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Canada (161,477)
Accounting (248)
ACCT 2220 (54)
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Chapter 3

ACCT NOTES - Chapter #3

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ACCT 2220

ACCOUNTING NOTES – CHAPTER 3 Accounting Transactions - The system of collecting and processing transaction data and communication financial information is the accounting information system. - Transactions are economic events that must be recorded in the financial statements. - Not all events are recorded - Transaction analysis determines impact on the accounting equation - Occurs when assets, liabilities or shareholder’s equity items change as a result of some economic event. Accounting Equation - Must always balance - Assets = Liabilities + Shareholders’ Equity Transaction Identification Process Account - An individual accounting record of increases and decreases in a specific Asset, Liability, or Shareholders’ Equity item. - Three Parts: The title for the account, the left or debit side, and the right or credit side. The T Account - Total the entries to each side. If the greater sum is on the left, the account has a debit balance. - Total the entries to each side. If the greater sum is on the right, the account has a credit
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