Accounting 11 notes
LECTURES APRIL 8-12
BALANCE SHEET
ACCOUNTING EQUATION
HACK – DIAGRAM
TRANSACTIONS
T-ACCOUNTS
CASH/BANK
ACCOUNTS RECEIVABLE/AR
REVENUE
EXPENSES
TYPES OF ACCOUNTS (NUMBER SYSTEM)
MAJOR PROJECT – SPA OR LANDSCAPING COMPANY
SPREADSHEET SETUP – BALANCE SHEET, JOURNAL, T-ACCOUNTS, 20+ TRANSACTIONS, BALANCED BOOKS, INCOME STATEMENT
TRANSACTIONS
BUY A NEW COMPUTER FOR OFFICE – 1K
BUY NEW TRUCK FOR THE BUSINESS – 20 K
XYZ PAID THIER INVOICE – 100
ABC PAID THEIR INVOICE – 200
BUY SUPPLIES FOR THE BUSINESS – 500
BUY THREE NEW MASSAGE TABLES – 6 K
BUY GOLF CART FOR GUEST TO GET AROUND – 5 K
SUE MILLS PAID INVOICE FOR GUEST SERVICES – 300
JOHN JONES PAID INVOICE FOR GUEST SERVICES – 400
BUY NEW TOWELS – 1 K
Links
Videos
Welcome to Accounting 11.
I have been teaching accounting for many years now but the course hasn’t been offered in a while so we are bringing it back.
The focus of this course will be theoretical accounting and will give you a good foundation if you take Business in a post-secondary institution, as you will have to take accounting at some point.
We will also look at the accounting for a small business in various questions and examples.
Accounting can seem quite overwhelming at first as the Jargon used in Accounting can be confusing, however this course cuts through the jargon to give you hacks to complete any accounting problem
The first important lesson is the Accounting Equation.
A = L + E
Every time a transaction occurs you will have to have 2 or more entries to keep this equation true.
From this equation we get the Balance Sheet.
Every time money will go in or out and the company balance sheet will always be changing but formal sheets are produced on monthly, quarterly, yearly.
As you do work on your presentation you will be researching accounting terms but this is the foundation of the entire discipline.
Look over the section and chapter exercise list.
This will all be done in Excel (Spreadsheets) and the templates will be given to you in the course folder.
You can find course folder in student share drive – accounting 11.
You will be watching excel videos soon.
PART ONE -REVIEW CLASS STRUCTURE
Typical Class Structure
80 minute blocks – Double blocks times two with in-class break (10:00-10:15)
FREE TIME MODE
5 min free time – beginning and end of each block
Phones, chat, games etc. all okay
LECTURE MODE
20 minutes – Lecture/Videos
No phones, screens off, no talking during lectures or videos
Strict Enforcement
WORK MODE
50 minutes
Work on your screen entire time
On task getting as much work done during this time
Music okay
Phones – casual use, no videos, games etc.
Washrooms
2 per time maximum if possible, don’t disappear as people will be waiting
SEATING
First come first serve for the first while
DRIVES
Review Personal Drive (P: Drive – your student number)
Review Student Share Drive
2 folders – course folder if needed, hand-in folder
Review Hand in Folder – nothing handed in for a while just know where it is
student share