Hello in this presentation we will discuss accounting objectives, objectives, including relevance reliability and compare ability objective, we will be able to at the end of this presentation, list accounting objectives and explain the reasons for accounting objectives. The accounting objectives will include relevance reliability and compare ability. If we take a look at these individually, we can see some more components within these objectives and the reasons for these objectives. But also note that as we look at these individually, they are related and many of the aspects of why we need relevance will also be related to reliability as well as compare ability.
Author: Bob Steele CPA - Accounting Instruction, Help & How To
Why Learn Accounting 100
In this introductory presentation, we will start where every introductory presentation should start, and that is what is in it for us. Why would we want to learn accounting? What are the reasons for learning accounting? We are going to start off to answer that question and say because it’s, we will return to this after we see the objectives. The objectives been, we will be able to at the end of this presentation, list and describe reasons for learning accounting, list and explain types of accounting list and describe types of entities. Back to our question, why would we want to learn accounting? I’m gonna say the first reason is, because it’s fun.
Budgeted Profit and Loss Report 11.15
This presentation we will generate, analyze, print and export to Excel a budgeted Profit and Loss report, we’ll take a look at a budget of profit and loss and a budget versus actual Profit and Loss report. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. You’ll recall last time we enter data for the budget. And we did so by going to the cog up top and then we went to the tools we went to the budgeting information, and we entered this budgeted information. If you were to edit it, then you can go back into it and enter that information here. I’m going to close this back up, then we’re going to then go into our reports.
Budgeted Profit and Loss-Data Input 11.10
This presentation and we will take a look at how to create a budgeted Profit and Loss report or budgeted income statement report. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. Before we open up the process of doing the data input for a budgeted profit loss. Let’s first take a look at a profit and loss. We’re going to go down to the reports on the left hand side, we’re going to be opening up the P and L the profit and loss the income statement, this is going to be the poor performance report.
Journal Report & Financial Statements 10.57
This presentation and we’re going to take a look at our reports our financial statement reports and journal entry reports. After we have entered the adjusting entries, we’ll take a look at the familiar balance sheet and income statement. We’ll also take a look at a journal entry report. That’s going to be a very useful report when we enter adjusting journal entries because it will reflect those adjusting journal entries. Let’s get into it with Intuit QuickBooks Online.
Unearned Revenue Reversing Entry 10.55
This presentation and we will enter a reversing entry related to unearned revenue. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file, we’re going to be opening up our old reports down here on the bottom left, the standard reports that being the balance sheet report. First, we’re going to be changing the dates up top from 1120 to the cutoff date 1120 to 2920 February 29 2020. We’re going to run that report. Right click on the tab up top, duplicate the tab up top, go to the tab to the left, go down to the reports on the bottom open up the other favorite report bad being the P and L Profit and Loss income statement where they’re going to be changing the dates up top for it from oh one it won’t let me do it. Why isn’t it let me do it. It’s gonna be a 1012020229 to zero.
Unearned Revenue Adjusting Entry 10.45
This presentation and we will enter and adjusting entry related to unearned revenue. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. Let’s open up our reports by going to the reports on the left hand side, we’re going to be opening up our balance sheet First, the balance sheet, the favorite record, we’re going to go back up top, we’re going to be changing the dates up top that being from a 10120 to the cutoff date of Oh to 29 to zero, we’re going to run that report, we’re going to right click on the tab up top so we can duplicate that report.
Depreciation Adjusting Entry 10.45
This presentation and we’re going to enter and adjusting entry related to depreciation. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. Let’s go down and open up our reports, we’re going to go down to the reports down below, open up our favorite reports at the end the balance sheet reports, we’re going to open that one up, we’re going to be changing the dates up top going to go up top and change those dates from a one on one to zero to 1231. Let’s make it as of the cutoff date here, Ode to 29 to zero, and then run that report and duplicate the tab up top by right clicking on it and duplicating it.
Prepaid Insurance Adjusting Entry 10.40
In this presentation and we’re going to enter an adjusting entry related to insurance recording prepaid insurance and insurance expense. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file, we’re going to be opening up our reports. First, we’re going to go down to the reports on the bottom left. So we’re going to be opening up our favorite report that being the balance sheet report changing the dates up top from a one on one to zero, this time to our cutoff date at Oh to 29 to zero.
Accounts Receivable Reversing Entry 10.35
In this presentation, we’re going to take a look at an accounts receivable reversing entry. So the story goes like this, we had an invoice that was entered into the system in March after the cutoff date, we pulled it back before the cutoff date. So that income was reported correctly as of the cutoff date, which is going to be February 29. Now we’re going to do a reverse in entry, so that everything is correct and the following period in February as of the date of the original invoice. Let’s get into it with Intuit QuickBooks Online.