Download - Introductory Accounting
Introductory Accounting
for Business
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
“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:
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
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
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
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)
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
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
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
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
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
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.
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
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
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
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
+
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
+
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
+
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
+
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.
+
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
+
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 $120 cash for services previously billed.
+1209. -120
+
Income Statement
Financial Statements
Reports the revenues and expenses for a specific period of time.
Net income – revenues exceed expenses.
Net loss – expenses exceed revenues.
Revenues:
Service revenue 5,850$
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
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
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
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
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
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
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
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)
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
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
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