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02 lecture two accounting 101

ACCOUNTING 101: The Basics December 6, 2019 Brian Smith / CPA

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Accountancy

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ACCOUNTING 101:

The Basics

December 6,

Brian Smith / CPA

Outline

ï Accounting Terms and Definitions

ï Assets

ï Liabilities

ï Equity

ï Debits

ï Credits

ï The Accounting Equation

ï Timing of Transactions

Terms and Definitions Continued

ï Revenue ñ Earned resources, whether collected or not, that a Company has claim on from another entity after providing services. ï Sales ñ Earned resources, whether collected or not, that Company has claim on from another entity after transferring goods. ï Expense ñ A cost, whether paid or not, that a Company has incurred to help produce revenues or sales. ï Debits ñ One side of an accounting journal entry that affects the balance on an account and is listed before all credits are listed. ï Credit ñ One side of an accounting journal entry that affects the balance on an account and is listed after all debits are listed.

Terms and Definitions Concluded

ï Cut Off ñ The balance sheet date at which all future transactions must be recorded in the following accounting period.

ï Red Flags ñ Areas of potential concerns where data irregularities occur.

ï Accruals ñ The earning of revenue or using of expenses without the transfer of cash.

ï Deferrals ñ The receipt of cash for services not yet rendered, or the payment of expenses not used.

Pick the Assets

ï Accounts Payable ï Wells ï Services ï Depreciation ï Taxes Payable ï Office Equipment ï Hydrants ï Common Stock ï Vehicles

ï Mains ï Accounts Receivable ï Prepaid Utilities ï Retained Earnings ï Notes Payable ï Lakes ï Computers ï Land Rights ï Bonds

Pick the Assets

ï Accounts Payable ï Wells ï Services ï Depreciation ï Taxes Payable ï Office Equipment ï Hydrants ï Common Stock ï Vehicles

ï Mains ï Accounts Receivable ï Prepaid Utilities ï Retained Earnings ï Notes Payable ï Lakes ï Computers ï Land Rights ï Bonds

Pick the Liabilities

ï Accounts Payable ï Wells ï Services ï Depreciation ï Taxes Payable ï Office Equipment ï Hydrants ï Common Stock ï Vehicles

ï Mains ï Accounts Receivable ï Prepaid Utilities ï Retained Earnings ï Notes Payable ï Lakes ï Computers ï Land Rights ï Bonds

Pick the Liabilities

ï Accounts Payable ï Wells ï Services ï Depreciation ï Taxes Payable ï Office Equipment ï Hydrants ï Common Stock ï Vehicles

ï Mains ï Accounts Receivable ï Prepaid Utilities ï Retained Earnings ï Notes Payable ï Lakes ï Computers ï Land Rights ï Bonds

Pick the Equity Accounts

ï Accounts Payable ï Wells ï Services ï Depreciation ï Taxes Payable ï Office Equipment ï Hydrants ï Common Stock ï Vehicles

ï Mains ï Accounts Receivable ï Prepaid Utilities ï Retained Earnings ï Notes Payable ï Lakes ï Computers ï Land Rights ï Bonds

Pick the Equity Accounts

ï Accounts Payable ï Wells ï Services ï Depreciation ï Taxes Payable ï Office Equipment ï Hydrants ï Common Stock ï Vehicles

ï Mains ï Accounts Receivable ï Prepaid Utilities ï Retained Earnings ï Notes Payable ï Lakes ï Computers ï Land Rights ï Bonds

Pick the Revenue Accounts

ï Unmetered Water Revenue ï Salaries and Wages ï Services ï Depreciation ï Metered Water Revenue ï Purchased Water ï Hydrants ï Common Stock ï Transportation Expense

ï Mains ï Contractual Services ‐ Engineering ï Sales for Resale ï Retained Earnings ï Notes Payable ï Purchased Power ï Miscellaneous Revenue ï Land Rights ï Miscellaneous Expense

Pick the Revenue Accounts

ï Unmetered Water Revenue ï Salaries and Wages ï Services ï Depreciation ï Metered Water Revenue ï Purchased Water ï Hydrants ï Common Stock ï Transportation Expense

ï Mains ï Contractual Services ‐ Engineering ï Sales for Resale ï Retained Earnings ï Notes Payable ï Purchased Power ï Miscellaneous Revenue ï Land Rights ï Miscellaneous Expense

Pick the Expense Accounts

ï Unmetered Water Revenue ï Salaries and Wages ï Services ï Depreciation ï Metered Water Revenue ï Purchased Water ï Hydrants ï Common Stock ï Transportation Expense

ï Mains ï Contractual Services ‐ Engineering ï Sales for Resale ï Retained Earnings ï Notes Payable ï Purchased Power ï Miscellaneous Revenue ï Land Rights ï Miscellaneous Expense

Pick the Expense Accounts

ï Unmetered Water Revenue ï Salaries and Wages ï Services ï Depreciation ï Metered Water Revenue ï Purchased Water ï Hydrants ï Common Stock ï Transportation Expense

ï Mains ï Contractual Services ‐ Engineering ï Sales for Resale ï Retained Earnings ï Notes Payable ï Purchased Power ï Miscellaneous Revenue ï Land Rights ï Miscellaneous Expense

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