period 2.200
Less: Withdrawals 500
J. Scott, Capital, 31 Dec.2006 21.700$
Scott Company
Statement of Owner's Equity
For Month Ended 31 December 2006
The Balance
Sheetdescribes acompanys
financialposition at apoint in time.
Owners Equity in Balance Sheet
SCOTT COMPANY
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ASSETS
Non-current assets Equipment $16,000
Total non-current assets $16,000
Current Assets
Cash $ 9,700
Supplies 1,200
Total current assets 10,900
Total assets $ 26,900
EQUITY AND LIABILITIES
EquityJ.Scott, Capital $ 21,700
BALANCE SHEET
31 DECEMBER 2006
SCOTT COMPANY
From Statement of Owners Equity
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Current liabilities
Accounts payable $1,200
Notes payable 4,000
Total current liabilities $5,200
Total equity and liabilities $26,900
BALANCE SHEET
31 DECEMBER 2006
SCOTT COMPANY
SCOTT COMPANY
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Larson, Wild, Chiapetta, Ropidah, Haslinda, Aryati, Li ana The McGraw-Hi ll Companies, Inc., 2007
Cash flows from operating activities:
Cash received from clients 3,000$Purchase of supplies (1,000)
Cash paid to employees (800)
Net cash provided by operating activities 1,200$
Cash flows from investing activities:
Purchase of equipment (15,000)
Net cash used in investing activities (15,000)Cash flows from financing activities:
Investment by owner 20,000
Borrowed at bank 4,000
Withdrawal by owner (500)
Net cash provided by financing activities 23,500
Net increase in cash 9,700$Cash balance, 1 December 2006 -
Cash balance, 31 December 2006 9,700$
STATEMENT OF CASH FLOWS
FOR THE MONTH ENDED 31 DECEMBER 2006
SCOTT COMPANY
The Statement of Cash Flowsidentifies cash inflows and cash outflows over a
period of time.
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