Management and Organizational Studies 1023A/B Lecture Notes - Lecture 3: General Journal, Accounting Equation, Financial Statement
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MOS 1023A/B Full Course Notes
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Accounting information system: the system of collecting and processing transaction data and communicating financial information, can vary widely based on factors such as, type of business and its transactions, size of company, amount of data, information requirements. Accounting transactions: transactions are economic events that must be recorded in the financial statements, not all events are recorded and reported as accounting transactions, only those that change assets, liabilities or shareholders" equity. Analyzing transactions: transaction analysis determines impact on the accounting equation. Debits and credits: describe where entries are made in the accounts, debit (dr, credit (cr) If debit exceed credit amounts, account has a debit balance. If credit exceed debit amounts, account has a credit balance: tools used for recording transactions, debit refers to the left and credit to the right side of the t-account, debit and credit are neutral terms and.