ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

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ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

Chapter 3

Processing Accounting Information

After studying this chapter, students should be able to:

Explain the difference between external and internal events (Module 1–LO1).

Explain the role of source documents in an accounting system (Module 1–LO2).

Analyze the effects of transactions on the accounting equation and understand how thesetransactions affect the balance sheet and the income statement (Module 1–LO3).

Define the concept of a general ledger and understand the use of the T account as a methodfor analyzing transactions. (Module 2–LO4).



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ACG 2021 ACG2021 ACG/2021

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ACG 2021 - Introduction to Corporate Accounting (121 Documents), ACG 2021 ACG2021 StudyGuide - Chapter 3 - Everest College, ACG 2178 - Financial Statement Analysis (88 Documents), ACG 2551 - 2551 (58 Documents), ACG 2551-4 - Non-Profit Accounting (26 Documents), ACG 3073 - Managerial Accounting (10 Documents), ACG 3103 - INTERMEDIATE ACCOUNTING 1 (44 Documents), ACG 3113 - INTERMEDIATE ACCOUNTING 2 (46 Documents), ACG 3341 - Cost Accounting (47 Documents), ACG 3351 - COST ACCOUNTING 2 (33 Documents), ACG 4201 - consolidation accounting (46 Documents), ACG 4632 - 4632 (25 Documents), Everest University: Tampa (Everest College)

Description

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

Chapter 3

Processing Accounting Information

After studying this chapter, students should be able to:

Explain the difference between external and internal events (Module 1–LO1).

Explain the role of source documents in an accounting system (Module 1–LO2).

Analyze the effects of transactions on the accounting equation and understand how thesetransactions affect the balance sheet and the income statement (Module 1–LO3).

Define the concept of a general ledger and understand the use of the T account as a methodfor analyzing transactions. (Module 2–LO4).

Explain the rules of debits and credits (Module 2–LO5).

Explain the purposes of a journal and the posting process (Module 3–LO6).

Explain the purpose of a trial balance (Module 3–LO7).

Chapter Outline

MODULE 1 TRANSACTIONS AND THE ACCOUNTINGEQUATION

Module 1LO 1Transactions and the Accounting EquationExternal and Internal Events

An event is a happening of consequence to an entity.

There are two types of events that affect an entity:

External: an event involving interaction between the entity and its environment.

Internal: an event occurring entirely within an entity.

Transaction: any event (internal or external) that is recognized in

the financial statements.

An event must be able to be measured reliably to be recognized.

Module 1LO 2

The Role of Source Documents in Recording TransactionsAsource documentprovides the evidence needed in an accounting system to record a transaction.

Source documents take many different forms. They include:

Supplier invoice.

Cash register tape.

Time card.

Sometimes the company must generate a document to establish that an event took placewhich was not supported by a standard source document.Module 1LO 3Analyzing the Effects of Transactions on the Accounting EquationEconomic eventsare the basis for recording transactions in an accounting system.

For every transaction, it is essential to analyze its effect on the accounting equation.

Assets = Liabilities + Stockholders’ Equity

Some transactions affect just the balance sheet and others affect both the balancesheet and the income statement.The accounting equation must always balance for each transaction. Transactions explained in text(Example 3-1):

(1) Issuance of capital stock. Increases both assets (Cash) and stockholders’ equity (CapitalStock).

(2) Acquisition of property in exchange for a note. Increases both assets (Land and Building)and liabilities (Notes Payable).

A promissory note is a liability.

(3) Acquisition of equipment on an open account. Increases both assets (Equipment) and liabilities (Accounts Payable).

(4) Sale of monthly memberships on account.

Account receivable: promise from a customer to pay an amount owed in the future.

Accounts receivable are assets.

Revenue: an inflow of assets resulting from the sale of goods or services.

Revenues increase stockholders’ equity(specifically Retained Earnings)

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

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ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

Description

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

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ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

Description

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

ACG 2021 ACG2021 StudyGuide – Chapter 3 – Everest College

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