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

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 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

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ACG 2021 – Summer 2014 Register Now P 2-7A Prev 1 2 3 4 5 Next Back to Department Related Courses ACG 2178 – Financial Statement Analysis (88 Documents)ACG 2551 – 2551 (58 Documents)ACG 3341 – Cost Accounting (47 Documents)ACG 4201 – consolidation accounting (46 Documents)

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