CHEM 2261 Chapter : Chem2261 Ch1
Document Summary
An accounting information system (ais) collects and processes transaction data and disseminates the information to interested parties. An account shows the effect of transactions on a given asset, liability, equity, revenue, or expense account. Recording done by debiting at least one account and crediting another. *may be included within a statement of stockholders" equity which shows the changes in all equity accounts. Proprietorship or partnership: capital account, drawings account. Corporation: common stock, additional paid-in capital (apic, retained earnings. ** stockholders" equity accounts depend upon the ownership structure of the entity. Ch 3 the accounting information system: the accounting cycle, analyze transactions, record in journal, post to ledger (t-accts, trial balance, adjustments, adjusted trial balance, prepare financial statements, closing entries, post-closing trial balance. Fasb states, transactions and other events and circumstances that affect a business enterprise. Types of events: external between a business and its environment, internal event occurring entirely within a business.
