The Accounting Information System DONALD E.KIESO JERRY J.WEYGANDT TERRY D.WARFIELD IIIII II IT IIT II Intermediate Chapter 3 Accounting Intermediate Accounting 12th Edition Kieso,Weygandt,and Warfield Chapter 3-1
Chapter 3-1 Intermediate Accounting 12th Edition Kieso, Weygandt, and Warfield
Learning Objectives 1.Understand basic accounting terminology. 2.Explain double-entry rules. 3.Identify steps in the accounting cycle. 4.Record transactions in journals,post to ledger accounts, and prepare a trial balance. 5.Explain the reasons for preparing adjusting entries. 6.Prepare financial statement from the adjusted trial balance. 7.Prepare closing entries. 8.Explain how to adjust inventory accounts at year-end. Chapter 3-2
Chapter 3-2
Accounting Information System Accounting Information System The Accounting Cycle Basic terminology ldentification and recording o Debits and credits oJournalizing ●Basic equation o Posting o Financial statements and o Trial balance ownership structure 0 Adjusting entries Adjusted trial balance Preparing financial statements 0 Closing Post-closing trial balance 0 Reversing entries o Financial statements for Chapter merchandisers 3-3
Chapter 3-3
Accounting i Information System An Accounting Information System (AIS) collects and processes transaction data and disseminates the information to interested parties. Chapter 3-4
Chapter 3-4 collects and processes transaction data and disseminates the information to interested parties. An Accounting Information System (AIS)
Accounting Information System Helps management answer such questions as: How much and what kind of debt is outstanding? Were sales higher this period than last? What assets do we have? What were our cash inflows and outflows? 0 Did we make a profit last period? Chapter 3-5 LO 1 Identify the major financial statements and other means of financial reporting
Chapter 3-5 How much and what kind of debt is outstanding? Were sales higher this period than last? What assets do we have? What were our cash inflows and outflows? Did we make a profit last period? Helps management answer such questions as: