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Basic Bookkeeping Workshop Day 5 9
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Accounting Cycle ReviewLecture1.1
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Step 5: Prepare an Unadjusted Trial BalanceLecture1.2
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Step 6: Adjust the EntriesLecture1.3
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Adjusting Entries Category 1. Accrued ExpensesLecture1.4
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Adjusting Entries Category 2. Accrued RevenuesLecture1.5
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Adjusting Entries Category 3. Unused SuppliesLecture1.6
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Adjusting Entries Category 4. Unearned RevenuesLecture1.7
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Day 4: Challenge & RecapLecture1.8
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Day 5: Challenge / AssignmentLecture1.9
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Basic Bookkeeping Workshop Day 6 7
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Accounting Cycle ReviewLecture2.1
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Adjusting Entries Category 5. Depreciation of Property & EquipmentsLecture2.2
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Adjusting Entries Category 6. Prepaid ExpensesLecture2.3
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Adjusting Entries Category 7. Bad DebtsLecture2.4
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ActivityLecture2.5
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Day 5: Challenge & RecapLecture2.6
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Day 6: Challenge / AssignmentLecture2.7
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Basic Bookkeeping Workshop Day 7 7
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Introduction (What is Accounting?)Lecture3.1
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Accounting Cycle ReviewLecture3.2
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Day 6 Assignment Answers (Adjusting Entries at December 31, 2006)Lecture3.3
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Closing EntriesLecture3.4
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Challenge Day 6Lecture3.5
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Challenge Day 7Lecture3.6
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Question and AnswerLecture3.7
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Basic Bookkeeping Workshop Day 8 7
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Accounting Cycle ReviewLecture4.1
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Step 8: Close the EntriesLecture4.2
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Step 9: Post-Closing Trial BalanceLecture4.3
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Prepare Reversing EntriesLecture4.4
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Financial StatementsLecture4.5
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Day 7: Challenge & RecapLecture4.6
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Day 8: Challenge / AssignmentLecture4.7
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Basic Bookkeeping Workshop Day 9 8
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Accounting Definition (Recap)Lecture5.1
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Accounting Cycle ReviewLecture5.2
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Financial Statements ReviewLecture5.3
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Review of Internal Control SystemLecture5.4
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Five Components of Internal ControlLecture5.5
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Day 8 Challenge (Answers) (Chart of Accounts)Lecture5.6
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Special TopicsLecture5.7
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Question and AnswerLecture5.8
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Give a brief description of the different financial reports/ content of financial statements:
1. Balance Sheet/ Statements of Financial Position- this summarizes what the company owns and how much it owes at the end of a given period. Therefore, it provides details about a company’s assets (properties of value owned), liabilities (obligations requiring financial settlement) and equity (those relating to investments of owners)
2. Income Statement/Statement of Comprehensive Income- provides an overview of the profitability of a business for a given period by summarizing its revenue from selling products or services, the expenses it has incurred in operating the business and trying to generate the revenue, and the net income that remains after all expenses have been deducted.
3. Cash Flow Statement- tracks the cash going in and out of a business during a given period, by providing details of the cash flow generated in operating activities, changes in non-cash working capital, cash flow from financing sourced from third parties, and cash transactions with owners relating to equity.
4. Statement of Retained Earnings/Changes in equity-shows the cumulative earnings of the business after any dividends or distributions to shareholders.
5. Notes to the financial statements- provides a narrative explanation summarizing the key assumptions made in preparing the statements, the accounting standards/guidelines followed by the company, and other supplemental information to help the intended readers of these statements to interpret and analyze the information included therein.
Sources:
https://www.bdc.ca/en/articles-tools/entrepreneur-toolkit/templates-business-guides/glossary/financial-statements
https://taxacctgcenter.ph/components-of-audited-financial-statements-in-philippines/
Give brief descriptions of the different Financial Reports or content of Financial Statements:
– Income statements are arguably the most significant types of financial statements. It serves the exact purpose of helping a business keep an eye on revenues and income. A business’s revenues and expenses for a specific time period are the main subjects of the income statement; sometimes it is referred to as a profit and loss statement. The statement shows the business’s profits, or net income, after expenses are deducted from revenues.
– The cash flow statement shows how much money comes into and goes out of the business at a particular time. Since a cash flow statement does not account for items like raw materials or purchases bought on credit that have not yet been paid for, it is essential for showing how quickly you could generate enough cash if necessary. In situations where the reported profit or loss does not accurately represent the cash flows of the business, the CFS might be more insightful than the income statement.
– In the statement of changes in equity, a company’s allocation of profits to external parties or retained for future growth is shown. The share capital, retained earnings, and accumulated reserves of your business are shown in this document. The statement of change in equity for a business indicates how each shareholder’s equity share has changed.
– Balance sheets provide an overview of the business’s assets, liabilities, and equity as of a certain point in time. You can assess whether you are able to meet your financial obligations by looking at your balance sheet.
– In the notes to the financial statements, information that isn’t readily apparent from, or is not included in, the financial statements themselves that is required for a fair presentation of the financial position and results of operations is communicated. This provides additional context for the information in your other financial statement documents and is required by IFRS (International Financial Reporting Standards). To make sure you are in compliance with regulations and standards, the information in this document is necessary.
references:
– https://gocardless.com/en-us/guides/posts/types-of-financial-statements/
– https://www.investopedia.com/terms/f/financial-statements.asp
– https://online.mason.wm.edu/blog/four-types-of-financial-statements
– https://fmx.cpa.texas.gov/fmx/pubs/afrrptreq/notes/index.php#:~:text=The%20notes%20to%20the%20financial,in%2C%20the%20financial%20statements%20themselves.