Management and Organizational Studies 3360A/B Chapter Notes - Chapter 3: General Ledger, Trial Balance, Retained Earnings

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3360A/B
• Professor: Christina Maco

Document Summary

Accounting information system: the system used for collecting and processing transaction data to make financial information available to interested parties. Journal: posting, trial balance, adjusted trial balance, post-closing trial balance. Journal entries: adjusting entries, closing entries, reversing entries, financial statements. Identifying and recording transactions and other events: analyze transactions & other selected events, record. Item should be recognized if it meets the definition of an element and is measurable. Indicates the ledger account number of account involved. Interest to be paid is determined by: notes face value. Statement preparation: statement of financial position, often grouped into current/ non-current, assets, liabilities. Shareholders" equity: common shares, retained earnings, accumulated other comprehensive income. Statement of comprehensive income: accumulated other comprehensive income, other comprehensive income. Shows equal debits and credits have been posted to the income summary account: consists only of asset, liability, and shareholder"s equity accounts.