Name: 會計1：課程6--"借記和貸記介紹" (Accounting 1: Program #6 - "Intro to Debits and Credits")
Uploaded: 2021-01-14T07:54:16.000Z
Duration: 51 min 38 s
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Alright here we are we're going to jump right into in because today is a very important

lecture. So let's go right into it I know one the problems that I gave you was to finish

up the valentine hand out correct? Ok so let's go ahead and take a look at that the answer

to the income statement I believe we went over that in class, but let's take another

look at that. The answer to the income statement I believe we went over that in class but let's

take another look at it the answer to the valentine income statement is shown up there

we have our revenue our less our expenses and we have dated it properly or prepared

it in good form or prepared it in proper form. We have the name of the company, the name

of the statement and its dated correctly it says for the month ended eight thirty one

thirteen on the income statement correct? And that gives us in this case a net income

of seven thousand and forty and that flows down to the statement of equity right? Statement

of equity there's the net income right there. We have our beginning balance of capital which

is twenty eight thousand we add our net income though there were not any investments by the

owner in this period that's fine that's not always going to be the case. And then we deduct

the withdrawals that valentine made correct? Which is thirty five hundred that gives us

an ending balance of capital thirty one five forty once again it's prepared in proper form

the name of the company, the name of the statement and its dated properly for the month ended

eight thirty one thirteen the way this is dated will always be the same as the income

statement. Ok any question on the income statement or the statement of equity. Ok the ending

balance of capital is thirty one five forty and that flows over to our final statement

that were going to prepare which is the balance sheet correct? The balance sheet is dated

a little differently we don't say for the month ended we say just either at or as of

or just the date eight thirty twenty thirteen, because this is a snapshot right? We have

our assets our liabilities our equity total assets are thirty four oh twenty make sure

you label that we have our total liabilities and equity that also equal thirty four oh

twenty we want those number to be equal and we want to label that as well, and there's

that thirty one five forty that came over from the statement of equity. Kara? So accounts

receivable is an asset and accounts payable is always a liability. That's correct accounts

receivable is always an asset we're going to receive cash in the future and accounts

payable is a liability were going to have to pay in the future it debt ok. And where

did notice going back to the statement where's unearned revenue unearned revenues a liability

and it shows up with the other liabilities on the balance sheet right? Common mistake

on the test is people put unearned revenue where? Where do they put it mistakenly? On

the income statements actually they see revenues and they put it with the other revenues ok.

So unearned revenue is not a revenue it's a liability unearned revenue is a liability

alright? Alright that was a test question on past test so I guarantee you see something

like that one thing I hope you did is at the very beginning as I said before I hope when

you got this you went through these and put what financial statement it was going to go

on like that ok and then did you check them off as you used them as you put them on a

statement you can check them off that way at the very end you can make sure all of the

numbers have been put somewhere ok. So if you don't do it that way a lot of times people

forget to put in account ok. One last while I guarantee that will be on the test, but

some students will just absolutely get OCD in regards to I can't get it to balance they

know their balance sheet is supposed to be balanced I can't get it to balance and I have

student be very unwise and spend literally thirty minutes on the financial statements

on the test trying to get it to balance and then the rest of the test just sits there

and there are not going over it you see what I'm saying? Don't obsess over it if it doesn't

balance come back to it do the rest of the test and there is partial credit but don't

get so obsessed I have seen students leave three pages blank on their test, cause they're

like I couldn't get my balance sheet to balance no you can move on and you should've moved

on. You see what I'm saying? I believe I assigned quick study one six right quick study one

six ok so let's do that. Identify which accounting principle or assumption best describes each

of the following practices. Ok if fifty one thousand cash is paid to buy land the land

is reported on the sheet to be at fifty one thousand what would that be? The cost principle

we record things at cost. Not what we think it's worth or if somebody appraised no it's

what we paid for it cost. B Alyssa keys owns both sailing passions and dockside supplies

when preparing transactions for dockside Keys make sure that the expense transactions of

sailing passions are kept separately from dockside transactions and financial statements

what's that? Business entity the business entity principle states that we keep things

separate from each other we keep two businesses separate from each other we keep the business

separate from our personal records ok good. C in December two thousand ten ace landscaping

received a customer's order and cash prepayment to install sod at a new house that will not

be ready until march of oh eleven ace should record the revenue in march two thousand and

eleven not December two thousand ten what's that? Revenue recognition principle we record

revenue when it is earned when is it earned? When we have provided the product or the service.

Is that correct cool. I think the last one I assigned was exercise one eighteen is that

correct? Let's talk real quick about this I wanted you to read about this each chapter

will have a statistic each chapter has a statistic or a ratio at the end that they want you to

become familiar with it. Anybody here play baseball anybody ever played baseball well

baseball has a lot of statistics and ratios that they figure out right? Batting average

ERA all those sort of things slugging percentage correct? Those are different ways of measuring

baseball players or team's right? And you can measure one player against another player

or you can measure one player this year as compared to last year, and these are just

different ways of analyzing well there's different ways of measuring companies and analyzing

on companies as well. One of those ways is the return on assets now the return on assets

is calculated by taking the net income divided by the average of total assets and in this

case they tell us in exercise one eighteen that Geneva group reports net income of twenty

thousand for oh eleven at the beginning of two thousand and a eleven they had a hundred

thousand in assets by the end of two thousand and eleven assets had grown to one fifty what

is Geneva group's two thousand elevens return on assets how would you assess its performance

if competitors average a ten percent return on assets? Well we take that net income of

twenty thousand divided by the average total assets which in this case one hundred and

twenty five thousand twenty divided by one twenty five is sixteen percent right? Now

these ratios don't mean anything in themselves we have to compare it to something it's like

if you ever go to the doctor, and they give you a score like a cholesterol score your

cholesterol score is seventy four ok is that good or is that bad? We don't know the number

in itself we don't know ok. So in this case what do we compare this to well they tell

us that competitors average a ten percent return on assets so I would say looking at

this ratio alone its above it and thus as far as that ratio by itself it's pretty good

thing isn't it? Now we have to look at other ratios right just like when you go to the

doctor you can't just go get one thing one part of yourself analyzed and ignore everything

else right? But and you also have to make sure like in this case we prepared this ROA

to its competitor that's a good comparison right? But you wouldn't compare the return

on assets of a steel manufacturing firm with the return on assets with the law consulting

firm that's apples to oranges so you want to make sure it's an industry comparison,

or a competitor comparison or you're comparing it to that same firm at a different period

in time. You with me? I don't hammer on the ratios I usually have one multiple choice

question on the test about it. It's not that it's not important it's extremely important

and as a matter of fact I just helped lead this seminar where were trying to train people

in the banking industry how to best use ratio analysis assessing if they should companies

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會計1：課程6--"借記和貸記介紹" (Accounting 1: Program #6 - "Intro to Debits and Credits")

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revenue