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Introduction to financial accounting
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Powerpoint Lecture on Introduction to Financial Accounting
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Powerpoint Lecture on Introduction to Financial Accounting
by The Saint Fri Nov 21, 2008 5:10 pm
Dr Abdul Aziz Awan
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Accounting is a service-based profession that provides reliable and relevant financial information useful in making decisions.
Financial information may include sales, expenses, taxes and other figures.
So, how exactly is this information prepared? There are several steps involved. These steps are identification,recording and communication.
First, economic events are identified. A sale at a gas station, payment of taxes by a commercial enterprise, or purchase of insurance are all examples of economic events.
Second, all economic events are recorded. Recording is done to provide a history of a company's financial activities. In this step economic events are also classified and summarized.
Third, information about classified and summarized economic events is communicated to interested parties. Such communication may take several forms. One of them is financial statements about which we will talk later in this chapter.
1.2 Users of accounting informationInterested parties are also called accounting information users. There are two broad categories of accounting information users:
1. External users
2. Internal users.
External users are parties outside the reporting entity (company) who are interested in the accounting information.
Investors (owners) use accounting information to make buy, sell or keep decisions related to shares, bonds, etc. Creditors (suppliers, banks) utilize accounting information to make lending decisions.Taxing authorities (Internal Revenue Service) need accounting information to determine a company's tax liabilities. Customers may need accounting information to decide which products and from which company to buy.
Internal users are parties inside the reporting entity (company) who are interested in the accounting information.
A company's senior and middle managementuses accounting information to run business. Employees utilize accounting information to determine a company's profitability and profit sharing.
Financial accounting provides information that is designed to satisfy the needs of external users. Such reporting is usually done in the form of financial statements.
Managerial accounting provides information that is useful in running a company by internal users. Such reporting is usually accomplished through custom designed reports.
See related illustration for the connection between types of accounting and accounting information users.
Types of accounting and accounting information users1.3 Generally Accepted Accounting Principles (GAAP)
People and organizations make decisions based on financial information prepared by accountants. That is why it is important for these people and organizations to understand how accounting information is measured. To facilitate communication, rules are established that business people can use to ensure they compare oranges to oranges. For example, assume a store sells goods. When should an accountant record the sale, at the moment the goods are shipped (accrual accounting) or at the time cash for these goods is received (cash accounting)? Whether the store owner applies the accrual or cash accounting is not important as long as a third rule is established requiring the owner to disclose the method selected for the reporting purposes. Accounting rules in the USA are grouped and called Generally Accepted Accounting Principles (GAAP).
Generally Accepted Accounting Principles (GAAP) are common standards that indicate how to report economic events.
Financial Accounting Standards Board (FASB) issues Statements of Financial Accounting Standards (SFAS) that comprise a large portion of GAAP. You can find more information about SFAS, their issuance process and current projects on FASB's website. Other organizations playing a significant role in regulating the accounting profession are Securities and Exchange Commission and Public Company Accounting Oversight Board. The last two mostly regulate public companies, while the first one establishes standards for private companies.
1.4 Financial reporting and financial statementsBusinesses communicate accounting information to the public through a process known as financial reporting.
Financial reporting is a process through which companies communicate information to the public.
The central means of external financial reporting is a set of financial statements. The four general-purpose financial statements are the following:
1. Income Statement
2. Statement of Changes in Equity
3. Balance Sheet
4. Statement of Cash Flows
An income statement presents revenues and expenses and resulting net income or loss for a period of time. An income statement is also called Statement of Operations, Earnings Statement, or Profit and Loss Statement (P/L).
A statement of changes in equity shows all changes in owner's equity for a period of time. This statement is also called Owners' Equity Statement.
A balance sheet presents assets, liabilities and owner's equity at a specific date. A balance sheet is also called Statement of Financial Position.
A cash flow statement summarizes information about cash outflows (payments) and inflows (receipts). This statement may also include certain information not related to actual cash flows.
1.4.1 Elements of financial statementsAll financial statements consist of classes or categories known as elements. There are ten elements: assets, liabilities, equity, contributed capital, revenue, expenses, distributions, net income, gains,and losses (which will be explained later in this or further chapters).
Assetsare economic recourses of a business used to accomplish its main goal, i.e., increase owners' wealth.
To be formally recognized as an asset, the following two conditions must be met:
1. potential economic benefit must be assignable to a particular entity, and
2. event giving rise to the assignment must have already occurred.
For example, if a company has purchased a piece of equipment and uses it in generating profits, it is considered as an asset. However, if the company just considers buying new equipment, it can't be deemed or recorded as an asset.
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Re: Powerpoint Lecture on Introduction to Financial Accounting
by Dr Abdul Aziz Awan Sat Mar 28, 2009 5:25 pm
1.5 Basic accounting equation
1.6 Effects of transactions on the basic accounting equation
We need to provide a definition of claims before we proceed with the basic accounting equation.
A company's assets belong to the resource providers who are said to have claims on the assets.
In other words, each asset has its own source provided by an owner or creditor. So, there can't be any claim without an appropriate asset and vice versa. Based on the previous statement, we can define the basic accounting equation:
| Assets = Claims |
Claims are divided into two categories:
§ Creditors' claims that are called liabilities
§ Owners' claims that are called equity
Assets = | Claims |
Liabilities + Equity |
Liabilitiesare debts and obligations of a company.
Equityis what the company "owes" to owners.
The amount of total assets minus total liabilities equals equity. Because equity equals the difference between assets and liabilities, it is also called net assets.
If a company goes bankrupt, liabilities are paid off first to creditors, while equity is the last to be distributed. Therefore, owners' equity is also called residual equity.
Let us look at an example of the basic accounting equation. Suppose Our Company has assets of $800, liabilities of $300, and equity of $500. These amounts will be shown in the basic accounting equation as follows:
Illustration 1-2: Example of basic accounting equationAssets | = | Claims | ||
Liabilities | + | Equity | ||
$800 | = | $300 | + | $500 |
1.6 Effects of transactions on the basic accounting equation
Apart from the example above, let us see how different transactions will affect the basic accounting equation. We will take a look at several transactions separately.
1) Friends Company is created when the owners pool $5,000 into the business. The effect of the contributions on the accounting equation is as follows:
Illustration 1-3: Effect of cash contributionClaims | ||||
Assets | = | Liabilities | + | Equity |
+$5,000 | = | + | +$5,000 | |
Note that the amount of this single transaction is recorded twice. The first time it is recorded as an asset and the second time it is recorded as the asset source (equity). Here is a rule: Any transaction is recorded at least twice. This rule is known as double-entry bookkeeping.
Double-entry bookkeeping rule states that any transaction is recorded at least twice.
Because this transaction provided assets to the enterprise, it is called an asset source transaction. An asset source transaction is one of the four types of accounting transactions.
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Re: Powerpoint Lecture on Introduction to Financial Accounting
by Dr Abdul Aziz Awan Sat Mar 28, 2009 5:27 pm
Asset source transactions result in an increase in an asset account and in one of the claim accounts (liability or equity accounts).
2) Next, assume that Friends Company acquires additional $2,000 of assets by borrowing cash from creditors. This is also an asset source transaction. In the table below the beginning balances are derived from the ending balances of the previous transaction:
Illustration 1-4: Effect of borrowing
Claims | |||||
Assets | = | Liabilities | + | Equity | |
Beginning balance | $5,000 | = | + | $5,000 | |
Effect of borrowing | +$2,000 | = | +$2,000 | ||
Ending balance | $7,000 | = | $2,000 | + | $5,000 |
Equity is usually viewed as a source of assets, and that's why it becomes necessary to subdivide the owner's' interest into two components. First, owner's claims are established when a business acquires assets from owners. These claims result from the contributions of capital resources by the owners, and therefore they are frequently called contributed capital.
Contributed capital is a component of equity resulting from contributions of capital resources from owners.
The second source of assets associated with equity occurs when a business obtains assets through its earnings activities and is called retained earnings.
Retained earnings form a component of equity resulting from earnings activities.
Taking into account above definitions, the basic accounting equation can be presented like this:
Assets | = | Liabilities | + | Equity | ||
Contributed Capital | + | Retained Earnings | ||||
3) An increase in assets resulting from rendition of goods or services to customers is called revenue.
Earning revenue can also be an asset source transaction. To illustrate the effect of a revenue transaction, assume that Friends Company received $3,000 cash for services it provided to customers (note that both assets and retained earnings increase - asset source transaction):
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Re: Powerpoint Lecture on Introduction to Financial Accounting
by Dr Abdul Aziz Awan Sat Mar 28, 2009 5:29 pm
Illustration 1-5: Effect of revenue recognition
Equity | |||||||
Assets | = | Liabilities | + | Contributed Capital | + | Retained Earnings | |
Beginning balance | $7,000 | = | $2,000 | + | $5,000 | + | $0 |
Effect of revenue | +3,000 | = | + | + | +3,000 | ||
Ending balance | $10,000 | = | $2,000 | + | $5,000 | + | $3,000 |
4) As noted above, assets acquired in operating activities are called revenues. Assets used in the process of generating revenues are called expenses.
Expenses decrease retained earnings. Assume Friends Company used $1,000 in assets to earn $3,000 in revenues. This is an example asset use transaction.
Asset use transactions result in a decrease in an asset account and in one of the claim accounts (liability or equity accounts).
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Re: Powerpoint Lecture on Introduction to Financial Accounting
by Dr Abdul Aziz Awan Sat Mar 28, 2009 5:30 pm
The affect of this asset use transaction (assets and claims decrease) on the basic accounting equation is as follows:
Illustration 1-6: Effect of expense recognition
Equity | |||||||
Assets | = | Liabilities | + | Contributed Capital | + | Retained Earnings | |
Beginning balance | $10,000 | = | $2,000 | + | $5,000 | + | $3,000 |
Effect of expenses | (1,000) | = | + | + | (1,000) | ||
Ending balance | $9,000 | = | $2,000 | + | $5,000 | + | $2,000 |
Take a note of how decreases or negative amounts are shown in accounting records. Instead of prefixing a minus sign ("-"), a number is taken into parenthesis. This is a common way of showing a decrease in the accounting realm.
5) If a business chooses to transfer part of its assets (retained earnings in particular) to the owners, the transfer is called distribution. Assume Friends Company transfers $500 of assets to its owners. This is an asset use transaction:
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Re: Powerpoint Lecture on Introduction to Financial Accounting
by Dr Abdul Aziz Awan Sat Mar 28, 2009 5:33 pm
Illustration 1-7: Effect of cash distribution
Equity | |||||||
Assets | = | Liabilities | + | Contributed Capital | + | Retained Earnings | |
Beginning balance | $9,000 | = | $2,000 | + | $5,000 | + | $2,000 |
Effect of distribution | (500) | = | + | + | (500) | ||
Ending balance | $8,500 | = | $2,000 | + | $5,000 | + | $1,500 |
Distribution and expenses both result in decreases in retained earnings and thus, in equity.
The table below is a summary of the effects of the three asset source transactions (events 1 through 3) and two asset use transactions (events 4 and 5):
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Re: Powerpoint Lecture on Introduction to Financial Accounting
by Dr Abdul Aziz Awan Sat Mar 28, 2009 5:39 pm
1.7 Closing the books. Permanent and temporary accounts
At the end of a period, all accounts are prepared for the next period. It is important to distinguish between permanent and temporary accounts. Balance sheet accounts (i.e., assets, liabilities, and equity) have a continuing nature; thus, they are not closed after each period and that's why they are called permanent accounts.
Permanent accounts are balance sheet accounts. They are not closed each period. Their balances are carried forward into the next period. Permanent accounts are also called real accounts.
In contrast, revenue, expense, and distribution accounts are used to collect information about a single accounting period. At the end of a period, amounts in revenue, expense, and distribution accounts are transferred to Retained Earnings. Accordingly, the revenue, expense, and distribution accounts must have zero balances at the end of one accounting period (after closing the books) and at the beginning of the following period.
Temporary accounts are closed at the end of each period. These are mostly income statement accounts, except for a distribution account that is equity statement account. Temporary accounts are also called nominal accounts.
The process of transferring the balances from the temporary accounts to the permanent account, Retained Earnings, is referred to as closing the accounts or closing the books.
1.8 Financial statements description
Based on the five transactions described above, we can now prepare the financial statements for the period. Recall that there are four general-purpose financial statements:
§ Income Statement
§ Statement of Changes in Equity
§ Balance Sheet
§ Statement of Cash Flows
1.8.1 Presentation of the income statement
The income statement is presented below. We do not intend to go through the preparation of financial statements process at this point. That will be covered in other chapters. The purpose of showing the financial statements below is just to understand how they are look like.
Illustration 1-9: Income statement for Friends Company
Friends Company Income Statement For the Period Ended 20X6 | |
Revenue (i.e., assets increase) | 3,000 |
Expenses (i.e., assets decrease) | (1,000) |
Net Income (i.e., change in net assets) | $ 2,000 |
Dr Abdul Aziz Awan- Number of posts : 685
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Re: Powerpoint Lecture on Introduction to Financial Accounting
by Dr Abdul Aziz Awan Sat Mar 28, 2009 5:39 pm
The income statement measures the change in net assets or the difference between assets increases and assets decreases. The asset increases from the operating activities were labeled revenues. The asset decreases were called expenses. The difference between revenues and expenses is called net income (if revenue is greater than expenses) or a net loss (if vice versa).
Net income is the excess of asset increases (revenues) and asset decreases (expenses) for a period. Note that distributions do not fall under expenses caption and thus are not used in calculating the net income.
Net loss is the opposite of net income. Net loss results from the excess of asset decreases (expenses) over asset increases (revenues) for a period.
1.8.2 Presentation of the statement of changes in equity
The statement of changes in equity has the following format:
Illustration 1-10: Statement of changes in equity for Friends Company
Friends Company Statement of Changes in Equity Period Ended 20X6 | |
Beginning Contributed Capital | $0 |
Plus: Capital Acquisition | 5,000 |
Ending Contributed Capital | 5,000 |
Beginning Retained Earnings | $0 |
Plus: Net Income | 2,000 |
Less: Distribution | (500) |
Ending Retained Earnings | 1,500 |
Total Equity | $ 6,500 |
The statement of changes in equity explains the effects of transactions on owner's equity during an accounting period. The statement includes the beginning and ending balances of contributed capital and reflects any new capital acquisitions made during the accounting period. The statement also shows the portion of net earnings retained in the business.
Dr Abdul Aziz Awan- Number of posts : 685
Age : 56
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Job : National Coordinator for Polio Surveillance
Registration date : 2007-02-23
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Re: Powerpoint Lecture on Introduction to Financial Accounting
by Dr Abdul Aziz Awan Sat Mar 28, 2009 5:43 pm
The statement of changes in equity explains the effects of transactions on owner's equity during an accounting period. The statement includes the beginning and ending balances of contributed capital and reflects any new capital acquisitions made during the accounting period. The statement also shows the portion of net earnings retained in the business.
1.8.3 Presentation of the balance sheet
The balance sheet is presented as follows:
The balance sheet lists assets and corresponding claims (liabilities and equity). Any asset has a source, so assets balance with claims. That is why total assets equal total claims (liabilities and equity).
1.8.4 Presentation of the statement of cash flows
The statement of cash flows has the following format:
Dr Abdul Aziz Awan- Number of posts : 685
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Re: Powerpoint Lecture on Introduction to Financial Accounting
by Dr Abdul Aziz Awan Sat Mar 28, 2009 5:44 pm
The statement of cash flows explains how the company obtained and used cash during a period. Sources of cash are called cash inflows, and uses of cash are known as cash outflows.
Cash inflows are sources of cash; for example, payments from customers, capital acquisitions, etc.
Cash outflows are uses of cash; for example, payments to vendors, paying off bank loans, etc.
The statement classifies cash inflows and outflows into three categories:
§ Operating activities section explains cash generated through revenue and cash spent for expenses.
§ Investing activities include cash received or spent on productive assets and investments in the debt or equity of other companies.
§ Financing activities describe cash transactions associated with resource providers (i.e., owners and lenders).
Illustration 1-13: Cash flow categories
1.9 Financial statements model
To better understand effects of transactions on financial statements and see connections between financial statement elements, a statements model was created. The two forms of such a model are vertical and horizontal. As its name implies, the vertical model arranges financial statements elements from top to bottom on a page. Horizontal, on the other hand, is so named because it arranges financial statements elements horizontally across a page. In the horizontal model, the balance sheet is presented to the left, followed by the income statement, and the statement of cash flows.
Let us demonstrate the usefulness of the horizontal model and apply it to the five transactions we covered before. Note that if a transaction does not affect the model, a related cell will show "n/a" in it. In the statement of cash flows, FA means cash flows from financing, IA means cash flows from investing, and OA means case flows from operating activities.
1. Obtained capital acquisition: $5,000
2. Borrowed cash: $2,000
3. Received cash revenue: $3,000
4. Paid expenses with cash: $1,000
5. Distributed cash to owners: $500
Dr Abdul Aziz Awan- Number of posts : 685
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Re: Powerpoint Lecture on Introduction to Financial Accounting
by Dr Abdul Aziz Awan Sat Mar 28, 2009 5:45 pm
With respect to Events No. 1 and 2, it is clear that only the balance sheet and statement of cash flows are affected. There is no effect on the income statement. Furthermore, you can see that Event No. 1 increases assets and equity and that the cash inflow is defined as a financing activity. Event No. 2 has a similar effect, except that liabilities increase instead of equity. Event No. 3 affects three financial statements. Assets and equity increase on the balance sheet. The recognition of revenue causes net income to increase, and the cash inflow is shown as an operating activity on the statement of cash flows. Event No. 4 is the opposite of Event No. 3. Assets, equity and net income decrease. Cash flow statement shows this decrease as an operating activity. Finally, Even No. 5 acts to decrease cash and equity. The cash distribution is not shown anywhere in the income statement. That's because distribution is not an expense and thus, is not included in the determination of net earnings. Cash distribution is categorized as a financing activity in the cash flow statement.
Using horizontal model helps a lot in understanding the effects produced by each event, so it is advisable to use it as often as possible while learning principles of financial accounting
muhammad arshad
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Re: Powerpoint Lecture on Introduction to Financial Accounting
by muhammad arshad Fri Nov 20, 2009 7:24 am
Respectable Sir,
Please upload the vedio lecture of "Introduction to Financial Accounting".
Arshad javed
Please upload the vedio lecture of "Introduction to Financial Accounting".
Arshad javed
The Saint- Admin
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Re: Powerpoint Lecture on Introduction to Financial Accounting
by The Saint Fri Nov 20, 2009 8:36 am
Arshad, this is not a video lecture
Dr Abu Zar Taizai
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- Post n°15
Re: Powerpoint Lecture on Introduction to Financial Accounting
by Dr Abu Zar Taizai Fri Nov 20, 2009 5:07 pm
Wel Done Dr Abdul Aziz very Nice and usefull contribution!!
For my colleague I will add a notion,
Please Study these notes posted above,it will cover more than half of your course of Financial Management,but don't forget that if you miss Dr Nayyar Classes then you will fail to understand it properly.
Dr Aziz and Dr Zubair!Today we got the opportunity to sit in Dr Nayyar Lecture of financial accounting which was not by default meant for us (6th smester class) but we enjoyed it a lot.He has a very good style of lecturing ,may God keep him young and energetic like I saw him today, we are proud of him.
I like Dr Nayyar's lectures on any subject but "Health Policy" Taught by him will always remain Matchless.
I have also attended many many national and international workshops/meetings in my career but his this skill and vigour of teaching Health Policy could not be copmared.To quote his own words here I will say "He is the blue eyed man in this field"
If I were the WHO Representative I would have hired him just for "Health Policy" Designing.
Long Live Dr Nayyar
Long Live Abasyn
For my colleague I will add a notion,
Please Study these notes posted above,it will cover more than half of your course of Financial Management,but don't forget that if you miss Dr Nayyar Classes then you will fail to understand it properly.
Dr Aziz and Dr Zubair!Today we got the opportunity to sit in Dr Nayyar Lecture of financial accounting which was not by default meant for us (6th smester class) but we enjoyed it a lot.He has a very good style of lecturing ,may God keep him young and energetic like I saw him today, we are proud of him.
I like Dr Nayyar's lectures on any subject but "Health Policy" Taught by him will always remain Matchless.
I have also attended many many national and international workshops/meetings in my career but his this skill and vigour of teaching Health Policy could not be copmared.To quote his own words here I will say "He is the blue eyed man in this field"
If I were the WHO Representative I would have hired him just for "Health Policy" Designing.
Long Live Dr Nayyar
Long Live Abasyn
muhammad arshad- Number of posts : 126
Age : 47
Location : Swabi (Kernal Sher Killi)
Job : Technologist
Registration date : 2009-07-17
- Post n°16
Re: Powerpoint Lecture on Introduction to Financial Accounting
by muhammad arshad Sat Nov 21, 2009 6:59 am
Dr Abu Zar
I really appreciate your words about "Great Dr.Nayyer" that he can teach in a class in such way that every one can understand each and everything. Before MPH I was not familiar with ABC of Financial Management, but the first class of Financial Management was so interesting, that it create my interest in this subject this is due to Dr.Nayyer way of teaching.
Due to the great method of teaching of Dr.Nayyer I shift my credit hour from Distance Learning to Regular.
So.
LONG LIVE DR.NAYYER, ALLAH GIVE HIM HEALTH AND PROSPERITY.
I am also thankful to your contribution regarding to different lecture on the Forum.
Dr Abu Zar Taizai- Number of posts : 1163
Age : 58
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Job : Co-ordinator DHIS: District NowsheraAnd Coordinator Public Health
Registration date : 2008-03-09
- Post n°17
Re: Powerpoint Lecture on Introduction to Financial Accounting
by Dr Abu Zar Taizai Sat Nov 21, 2009 5:30 pm
Mohammad Arshad AoA!!
You took a very sensible Decision to convert your status from the DL to Regular. Actually now you will be getting enough opportunities to build up your capacity on stronger footings.
I myself is addicted to Dr Nayyar lectures, I leave my precious practice and cost many other opportunities to buy this opportunity of getting first hand knowledge from our sweet course coordinator .
There are very few people in my life who have impressed me,and even fewer who have sustained the impression, Dr Nayyar is on the top of this list.
May God Give our Colleagues all the success in their lives
You took a very sensible Decision to convert your status from the DL to Regular. Actually now you will be getting enough opportunities to build up your capacity on stronger footings.
I myself is addicted to Dr Nayyar lectures, I leave my precious practice and cost many other opportunities to buy this opportunity of getting first hand knowledge from our sweet course coordinator .
There are very few people in my life who have impressed me,and even fewer who have sustained the impression, Dr Nayyar is on the top of this list.
May God Give our Colleagues all the success in their lives
Ahmad zia- Number of posts : 71
Location : 7 long shaw close Manchester , UK
Registration date : 2010-04-25
- Post n°18
Re: Powerpoint Lecture on Introduction to Financial Accounting
by Ahmad zia Sun Jan 09, 2011 7:19 am
respected SIR
introduction to financial accounting neither download nor it open or exist please help us
Admin- Admin
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- Post n°19
Re: Powerpoint Lecture on Introduction to Financial Accounting
by Admin Sun Jan 09, 2011 11:40 am
Dear Dr Sharif
Lecture has been uploaded again. See the first post now. Its back there
Lecture has been uploaded again. See the first post now. Its back there
Ahmad zia- Number of posts : 71
Location : 7 long shaw close Manchester , UK
Registration date : 2010-04-25
- Post n°20
Re: Powerpoint Lecture on Introduction to Financial Accounting
by Ahmad zia Sun Jan 09, 2011 12:16 pm
thank you respected Sir
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