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Introductory Accounting for Business

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Page 1: Introductory Accounting

Introductory Accounting

for Business

Page 2: Introductory Accounting

Akuntansi:

Sebagai sebuah proses

Suatu proses pengidentifikasian (identify), mengklasifikasikan (classify),pengukuran (measure), mencatat (record and summarize), menginterpretasi(interpret) dan mengkomunikasikan (report) informasi ekonomi yangberguna dalam penilaian & pengambilan keputusan.

Sebagai sistemSuatu sistem informasi keuangan, yang bertujuan untuk menghasilkan dan melaporkan informasi yang relevan bagi berbagai pihak yang berkepentingan.

Wiliams, Haka, and Bettner,Financial and Managerial Accounting: the Basis for Business Decision, 14th ed.,McGraw-Hill International Edition, 2008

Kartikahadi, Sinaga, Syamsul, dan Siregar, Akuntansi Keuangan berdasarkan SAK berbasis IFRS, Buku 1,Salemba Empat, 2012

Page 3: Introductory Accounting

“To be good at your business, you have to know the numbers”Harold Geneen, former chairman of IT&T

Accounting and financial statements are the means for communicating the numbersLanguage of Business

Kimmel, Weygandt, Kieso, Accounting: Tools for Business Decision Making, John Wiley & Sons, 20123

Sebagai aktivitas jasa“…is a service activity, its function to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions, in making reasoned choices among alternative course of action”AICPA, 1970

Akuntansi:

Page 4: Introductory Accounting

ACCOUNTING PROCESS & ECONOMIC ACTIVITIES

The Accounting

Process

Accounting Information

Decision Makers

EconomicActivities

Actions(decisions)

Reported ResultsOf Actions(decisions)

Wiliams, Haka, and Bettner,Financial and Managerial Accounting: the basis for business decision14th ed.,McGraw-Hill International Edition, 2008

Page 5: Introductory Accounting

Siklus Akuntansi (Accounting Cycle)

Transaksi

Pencatatan(recording)

Pengikhtisaran(summarizing)

Laporan Keuangan(Financial Statement)

Pengguna Laporan Keuangan(user)

Penggolongan(posting)

Analisa & Interpretasi

Identifikasi & Pengukuran

Komunikasi Laporan

Adapted from:S.R, Soemarso, Akuntansi, suatu pengantar, edisi ke-2, Lembaga Penerbit FEUI, 1986 (dengan penambahan)

Buku Harian(Journal)

Buku Besar(Ledger)

Neraca Percobaan(Trial Balance)

Informasi Akuntansi(Accounting Information)Proses

Pengambilan Keputusan(Decision Making)

Konsekuensi Ekonomi

Page 6: Introductory Accounting

Jenis Informasi Akuntansi

Akuntansi Keuangan(Financial Accounting)

Akuntansi Manajerial(Managerial Accounting)

• Describe the financial resources, obligations,and activities of economic entity.

• General – purpose accounting information• External reporting

• Specifically to assist management in operating the business

• Support managerial decision • Internal reporting

Final Output of Accounting : Decisions

Page 7: Introductory Accounting

Statement of Income(Laporan Laba Rugi)

Statement of Cash Flows(Laporan Arus Kas)

Statement of Financial Position (Laporan Posisi Keuangan)

FINANCIAL

STATEMENTS

Statement of Changes in Shareholders’ Equity(Laporan Perubahan Ekuitas)

Notes to Financial Statements(Catatan atas Laporan Keuangan)

Page 8: Introductory Accounting

Statement of Income

For the year ended December 31, 2007

(In USD)

SEACLIFF COMPANY

Income Statement

Revenue

Net Sales 900,000

Expenses

Cost of Goods Sold 530,000

Salaries expense 92,500

Supplies expense 34,000

Rent expense 47,050

Insurance expense 14,950

Depreciation expense 28,500

Miscellaneous expense 26,000

Interest expense 24,000

Income taxes 28,000

Total expenses 825,000

Net Income 75,000

Statement of Income

Page 9: Introductory Accounting

SEACLIFF COMPANYIncome Statement

For the year ended December 31, 2007(In USD)

Net Sales 900,000

Cost of goods sold 530,000

Gross profit 370,000

Operating expensesSelling expenses 117,000 General and administrative 126,000 243,000

Operating Income 127,000

Other Income (expenses)Interest expense 24000

Income before income tax 103,000

Income tax expense 28,000

Net Income 75,000

2. Multi-step Income Statement

Statement of Income

Page 10: Introductory Accounting

Statement of Shareholders’ Equity

SEACLIFF COMPANY

Statement of Stockholders' Equity

For the year ended December 31, 2007

(In USD)

Common stock 420,000

Retained earnings, beginning of year 176,000

Net Income 75,000

251,000

Less dividends 33,000

Retained earnings, end of year 218,000

Total stockholders' equity 638,000

From Statement of Income

Statement of Changes in Equity

Total Shareholders’ Equity

Share capital

Page 11: Introductory Accounting

Statement of Financial Position(Balance Sheet)

Current assets Current liabilities

Cash 38,000 Account payable 25,000

Account receivable 117,000 Interest payable 24,000

Inventories 180,000 Unearned revenue 48,000

Supplies 40,000 Accrued expenses 15,000

Prepaid insurance 15,000 Total current liabilities 112,000

Total current assets 390,000

Long-term liabilities 200,000

Non-current assets

Property, plant, and equipment Total liabilities 312,000

Land 100,000

Plant building (net) 315,000 Stockholders' equity

Equipment (net) 145,000 Common stock 420,000

Total property, plant, and equipment 560,000 Retained earnings 218,000

Total stockholders' equity 638,000

Total Assets 950,000 Total liabilities & stockholders' equity 950,000

Assets Liabilities & Stockholders' Equity

SEACLIFF COMPANY

Balance Sheet

For the Year Ended December 31, 2007

(In USD)

From

Statement of

Changes in

Equity

Shareholders’ equity

Total shareholders’ equity

Total liabilities and shareholders’ equity

Liabilities and Shareholders’ Equity

Current portion of long-term debt

Statement of Financial Position

Share capital

Page 12: Introductory Accounting

12

Statement of Cash Flows

For the year ended December 31, 2007(In USD)

SEACLIFF COMPANYStatement of Cash Flows

Cash flows from operating activitiesCash receipt from operating activities 1,008,500 Cash payment for operating activities (989,500) Net cash provided by operating activities 19,000

Cash flows from investing activitiesPurchases of plant assets (63,000) Sale of office equipment 45,000 Net cash used by operating activities (18,000)

Cash flows from financing activitiesIssuance of common stock 80,000 Repayment of long-term liabilities (50,000) Payment of dividend (33,000) Net cash used by financing activities (3,000)

Net increase (decrease) in cash (2,000) Cash at the beginning of the year 40,000 Cash at the end of year 38,000

Agrees

with

Statement

of

Financial

Position

Page 13: Introductory Accounting

Transactions (1)

Transactions are a business’s economic events recorded by

accountants.

May be external or internal.

Change the financial position of the business.

Each transaction has a dual effect on the accounting

equation.

Page 14: Introductory Accounting

Question: Are the following events recorded in the accounting records?

EventSupplies are purchased on account.

Criterion Is the financial position (assets, liabilities, or stockholders’ equity) of the company changed?

An employee is hired.

Dividends are paid to stockholders’.

Record/ Don’t Record

Transactions

Page 15: Introductory Accounting

Stockholders’ Equity

Barone’s Repair Shop was started on May. Prepare a tabular analysis of the following transactions for the month of May.

Transactions (Problem)

+10,0001. +10,000

CashAccounts Receivable Equipment

Accounts Payable

Common Stock+ + = +

1. Stockholders invested $10,000 cash to start the repair shop.

Investment

Assets Liabilities

Page 16: Introductory Accounting

Transactions (Problem)

+10,0001. +10,000

2. Purchased equipment for $5,000 cash.

-5,0002. +5,000

Investment

Stockholders’ Equity

CashAccounts Receivable Equipment

Accounts Payable

Common Stock+ + = +

Assets Liabilities

Page 17: Introductory Accounting

Transactions (Problem)

+10,0001. +10,000

3. Paid $400 cash for May office rent.

-5,0002. +5,000

-4003. -400

Stockholders’ Equity

CashAccounts Receivable Equipment

Accounts Payable

Common Stock+ + = +

Assets Liabilities

Retained Earnings

Expense

+

Page 18: Introductory Accounting

Transactions (Problem)

+10,0001. +10,000

-5,0002. +5,000

-4003. -400

Stockholders’ Equity

CashAccounts Receivable Equipment

Accounts Payable

Common Stock+ + = +

Assets Liabilities

Retained Earnings

+5,1004. +5,100

4. Received $5,100 from customers for repair service.

Revenue

+

Page 19: Introductory Accounting

Transactions (Problem)

+10,0001. +10,000

-5,0002. +5,000

-4003. -400

Stockholders’ Equity

CashAccounts Receivable Equipment

Accounts Payable

Common Stock+ + = +

Assets Liabilities

Retained Earnings

+5,1004. +5,100

5. Paid dividends of $1,000 cash.

-1,0005. -1,000

+

Page 20: Introductory Accounting

Transactions (Problem)

+10,0001. +10,000

-5,0002. +5,000

-4003. -400

Stockholders’ Equity

CashAccounts Receivable Equipment

Accounts Payable

Common Stock+ + = +

Assets Liabilities

Retained Earnings

+5,1004. +5,100

-1,0005. -1,000

6. Paid part-time employee salaries of $2,000.

-2,0006. -2,000

Expense

+

Page 21: Introductory Accounting

Transactions (Problem)

+10,0001. +10,000

-5,0002. +5,000

-4003. -400

Stockholders’ Equity

CashAccounts Receivable Equipment

Accounts Payable

Common Stock+ + = +

Assets Liabilities

Retained Earnings

+5,1004. +5,100

-1,0005. -1,000

-2,0006. -2,000

Expense

7. Incurred $250 of advertising costs, on account.

+250 -2507.

+

Page 22: Introductory Accounting

Transactions (Problem)

+10,0001. +10,000

-5,0002. +5,000

-4003. -400

Stockholders’ Equity

CashAccounts Receivable Equipment

Accounts Payable

Common Stock+ + = +

Assets Liabilities

Retained Earnings

+5,1004. +5,100

-1,0005. -1,000

-2,0006. -2,000

Revenue

+250 -2507.

8. Provided repair services on account to customers $750.

+7508. +750

+

Page 23: Introductory Accounting

6,820 + 630 + 5,000 = 250 + 10,000 + 2,200

Transactions (Problem)

+10,0001. +10,000

-5,0002. +5,000

-4003. -400

Stockholders’ Equity

CashAccounts Receivable Equipment

Accounts Payable

Common Stock+ + = +

Assets Liabilities

Retained Earnings

+5,1004. +5,100

-1,0005. -1,000

-2,0006. -2,000

+250 -2507.

+7508. +750

9. Collected $120 cash for services previously billed.

+1209. -120

+

Page 24: Introductory Accounting

Income Statement

Financial Statements

Reports the revenues and expenses for a specific period of time.

Net income – revenues exceed expenses.

Net loss – expenses exceed revenues.

Revenues:

Service revenue 5,850$

Expenses:

Salary expense 2,000

Rent expense 400

Advertising expense 250

Total expenses 2,650

Net income 3,200$

Barone’s Repair Shop

Statement of Income

For the Month Ended May 31, 2007

48

6

3

7

Page 25: Introductory Accounting

Revenues:

Service revenue 5,850$

Expenses:

Salary expense 2,000

Rent expense 400

Advertising expense 250

Total expenses 2,650

Net income 3,200$

Barone’s Repair Shop

Statement of Income

For the Month Ended May 31, 2007

Income Statement

Financial Statements

Net income is needed to determine the ending balance in retained earnings.

5

Share capital 10,000$

Add: Retained earnings, May 1 -$

Net income 3,200

Less: Dividends (1,000)

Retained earnings, May 31 2,200$

Total shareholders' equity 12,200

Barone’s Repair Shop

Statement of Changes in Equity

For the Month Ended May 31, 2007

5

Statement of Changes in Stockholders’ Equity

Page 26: Introductory Accounting

Financial Statements

Statement indicates the reasons why retained earnings has increased or decreased during the period.

Share Capital 10,000$

Add: Retained earnings, May 1 -$

Net income 3,200

Less: Dividends (1,000)

Retained earnings, May 31 2,200$

Total shareholders' equity 12,200

Barone’s Repair Shop

Statement of Changes in Equity

For the Month Ended May 31, 2007

5

Page 27: Introductory Accounting

Financial Statements

Assets

Cash 6,820$

Accounts receivable 630

Equipment 5,000

Total assets 12,450$

Liabilities

Accounts payable 250$

Stockholders' Equity

Common stock 10,000

Retained earnings 2,200

Total liab. & equity 12,450$

Statement of Financial Position

Barone’s Repair Shop

May 31, 2007

Balance Sheet Statement of Changes in Stockholders’ Equity

The ending balance in retained earnings is needed in preparing the balance sheet.

Share capital 10,000$

Add: Retained earnings, May 1 -$

Net income 3,200

Less: Dividends (1,000)

Retained earnings, May 31 2,200$

Total shareholders' equity 12,200

Barone’s Repair Shop

Statement of Changes in Equity

For the Month Ended May 31, 2007

1234569

8

2

7

1

5

Page 28: Introductory Accounting

Financial Statements

Reports the assets, liabilities, and stockholders’ equity at a specific date.

Assets listed at the top, followed by liabilities and stockholders’ equity.

Total assets must equal total liabilities and stockholders’ equity.

Assets

Cash 6,820$

Accounts receivable 630

Equipment 5,000

Total assets 12,450$

Liabilities

Accounts payable 250$

Shareholders' Equity

Common stock 10,000

Retained earnings 2,200

Total liab. & equity 12,450$

Statement of Financial Position

Barone’s Repair Shop

May 31, 2007

Balance Sheet

9654321

8

2

7

1

Page 29: Introductory Accounting

Financial Statements

Cash flow from Operations

Cash receipts from customers 5,220$

Cash paid for expenses (2,400)

Cash provided by operations 2,820

Cash flow from Investing

Purchase of equipment (5,000)

Cash flow from Financing

Investment by owners 10,000

Drawings by owners (1,000)

Cash provided by financing 9,000

Net increase in cash 6,820

Cash balance, May 1 -

Cash balance, May 31 6,820$

Statement of Cash Flows

Barone’s Repair Shop

For the Month Ended May 31, 2007

Statement of Cash Flows

Assets

Cash 6,820$

Accounts receivable 630

Equipment 5,000

Total assets 12,450$

Liabilities

Accounts payable 250$

Stockholders' Equity

Common stock 10,000

Retained earnings 2,200

Total liab. & equity 12,450$

Statement of Financial Position

Barone’s Repair Shop

May 31, 2007

Balance Sheet

94

3 6

2

1

5

Page 30: Introductory Accounting

Persamaan Akuntansi (Accounting Equation)

“Two Views of the Same Business”

Aset = Liabilitas + Ekuitas(Assets) (Liabilities) (Shareholders’ Equity)

Luca Pacioli (1445 - 1517)

- Economic Entity

- Accrual Basis- Dual Aspect debit & credit

Page 31: Introductory Accounting

Saldo Normal (Normal Balance)

Aset = Liabilitas + Ekuitas(Aktiva/Assets) (Kewajiban/Liabilities) (Shareholders’ Equity)

• Kas (cash)• Piutang usaha(account receivables)

• Perlengkapan (supplies)• Biaya dibayar dimuka(Prepaid expenses)

• Tanah (land)• Bangunan (building)• Mesin (equipment)• Kendaraan (equipment)

- Akumulasi penyusutan(accumulated depreciation)

• Hutang usaha (account payable)• Porsi lancar dari hutang jangka panjang(Current portion of long-term debt)

• Pendapatan diterima dimuka(unearned revenue)

• Biaya yang masih harus dibayar(accrued expenses)

• Hutang bank (bank loan)

Modal disetor (share capital)Laba ditahan (retained Earnings)

- Penarikan (withdrawal)

DEBIT (Dr) CREDIT (Cr)

(Net Income selaluMeningkatkanOwners’ Equity)

Page 32: Introductory Accounting

KERANGKA DASAR AKUNTANSI

Objective : Financial information for decision

Elements:• Assets • Liabilities • Equities• Expenses• Income

Qualitative Characteristics:• Understandability• Relevance (materiality)• Reliability • Comparability

Assumptions •Entity•Going concern•Periodicity•Monetary unit•Accrual basis

Principles:• Measurement • Revenue recognition• Matching• Capital maintenance

Constraints:• Timeliness• Cost vs. Benefit• Balance between qualitative characteristics

Orientation: User Needs

Wiecek and Young, IFRS Primer, John Wiley & Sons, 2010

Adapted from: Kartikahadi, Sinaga, Syamsul, dan Siregar, Akuntansi Keuangan berdasarkan SAK berbasis IFRS, Buku 1,Salemba Empat, 2012

Page 33: Introductory Accounting

Accounting Concept Description

Economic entity Pemisahan entitas dalam pelaporan keuangan

Going-concern Perusahaan memiliki umur yang tidak terbatas (indefinite

life), tidak dilikuidasi.

Periodicity Umur/kinerja perusahaan diklasifikasikan secara periodik

Monetary unit Satuan mata uang sebagai alat ukur.

Accrual basis Pencatatan atas kejadian yang berdampak pada

sumberdaya/kewajiban perusahaan, tidak semata-mata

karena penerimaan/pemasukan kas.

Measurement Historical cost, fair value

Revenue Recognition Pendapatan diakui apabila manfaat ekonomi telah terjadi

dan dapat diukur dengan andal.

Matching Principle Biaya diakui dengan pendapatan yang dihasilkan pada

periode yang sama.

Capital maintenance Laba diperoleh jika nilai uang/kapasitas produksi fisik pada

akhir periode melebihi awal periode.

Timeliness Tepat waktu, tidak terlambat.

Cost - Benefit Biaya menghasilkan informasi tidak lebih besar dari manfaat

yang diperoleh.

Balance between qualitative

characteristics

Pertimbangan yang objektif dan bijak dalam menghasilkan

informasi yang wajar dan tidak memihak.

Assumptions

Principles

Constraints

Adapted from: Kartikahadi, Sinaga, Syamsul, dan Siregar, Akuntansi Keuangan berdasarkan SAK berbasis IFRS, Buku 1,Salemba Empat, 2012

Wiecek and Young, IFRS Primer, John Wiley & Sons, 2010

Page 34: Introductory Accounting

Qualities of Accounting Information

No. Quality Description

1. Understandability(dapat dipahami)

Pembaca memahami isi laporan.

2. Relevance (relevan) Informasi mempengaruhi pengambilan keputusan. • Predictive value: membantu memprediksi masa depan• Confirmatory value: menegaskan peristiwa masa lalu dan masa kini.

3. Reliability (keandalan) •Faithful representation: penyajian yang jujur•Substance over form: mengutamakan substansi•Neutrality: tidak memihak•Prudence: pertimbangan sehat, kehati-hatian.•Completeness: lengkap, dapat dipertanggungjawabkan

4. Comparability(dapat dibandingkan)

Antar periode; antar entitas

Adapted from: Kartikahadi, Sinaga, Syamsul, dan Siregar, Akuntansi Keuangan berdasarkan SAK berbasis IFRS, Buku 1,Salemba Empat, 2012

Wiecek and Young, IFRS Primer, John Wiley & Sons, 2010