Accounting Lecture Review

1071 words - 5 pages

Business always requires a number of logical and sequential tasks and one of the most important process is accounting. In the last lecture, Professor Chen introduced us about Accounting, which is an integral system of every organization. By that lecture, I can generally understand the basic steps included in accounting system, procedures as well as the method to evaluate the financial statements of an organization.
The first and the most basic concept is accounting. It is an sequential process including collecting business transaction documents, recording in journals, classifying information, summarizing data, reporting, and the last step, analyzing the reports about financial activities of the company. In fact, accounting is necessary to every organization for instance offices, schools, hospitals, supermarkets, government agencies because each organization requires a full-fill reports about finished work to analyze and make the plan for future work. For example, a company which is selling milk and butter have to do the accounting for analyzing the sales, profits and debts of the company, and then give the strategies to increase profit, pay the debt, improve the services and attract more customers to buy their products.
Secondly, the accounting system is divided into two categories of tasks which are financial accounting and managerial accounting. The flow of accounting is firstly, collecting, classifying, summarizing, analyzing data. After that, financial accounting prepares the financial reports. Finally, these financial reports are used to evaluate the financial situation of the company and the top manager will give the decision about operating the firm. More concretely, financial accounting means doing external financial reporting about the statement of the company for example: balance sheet, income statement, statement of cash flows. They are used by the outsiders, people who do not directly participate in business management. On the other hand, managerial accounting is internal reporting, Reports such as sales reports, production cost reports are provided for the company managers to make the strategies and plans for future operations.
The next three concepts which were also emphasized in the last lecture were the balance sheet, the income statement, and the statement of cash flows, These three are included in the accounting cycle to summarize the organization's financial activities in a period of time.
The first statement, balance sheet, summarizes the financial condition of the company at an identified point in time. It represents company's assets, liabilities, and owners' equity. The valuable things owned by the company are assets. In addition, there are three types of assets: current assets, fixed assets, and intangible assets. Current assets are important to pay the company's bills because they are eligible to be converted to cash within a short term of time, 12 months. In contrast, fixed assets are long-term assets such as land,...

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