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lecture-3---accruals---student(已改無錯字)

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【正文】 $ DR CR Cash $ $ DR CR DR CR DR CR Bal b/f 5,000 Bal b/f 84,000 Bal b/f 53,000 Bal b/f 24,000 26 Salaries $ $ DR CR Advertising $ $ Bal b/f 2,000 Bal b/f 10,000 Accruals $ $ Template for use in extended example (2) E v e n t C a s h + T r a d e R e c e i v a b l e s = L i a b s + O r d s h a r e s + R e t a i n e d E a r n i n g s B a l b / f 5 3 , 0 0 0 2 4 , 0 0 0 = 5 , 0 0 0 7 2 , 0 0 0E v e n t 6E v e n t 7C l o s i n g27 2 Financial statements for extended Example (2) Totals included despite not all cash collected / paid (ACCRUAL) Incurred and paid in year (no accruals/prepayments needed) From retained earnings column Ordinary shares + retained earnings 28 2 From T accounts From T accounts Accrued salary From T accounts Left Hand side Right Hand side 29 2 Comparing Cash Flow from Operating Activities with Net Ine 30 So what happens to these 2022 accruals in the 2022 accounts…? (extended example 2 continued) Cato paid $6,000 to the instructor to settle the salaries payable obligation. CR cash (assets). DR liabilities (accruals). Asset Use Transaction = L i a b . + C a s h + T r a d e R e c e i v a b l e s = A c c r u a l s + O r d s h a r e s + R e t a i n e d E a r n i n g s ( 6 , 0 0 0 ) + n / a = ( 6 , 0 0 0 ) + n / a + n / aA s s e t s S h a r e h o l d e r s 39。 E q u i t yAccruals $ $ Salaries 6,000 Cash 6,000 Cash $ $ DR CR Bal b/f 53,000 Accruals 6,000 Zero balance 31 Effect of prepayments on the fin. statement – Exclude the prepaid amount from the expenses in The Ine Statement – Include the prepaid amount as part of current assets in The Statement of Financial Position 32 Dual Aspect ? Each accounting transaction has a twofold effect upon the amounts stated in financial statements . ? Application: – Double entry bookkeeping with debits and credits. 33 The Conservatism Principle When faced with a recognition dilemma, conservatism guides accountants to select the alternative that produces the lowest amount of ine. 34 Materiality ? Informat

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