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ALBANY / Engineering / BACC 211 / What are the processes of accounting?

What are the processes of accounting?

What are the processes of accounting?

Description

School: University at Albany - State University of New York
Department: Engineering
Course: Financial Accounting
Professor: Professor
Term: Spring 2020
Tags: financial accounting and Accounting
Cost: 25
Name: BACC 211: Financial Accounting, Week 2 Notes
Description: These are class notes from 1/28 & 1/30, covering Chapter 1, example problems from Chapter 1, and the introduction to Chapter 2: Processing Accounting Information.
Uploaded: 01/30/2020
10 Pages 57 Views 2 Unlocks
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li{counter-increment:lst-ctn-kix_o0fgzsjizhkf-3}ol.lst-kix_goilhgqvqifs-3.start{counter-reset:lst-ctn-kix_goilhgqvqifs-3 0}.lst-kix_80bofa3wuhzw-7 > li:before{content:"- "}ul.lst-kix_s6ehyzva8yku-1{list-style-type:none}ul.lst-kix_s6ehyzva8yku-0{list-style-type:none}ul.lst-kix_s6ehyzva8yku-3{list-style-type:none}ul.lst-kix_s6ehyzva8yku-2{list-style-type:none}ul.lst-kix_gqti1y58sdwl-0{list-style-type:none}.lst-kix_8dx6wubvn9z6-0 > li:before{content:"- "}.lst-kix_8dx6wubvn9z6-1 > li:before{content:"- "}.lst-kix_s6ehyzva8yku-2 > li:before{content:"- "}.lst-kix_s6ehyzva8yku-4 > li:before{content:"- "}.lst-kix_s6ehyzva8yku-1 > li:before{content:"- "}.lst-kix_s6ehyzva8yku-5 > li:before{content:"- "}ul.lst-kix_s6ehyzva8yku-5{list-style-type:none}ul.lst-kix_s6ehyzva8yku-4{list-style-type:none}ul.lst-kix_s6ehyzva8yku-7{list-style-type:none}.lst-kix_8dx6wubvn9z6-3 > li:before{content:"- "}.lst-kix_s6ehyzva8yku-0 > li:before{content:"- "}.lst-kix_s6ehyzva8yku-6 > li:before{content:"- "}ul.lst-kix_s6ehyzva8yku-6{list-style-type:none}.lst-kix_s6ehyzva8yku-8 > li:before{content:"- "}.lst-kix_80bofa3wuhzw-0 > li:before{content:"- "}ul.lst-kix_s6ehyzva8yku-8{list-style-type:none}.lst-kix_8dx6wubvn9z6-2 > li:before{content:"- "}.lst-kix_s6ehyzva8yku-7 > li:before{content:"- "}.lst-kix_80bofa3wuhzw-2 > li:before{content:"- "}.lst-kix_80bofa3wuhzw-4 > li:before{content:"- "}ul.lst-kix_80bofa3wuhzw-5{list-style-type:none}ul.lst-kix_80bofa3wuhzw-6{list-style-type:none}ul.lst-kix_80bofa3wuhzw-7{list-style-type:none}.lst-kix_80bofa3wuhzw-1 > li:before{content:"- "}.lst-kix_80bofa3wuhzw-5 > li:before{content:"- "}ul.lst-kix_80bofa3wuhzw-8{list-style-type:none}ul.lst-kix_80bofa3wuhzw-1{list-style-type:none}ul.lst-kix_80bofa3wuhzw-2{list-style-type:none}ul.lst-kix_80bofa3wuhzw-3{list-style-type:none}ul.lst-kix_80bofa3wuhzw-4{list-style-type:none}.lst-kix_s6ehyzva8yku-3 > li:before{content:"- "}ul.lst-kix_80bofa3wuhzw-0{list-style-type:none}.lst-kix_80bofa3wuhzw-3 > li:before{content:"- "}ol.lst-kix_goilhgqvqifs-3{list-style-type:none}ol.lst-kix_goilhgqvqifs-4{list-style-type:none}ol.lst-kix_goilhgqvqifs-5{list-style-type:none}ol.lst-kix_goilhgqvqifs-6{list-style-type:none}ol.lst-kix_goilhgqvqifs-7{list-style-type:none}ol.lst-kix_goilhgqvqifs-8{list-style-type:none}ul.lst-kix_izgct6qz90yf-5{list-style-type:none}ul.lst-kix_izgct6qz90yf-6{list-style-type:none}ul.lst-kix_izgct6qz90yf-7{list-style-type:none}ul.lst-kix_izgct6qz90yf-8{list-style-type:none}.lst-kix_8dx6wubvn9z6-7 > li:before{content:"- "}.lst-kix_8dx6wubvn9z6-4 > li:before{content:"- "}.lst-kix_8dx6wubvn9z6-8 > li:before{content:"- "}.lst-kix_8dx6wubvn9z6-5 > li:before{content:"- "}ol.lst-kix_goilhgqvqifs-0{list-style-type:none}ol.lst-kix_goilhgqvqifs-1{list-style-type:none}.lst-kix_8dx6wubvn9z6-6 > li:before{content:"- "}ol.lst-kix_goilhgqvqifs-2{list-style-type:none}ol.lst-kix_o0fgzsjizhkf-2.start{counter-reset:lst-ctn-kix_o0fgzsjizhkf-2 0}.lst-kix_as8d1hhdi9pb-0 > li:before{content:"● "}.lst-kix_as8d1hhdi9pb-2 > li:before{content:"■ "}.lst-kix_jg77psk2ok23-7 > li:before{content:"○ "}.lst-kix_as8d1hhdi9pb-4 > li:before{content:"○ "}.lst-kix_jg77psk2ok23-3 > li:before{content:"● "}.lst-kix_as8d1hhdi9pb-8 > li:before{content:"■ "}.lst-kix_jg77psk2ok23-1 > li:before{content:"○ "}.lst-kix_jg77psk2ok23-5 > li:before{content:"■ "}.lst-kix_q34kr5vjgzwn-7 > li:before{content:"- "}.lst-kix_as8d1hhdi9pb-6 > li:before{content:"● "}ul.lst-kix_wubpzfegdrxf-5{list-style-type:none}ul.lst-kix_wubpzfegdrxf-6{list-style-type:none}ul.lst-kix_wubpzfegdrxf-3{list-style-type:none}ul.lst-kix_izgct6qz90yf-0{list-style-type:none}ul.lst-kix_wubpzfegdrxf-4{list-style-type:none}ul.lst-kix_izgct6qz90yf-1{list-style-type:none}ul.lst-kix_izgct6qz90yf-2{list-style-type:none}ul.lst-kix_izgct6qz90yf-3{list-style-type:none}.lst-kix_goilhgqvqifs-2 > li{counter-increment:lst-ctn-kix_goilhgqvqifs-2}ul.lst-kix_wubpzfegdrxf-7{list-style-type:none}ul.lst-kix_izgct6qz90yf-4{list-style-type:none}ul.lst-kix_wubpzfegdrxf-8{list-style-type:none}ul.lst-kix_wubpzfegdrxf-1{list-style-type:none}ul.lst-kix_wubpzfegdrxf-2{list-style-type:none}ul.lst-kix_wubpzfegdrxf-0{list-style-type:none}.lst-kix_gqti1y58sdwl-3 > li:before{content:"- "}ol.lst-kix_goilhgqvqifs-8.start{counter-reset:lst-ctn-kix_goilhgqvqifs-8 0}ol.lst-kix_o0fgzsjizhkf-0.start{counter-reset:lst-ctn-kix_o0fgzsjizhkf-0 0}.lst-kix_gqti1y58sdwl-7 > li:before{content:"- "}.lst-kix_gqti1y58sdwl-5 > li:before{content:"- "}ul.lst-kix_15lsimvs3x00-5{list-style-type:none}ul.lst-kix_15lsimvs3x00-4{list-style-type:none}ul.lst-kix_15lsimvs3x00-7{list-style-type:none}ul.lst-kix_15lsimvs3x00-6{list-style-type:none}ul.lst-kix_15lsimvs3x00-1{list-style-type:none}ul.lst-kix_15lsimvs3x00-0{list-style-type:none}ul.lst-kix_15lsimvs3x00-3{list-style-type:none}ul.lst-kix_15lsimvs3x00-2{list-style-type:none}.lst-kix_goilhgqvqifs-3 > li{counter-increment:lst-ctn-kix_goilhgqvqifs-3}ul.lst-kix_15lsimvs3x00-8{list-style-type:none}ul.lst-kix_cavltd4tqct-0{list-style-type:none}ul.lst-kix_cavltd4tqct-1{list-style-type:none}ul.lst-kix_cavltd4tqct-2{list-style-type:none}ul.lst-kix_cavltd4tqct-3{list-style-type:none}ul.lst-kix_cavltd4tqct-4{list-style-type:none}ul.lst-kix_cavltd4tqct-5{list-style-type:none}ul.lst-kix_cavltd4tqct-6{list-style-type:none}ul.lst-kix_cavltd4tqct-7{list-style-type:none}ul.lst-kix_cavltd4tqct-8{list-style-type:none}ul.lst-kix_8dx6wubvn9z6-1{list-style-type:none}.lst-kix_15lsimvs3x00-8 > li:before{content:"- "}ul.lst-kix_8dx6wubvn9z6-0{list-style-type:none}.lst-kix_goilhgqvqifs-0 > li:before{content:"" counter(lst-ctn-kix_goilhgqvqifs-0,decimal) ". "}ul.lst-kix_8dx6wubvn9z6-5{list-style-type:none}ul.lst-kix_8dx6wubvn9z6-4{list-style-type:none}.lst-kix_4cy2h9e8emrn-3 > li:before{content:"● "}ul.lst-kix_8dx6wubvn9z6-3{list-style-type:none}ul.lst-kix_8dx6wubvn9z6-2{list-style-type:none}ul.lst-kix_8dx6wubvn9z6-8{list-style-type:none}ul.lst-kix_8dx6wubvn9z6-7{list-style-type:none}ul.lst-kix_8dx6wubvn9z6-6{list-style-type:none}.lst-kix_4cy2h9e8emrn-4 > li:before{content:"○ "}.lst-kix_goilhgqvqifs-1 > li:before{content:"" counter(lst-ctn-kix_goilhgqvqifs-1,lower-latin) ". "}.lst-kix_15lsimvs3x00-7 > li:before{content:"- "}.lst-kix_goilhgqvqifs-8 > li:before{content:"" counter(lst-ctn-kix_goilhgqvqifs-8,lower-roman) ". "}.lst-kix_4cy2h9e8emrn-7 > li:before{content:"○ "}.lst-kix_rpj5hf7mosht-0 > li:before{content:"- "}.lst-kix_rpj5hf7mosht-1 > li:before{content:"- "}.lst-kix_goilhgqvqifs-4 > li:before{content:"" counter(lst-ctn-kix_goilhgqvqifs-4,lower-latin) ". "}.lst-kix_4cy2h9e8emrn-8 > li:before{content:"■ "}.lst-kix_goilhgqvqifs-5 > li:before{content:"" counter(lst-ctn-kix_goilhgqvqifs-5,lower-roman) ". "}.lst-kix_15lsimvs3x00-0 > li:before{content:"- "}.lst-kix_azsiwnwk4ppy-6 > li:before{content:"- "}.lst-kix_15lsimvs3x00-4 > li:before{content:"- "}.lst-kix_gqti1y58sdwl-0 > li:before{content:"- "}.lst-kix_gqti1y58sdwl-1 > li:before{content:"- "}.lst-kix_4cy2h9e8emrn-0 > li:before{content:"● "}.lst-kix_15lsimvs3x00-3 > li:before{content:"- "}.lst-kix_o0fgzsjizhkf-2 > li{counter-increment:lst-ctn-kix_o0fgzsjizhkf-2}.lst-kix_azsiwnwk4ppy-7 > li:before{content:"- "}.lst-kix_4mwyxmdntaow-7 > li:before{content:"- "}ul.lst-kix_ar50fda9zcqv-7{list-style-type:none}ul.lst-kix_ar50fda9zcqv-8{list-style-type:none}ul.lst-kix_ar50fda9zcqv-5{list-style-type:none}ul.lst-kix_ar50fda9zcqv-6{list-style-type:none}.lst-kix_cavltd4tqct-0 > li:before{content:"● "}ul.lst-kix_ar50fda9zcqv-3{list-style-type:none}.lst-kix_wubpzfegdrxf-0 > li:before{content:"- "}.lst-kix_wubpzfegdrxf-3 > li:before{content:"- "}.lst-kix_wubpzfegdrxf-4 > li:before{content:"- "}ul.lst-kix_ar50fda9zcqv-4{list-style-type:none}ul.lst-kix_ar50fda9zcqv-1{list-style-type:none}ul.lst-kix_ar50fda9zcqv-2{list-style-type:none}.lst-kix_cavltd4tqct-1 > li:before{content:"○ "}.lst-kix_4mwyxmdntaow-0 > li:before{content:"- "}.lst-kix_4mwyxmdntaow-8 > li:before{content:"- "}ul.lst-kix_1ygc5lk5b8v9-1{list-style-type:none}ul.lst-kix_1ygc5lk5b8v9-2{list-style-type:none}ul.lst-kix_1ygc5lk5b8v9-0{list-style-type:none}.lst-kix_wubpzfegdrxf-7 > li:before{content:"- "}.lst-kix_wubpzfegdrxf-8 > li:before{content:"- "}.lst-kix_cavltd4tqct-5 > li:before{content:"■ "}.lst-kix_o0fgzsjizhkf-0 > li{counter-increment:lst-ctn-kix_o0fgzsjizhkf-0}ul.lst-kix_ar50fda9zcqv-0{list-style-type:none}.lst-kix_cavltd4tqct-4 > li:before{content:"○ "}ul.lst-kix_97i9scj0kfib-0{list-style-type:none}ul.lst-kix_97i9scj0kfib-3{list-style-type:none}ul.lst-kix_97i9scj0kfib-4{list-style-type:none}ul.lst-kix_97i9scj0kfib-1{list-style-type:none}ul.lst-kix_97i9scj0kfib-2{list-style-type:none}ul.lst-kix_97i9scj0kfib-7{list-style-type:none}ul.lst-kix_97i9scj0kfib-8{list-style-type:none}ul.lst-kix_97i9scj0kfib-5{list-style-type:none}ul.lst-kix_97i9scj0kfib-6{list-style-type:none}.lst-kix_cavltd4tqct-8 > li:before{content:"■ "}.lst-kix_q34kr5vjgzwn-3 > li:before{content:"- "}.lst-kix_4mwyxmdntaow-3 > li:before{content:"- "}.lst-kix_q34kr5vjgzwn-2 > li:before{content:"- "}.lst-kix_4mwyxmdntaow-4 > li:before{content:"- "}.lst-kix_goilhgqvqifs-1 > li{counter-increment:lst-ctn-kix_goilhgqvqifs-1}.lst-kix_ar50fda9zcqv-2 > li:before{content:"- "}.lst-kix_jg77psk2ok23-6 > li:before{content:"● "}.lst-kix_do9bjci5q8or-8 > li:before{content:"■ "}.lst-kix_as8d1hhdi9pb-3 > li:before{content:"● "}.lst-kix_q34kr5vjgzwn-6 > li:before{content:"- "}.lst-kix_jg77psk2ok23-2 > li:before{content:"■ "}ul.lst-kix_as8d1hhdi9pb-1{list-style-type:none}.lst-kix_do9bjci5q8or-4 > li:before{content:"○ "}ul.lst-kix_as8d1hhdi9pb-0{list-style-type:none}ul.lst-kix_as8d1hhdi9pb-3{list-style-type:none}ul.lst-kix_as8d1hhdi9pb-2{list-style-type:none}.lst-kix_ar50fda9zcqv-6 > li:before{content:"- "}ul.lst-kix_as8d1hhdi9pb-5{list-style-type:none}ul.lst-kix_as8d1hhdi9pb-4{list-style-type:none}ul.lst-kix_as8d1hhdi9pb-7{list-style-type:none}ul.lst-kix_as8d1hhdi9pb-6{list-style-type:none}ul.lst-kix_as8d1hhdi9pb-8{list-style-type:none}.lst-kix_as8d1hhdi9pb-7 > li:before{content:"○ "}.lst-kix_o0fgzsjizhkf-7 > li{counter-increment:lst-ctn-kix_o0fgzsjizhkf-7}.lst-kix_1ygc5lk5b8v9-2 > li:before{content:"■ "}ul.lst-kix_1ygc5lk5b8v9-7{list-style-type:none}ul.lst-kix_1ygc5lk5b8v9-8{list-style-type:none}.lst-kix_do9bjci5q8or-0 > li:before{content:"● "}ul.lst-kix_1ygc5lk5b8v9-5{list-style-type:none}ul.lst-kix_1ygc5lk5b8v9-6{list-style-type:none}ul.lst-kix_1ygc5lk5b8v9-3{list-style-type:none}ul.lst-kix_1ygc5lk5b8v9-4{list-style-type:none}.lst-kix_gqti1y58sdwl-4 > li:before{content:"- "}.lst-kix_md48pnuqymch-8 > li:before{content:"- "}.lst-kix_o0fgzsjizhkf-1 > li:before{content:"" counter(lst-ctn-kix_o0fgzsjizhkf-1,lower-latin) ". "}.lst-kix_azsiwnwk4ppy-3 > li:before{content:"- "}.lst-kix_1ygc5lk5b8v9-6 > li:before{content:"● "}.lst-kix_md48pnuqymch-0 > li:before{content:"- "}.lst-kix_gqti1y58sdwl-8 > li:before{content:"- "}.lst-kix_nm5tduqsj23n-1 > li:before{content:"- "}.lst-kix_rpj5hf7mosht-4 > li:before{content:"- "}.lst-kix_o0fgzsjizhkf-5 > li:before{content:"" counter(lst-ctn-kix_o0fgzsjizhkf-5,lower-roman) ". "}.lst-kix_goilhgqvqifs-6 > li{counter-increment:lst-ctn-kix_goilhgqvqifs-6}.lst-kix_md48pnuqymch-4 > li:before{content:"- "}.lst-kix_rpj5hf7mosht-8 > li:before{content:"- "}.lst-kix_nm5tduqsj23n-5 > li:before{content:"- "}

Accounting system

  • Record transactions (+x) in a systematic manner (chronological)

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Financial accounting

  • Provide information about firm to external user by using accounting system

Managerial accounting

  • Provide information about the firm to internal users.

We also discuss several other topics like What is assumed in the just world attribution?

External users

  • Investor (current and future), both equity investors, shareholders of firms, and debt investors, lenders to the firm

Don't forget about the age old question of How do you solve for electric field?

Use financial statements:

  • Government want to know abou economy to impose restrictions and regulations
  • Trade unions want to know whether to hire/layoff workers
  • Business press want to write articles
  • Local communities want to know financial help or compare
  • IRS wants to know how many taxes they can collect

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The accounting process

  • Measuring economic activity (that has financial impact) of a entity in monetary terms and communicating result to user:
  1. Must identify the relevant economic activity
  2. Quantity these activities put a dollar value on them
  • Governed by rules, assumptions, concepts, and standard = collectively referred to as Generally Accepted Accounting Principles (GAAP)
  • Companies must adhere to these guidelines
  • Know and understand by every one preparing and using financial statements
  • To reflect changing business environments, these standards change accordingly
  • Different among nations

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Financial Accounting Oversight

  • The authority regulating the interstate sale of stocks and bonds is the US securities and exchange commission (SEC), a federal agency.
  • Formed by SEC acts of 1933 and 1934, following crash of stock marketing 1929 (lost 90% of its value) and collecting the great depression. Companies were overvalued and share prices keep rising despite no underlying value, this is because financial statements were not prepared according to guidelines. The role of the commission was to create these accounting standards and form the standard setting Financial Accounting Standards Board (FASB)
  • Public company accounting oversight board ( PCAOB)
  • Sets generally accepted auditing standards (GAAS)
  • International accounting standards board (IASB)
  • Tasked with coming upon /international accounting standards.

Don't forget about the age old question of What is the product of cellular respiration?

Financial Reporting

  1. Balance sheet
  • Lays out assets and liabilities
  1. Income statement
  • Revenue and expenses
  1. Stockholders’ equity
  • Ownership change
  1. Statement of cash flows
  • Cash inflows and outflows
  • GAAP determines what formation goes into these financial statements

Balance sheet (BS)

  • Shows assets at the top
  • First thing listed is the name of the organization
  • Second line mentions name of financial statement
  • Third line specifies period for financial statements
  • Prepared at a point in time - prepare at a point of time, ex. December 2017)
  • Last shows liabilities and stockholders’ equity total, which is equal to total assets,

        Fundamental Accounting Equation (

                A = L + SE - BS

                SE = A - L

        A = Assets (building owned, resources, cash holding)

        L = Liabilities (cash owed to other firms, obligation)

  • Some assets are used to pay liabilities and others belong to owners of the company, the remainder is the stakeholders’ equity.

Income Statement

  • Prepared over a period of time (a span, ex.: for year ended December 31, 2017, 1/1/2017 - 12/31/2017)
  • Final item is Net income (NI) (profit = revenue - expenses (financial statement equation: NI= Rev - Exp)), results when revenues (increase in resources) exceed expenses (decrease in resources)

Statement of stockholders equity

  • Ownership statement change over period
  • Stockholders’ equity = A-L => part of the firm’s resources that belong to owners
  • Made up to 2 components
  • Common stock
  • Initial investment (of capital money) by owners to fund company’s operations
  • Company return (net income) to owners, called dividends (Div.)
  • Retained earnings (NI - Div.)
  • Could be from current year or accumulated over previous years
  • Shows balances over time and how they changed + final balances.

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