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Lecture

CREATING FINANCIAL STATEMENTS_1.doc

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Department
Accounting
Course
ACC 100
Professor
Albert Ciorma
Semester
Fall

Description
CREATING FINANCIAL STATEMENTS Financial statements are information systems to communicate to external users. In order to have a good communication system, financial accountants (that’s you I’m talking about) must know and understand the meaning of the accounts and also where those accounts belong (in which financial statement). Below is a list of account names. Your group must now do the following: Task 1: Using your textbooks, find the definition of each of the accounts and complete the Chart of Accounts (provided). Try to use your own words to define the account names – this will help you later in the course. Note that this chart also requires you to determine if the accounts are Assets, Liabilities, Shareholders’ Equity, Revenues or Expenses. This understanding is very important to the creation of financial statements. Task 2: Once you have completed your Chart of Accounts create, using the blank statements you are provided with, a Balance Sheet, Statement of Retained Earnings and a Statement of Earnings. You may use your book as a resource but you should also UNDERSTAND why you are placing the accounts in that particular statement. Always refer back to the Accounting Framework and ask yourself – is this an asset? Why is it an asset? What characteristics does it have that makes me think it is an asset? List of Accounts Task 1: You are being provided with a list of accounts. Using your textbook as a guide, find the definition of each account. Then determine if that account is an Asset, Liability, Shareholders’ Equity, Dividend, Revenue or Expense. Accounts payable Interest payable Accounts Receivable Inventory Accu
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