1 / 13

Accounting & Financial Reporting

Accounting & Financial Reporting. BUSG 503 Michael Dimond. Financial Accounting for MBAs. Let’s review Exercises E2-27, 28, 29, 33, 34, & 37 Chapter 3 Mini Exercises. E2-37. What’s Chapter 3 really all about?. Closing the books: When & why What NOT to do during close

neorah
Télécharger la présentation

Accounting & Financial Reporting

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Accounting & Financial Reporting BUSG 503Michael Dimond

  2. Financial Accounting for MBAs • Let’s review • Exercises E2-27, 28, 29, 33, 34, & 37 • Chapter 3 Mini Exercises

  3. E2-37

  4. What’s Chapter 3 really all about? • Closing the books: When & why • What NOT to do during close • Trial balance & adjustments • Beginning trial balance • Adjustments • Closing trial balance • Closing transactions • Revenue, Expenses, Dividends • Post-close trial balance • Become beginning balances for next period • Preparing Financial Statements • Managers want results which make them look good • Accountants want results which are “representationally faithful”

  5. After we know closing balances from last period • Cash received or paid before recognition of revenue or expense: • Prepaid expenses • Unearned revenues • Cash received or paid after recognition of revenue or expense • Accrued expenses • Accrued revenues

  6. Ch 3 Mini-exercises

  7. For next week… • Exercises E3-30, 36, 38a (not 38b or 38c) • We will go through these in class • Read Chapter 4 & preview the Mini Exercises

More Related