Lesson Notes Lesson 4 Adjusting Accounts for Financial Statement Learning objectives 1. Describe the purpose of adjusting accounts at the end of the period 2. Prepare and explain adjusting entries for prepaid expenses, amortization, unearned revenues, accrued expenses, and accrued revenues

Lesson 5 Completing the Accounting Cycle Learning objectives 1. Describe and prepare a worksheet and describe its usefulness. 2. Describe the closing process and explain why temporary accounts are closed each period

Lesson Notes Lesson 6Accounting for Merchandising Activities Learning Objectives 1. Describe merchandising activities and identify business types. 2. Identify and explain the important components of income for a merchandising company

Learning objectives 1. Describe the principles of properly designed accounting systems. 2. Describe and illustrate the principles of internal control of accounting information systems. 3. Describe and illustrate the use oft special journals and subsidiary ledgers to process accounting data more efficiently

Outline The nature of firm; The value of accounting; The Evolution of accounting; Accounting: bird view Task Team of FUNDAMENTALACCOUNTING, Business School, Yat-sen University

Outline Accounts Detailed Description of Various Accounts T- Accounts Rules of Debits and Credits Double-entry- Accounting Illustrated Application of Rules

Outline Describe the purpose of adjusting accounts at the end of the period. Prepare and explain adjusting entries for prepaid expenses, amortization, unearned revenues, accrued expenses, and accrued revenues. Explain how accounting adjustments link to financial statements

Outline Describe the preparation of adjusted trial balance Describe and prepare a worksheet and describe its usefulness. Describe the closing process and explain why temporary accounts are closed each period. Prepare closing entries

Outline Enterprises Accounting Transactions, Accounting Events, and Accounting Circumstances Economic Activities and Accounting Elements Accounting Equation

Lesson notes Lesson 3: Analyzing and Recording Accounting Transactions Learning objectives 1. Provide the students with a background of the accounting process to better understand the numbers on the financial statements 2. Define the economic transactions and events that are included into our accounting considerations