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Vũ Quốc Thông (PhD.)
10/10/2020
Nature of a business
What is accounting?
Financial statement
Accounting equation
1
Analyse and record
transactions
Vũ Quốc Thông (PhD.)
1
Vũ Quốc Thông (PhD.)
10/10/2020
Describe the characteristics of an account
List the rules of debit and credit and the
normal balances of accounts.
Prepare a trial balance
3
What is an Account and its usefulness?
Characteristics of an Account
Debit and credit
Trial balance
4
2
Vũ Quốc Thông (PhD.)
10/10/2020
Assets = Liabilities + Owner’s Equity
Revenues: a result of providing services or
selling products to customers.
Expenses: the using up of assets and the
consuming of services in the process of
earning revenues.
8
What is an Account and its usefulness?
Characteristics of an Account
Debit and credit
Trial balance
9
3
Vũ Quốc Thông (PhD.)
10/10/2020
A record (“place”) to record the increase and
decrease of each item on the Financial
Statement
◦ Cash account: record the increase and decrease of cash
◦ Fixed Assets account: record the increase and decrease of fixed
assets
◦ Liabilities account: record the increase and decrease of liabilities
◦ ....
10
Assets
+
Owner’s
Capital
=
Liabilities
+
–
+
Owner's
Withdrawals
Revenues
Equity
–
Expenses
11
4
Vũ Quốc Thông (PhD.)
Columnar Account
Account Title
10/10/2020
T Account
Account Title
12
There are 4 columns:
◦
◦
◦
◦
Account title
Debit
Credit
Balance
13
5
Vũ Quốc Thông (PhD.)
10/10/2020
There are 3 parts:
◦ Title
◦ Debit side (Dr)
◦ Credit side (Cr)
14
When an amount entered on the left side of
an account (whatever!!!), is called debits to
the account (or the account is said to be
debited)
E.g.?
When an amount entered on the right side of
an account (whatever!!!), is called credits to
the account (or the account is said to be
credited)
15
6
Vũ Quốc Thông (PhD.)
10/10/2020
Fill in the blanks:
a. When an amount entered on the left side of
an account, is called ………. to the account.
b. When an amount entered on the right side
of an account, is called ………. to the
account.
16
Normal balance of account is the side of an
account, whether debit or credit, to which
increases to the account are recorded.
17
7
Vũ Quốc Thông (PhD.)
10/10/2020
Account Type
Normal Debit
Asset
(+)
Normal Credit
Liability
(+)
Owner Equity / Capital
(+)
Revenue
(+)
Expense
(+)
Gain
(+)
Loss
(+)
18
Remember:
◦ After Eating Dinner (Debit)
◦ Let’s Read Comics (Credit)
refer: />Write down:
- Which account types increase by Debit?
- Which account types increase by Credit?
!
* Every transaction affects at least two accounts
19
8
Vũ Quốc Thông (PhD.)
10/10/2020
Put (X) in the appropriate place:
Account types
Liability
Increase by Debit
Increase by Credit
X
Asset
Revenue
Expense
Capital
Owner’s
Drawing
20
For ABC company:
Deposit in bank account for initial capital
investment (e.g. $10,000)
Purchase a machine by cash (e.g. $1,500)
Sell goods to customer and receive cash (e.g.
$ 2,000)
Exercise. C1
21
9
Vũ Quốc Thông (PhD.)
10/10/2020
REMEMBER!
The sum of debits must always equal the sum of
the credits
WHY …?
22
Akola sell fashion quality jewelry, handbags… to women (Uganda)
From small store, the shop-owner now expands to 250 national stores and
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online selling.
10
Vũ Quốc Thông (PhD.)
10/10/2020
HOW …?
the shop-owner NEEDs TO rely on recordkeeping
processes,
transaction
analysis,
inventory accounting, and financial reporting.
She adds that the greatest obstacle to
launching Akola was “not having an accounting
background.”
Case in details…
24
1
• Transaction authorised
2
• Transaction takes place
3
• Business document prepared
4
• Entry recorded in journal
5
• Entry posted to ledger
25
11
Vũ Quốc Thông (PhD.)
10/10/2020
Steps:
◦ 1: Determine which account is affected by the
transaction
◦ 2: Increase or Decrease?
◦ 3: Debit or Credit?
Exercise. C1
26
“Trial” is process of proving or testing
TB is used as a proof that the debit balances
equal credit balances.
Remember: TB does not ensure that the ledger is
100% correct.
27
12
Vũ Quốc Thông (PhD.)
10/10/2020
28
Note on Acct. Name!
Prepare a TB
You have a list of transactions (provided in
class).
Please help me to prepare a TB. Remember to
follow steps as below:
◦ 1. Record transactions in journal
◦ 2. Post to accounts
◦ 3. Generate a TB
29
13
Vũ Quốc Thông (PhD.)
10/10/2020
Column incorrectly added
Amount incorrectly entered on TB
Posted a wrong amount
Debit posted as credit, or vice versa
Debit or credit omitted
30
The following errors still make a TB to be
balanced:
◦ Not journalising a transaction or posting a
transaction
◦ Recording the same wrong amount for both debit
and credit parts of a transaction
◦ Recording the same transaction more than once
◦ Posting a part of a transaction correctly as a debit
or credit but to the wrong account
E.g.?
31
14
Vũ Quốc Thông (PhD.)
10/10/2020
Each student watch the video:
/>After watching, describe how to prepare a TB in a paragraph?
32
Matching (p. 74 - 75)
Multiple choice (p. 75)
33
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