财务会计 assets, liabilities and equity

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1、Module2:BusinessElementsandTransactionsOBJECTIVESDefineassets,liabilitiesandowners’equityandunderstandtherelationshipofrevenuesandexpensestoowners’equityDescribetheaccountingconceptsandtermsthathelprecordtheactivitiesofabusinessUnderstandthattheaccountingequationprovidesthe

2、basisforrecordingbusinesstransactionsDescribeandunderstandthenatureofbusinesstransactionsandtheireffectontheaccountingequation.Defineandunderstandallthestepsinthecompleteaccountingcycle.Explaintherulesofdebitandcreditandhowtoapplytheserulesinanalysingtransactions.Preparegen

3、eraljournalentriestorecordcommonbusinesstransactionsEconomicResourcesClaimstoEconomicResourcesTheAccountingEquationAssets=Liabilities+Owners’EquityAssetsWhatisanasset?Itissomethingacompanyownsorcontrolswhichhasfutureeconomicvalue.landbuildingequipmentgoodwillLiabilityWhatis

4、aliability?Itissomethingacompanyowes.moneyservice–legalretainersproduct–magazinesOwners’EquityWhatisowners’equity?Itiswhat’sleftoftheassetsafterliabilitieshavebeendeducted.thesameasnetassetstheowner’sclaimontheentity’sassetsTransactionsthatAffectOwners’EquityOWNERS’EQUITYI

5、NCREASESOWNERS’EQUITYDECREASESOwnerInvestmentsintheBusinessRevenuesExpensesOwnerDrawingsfromtheBusinessOwners’EquityRevenuesWhatarerevenues?Theyareamountsreceivedortobereceivedfromcustomersforsalesofproductsorservices.salesperformanceofservicesrentreceivedinterestreceivedEx

6、pensesWhatareexpenses?Theyareamountsthathavebeenpaidorwillbepaidlaterforcoststhathavebeenincurredtoearnrevenue.salariesandwageselectricityandgassuppliesusedadvertisingAccountingforBusinessTransactionsWhatisatransaction?Itisanyeventthatbothaffectsthefinancialpositionofthebus

7、inessandcanbereliablyrecorded.AccountingforBusinessTransactionsTheequationalwaysstaysinbalance.Eachtransactionaffectsatleasttwoaccounts,sometimesmore.Sometransactionsaffectonlyonesideoftheequation;someaffectbothsides.Double-EntryAccountingDoubleentrybookkeepingmeanstorecord

8、thedualeffectsofeachbusinesstransaction.Assets=Liabilities+Owners’EquityAssetsareo