Outlines Accounting standards: a tool for trusting Introduction of Accounting Standards Accounting Standards in China ABrief of Accounting Theory

Outlines A General View of Financial statements Income statement Balance sheet Statement of owners'equity’ Simple Illustration

Outline Fundamental Principles of Accounting Information system diagram of the accounting process Accounting System Components General Journal Transactions Computerized Accounting Information System

Outline Flow of inventory cost Items and costs of merchandising inventory Assigning costs to inventory Lower of cost or market Errors in measuring inventory Inventory estimating method

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

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

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

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 Notes Lesson 14 Managerial Accounting: Applications Learning objectives 1. Describe segmented reporting and responsibility accounting system 2. Explain the main aspects of Cost-volume-profit analysis 3. Analyze budgeting and budgetary control