Accounting II Count Harder. Where do the Numbers Come From?? Professor Ray Wilson & edited by Professor Nelia Newell for Summer 2013 SM299

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Accounting II Count Harder. Where do the Numbers Come From?? Professor Ray Wilson & edited by Professor Nelia Newell for Summer 2013 SM299"

Transcription

1 Accounting II Count Harder Where do the Numbers Come From?? Professor Ray Wilson & edited by Professor Nelia Newell for Summer 2013 SM299

2 Financial Statements Track All Activities of the Business Operating: selling goods and services Operating Investing Investing: acquisition and sale of assets Financing Financing: capital from outsiders

3 Financial Statements Answer 2 Important Questions Where Are You?? Balance Sheet How Did You Get Here?? Income Statement Statement of Cash Flow

4 Balance Sheet shows where I was Cash Assets Income Statement shows what happened Balance Sheet shows where I am now Cash Assets Income Statement Liabilities & Equity Liabilities & Equity

5 In Case you Already Forgot Assets (what you own) minus Liabilities (what you owe) = Equity (what you are worth ) A L+E if: A L = E then: A = L + E At any single point in time

6 Financial Statements Track All Activities of the Business Operating: selling goods and services Operating Investing Investing: acquisition and sale of assets Financing Financing: capital from outsiders

7 Business Balance Sheet Shows Results of All Investing and Financing Activities up to A Specific Point In Time Operating A Investing L + E Financing Investing: acquisition and sale of assets Financing: capital from outsiders Assets = Liabilities + Equity

8 Business Balance Sheet Shows Results of All Activities up to a Point In Time Where Are You?? Assets: economic resources of a business that are expected to be used in future operations Liabilities: obligations of the business (monetary or nonmonetary) to non-owners Stockholders Equity: claims of the owners after creditor claims. Assets = Liabilities + Equity At a specific point in time

9 The Balance Sheet Equation What you own = How you paid for it Assets = Liabilities + Equity Investments in Non-owner Owner the business financing financing Stuff Purchased by the company $$ Borrowed by the company $$ Invested by owners or $$ Earned by the company At a Specific Point in Time

10 Income Statement Tells the Story for a Certain Period Revenue (what you sold to customers) Expenses (what it cost to run the company) = Net Income (what's left over for you!) The Important Part Tells what happened to the company over a certain period of time

11 Business Income Statement Focuses Primarily on Operating Results Over a Certain Period of Time Operating Investing Operating: selling goods and services Financing Revenue Expenses = Net Income

12 Statement of Cash Flow Tells the Same Story Another Way Cousin to the Income Statement Inflows and outflows of cash over a certain period of time Operating, investing and financing activities

13 When Are Business Events Recorded on the Financial Statements?? Operating Cycle Buy materials Pay for materials Produce goods Ship goods to customer Customer receives goods Receive payment from customer

14 Two Methods to Answer WHEN?? Cash Basis Accrual Basis

15 Cash-Based Accounting is Simple Revenues when cash is received Expenses when cash is paid. Simplest method but not very helpful in understanding the business

16 Accrual Accounting Looks at Business as TRADE Assets, liabilities, revenues, and expenses put on financial statements when the transaction that causes them occurs, not when cash is paid or received Required by GAAP / IFRS

17 Accrual Accounting Looks at Business as TRADE Revenue: value of what the company gives to the customer. Customer gives back Cash or Accounts Receivable (cash later) Expenses: value of the resources used to produce whatever it is that was traded

18 Accrual Basis Revenues recorded when goods or services are provided to customers Expenses recorded when resources are used to create goods and services provided to the customer Matching principle requires expenses be recorded in the same period as the associated revenue

19 OK, but How do you keep track of all this?? Where do the numbers come from??

20 Hey kids, let s open a hair salon Your parents agree to be partners with you. They borrow $50,000 and invest it in your business. The business gets a $20,000 loan from a bank to cover the rest of the costs. You use the money to get your Supercuts hair salon up and running: Select a rental location Renovate the space Buy furniture and salon equipment Buy a computer and software Buy shampoos and supplies

21 Analyzing Transactions Examples Purchased hair spray supplies for cash Duality of Effects Supercuts gives Cash Every transaction has at Supercuts takes Supplies least two effects on the basic accounting equation. A = A = L+ SE Cash (asset) decreases The Universe MUST stay in Supplies (asset) increases balance after we have tracked the transaction Assets = Liabilities + Stockholders' Equity - Cash No change No change + Supplies A = L + E

22 Implementing the Theory: For EVERY Transaction First, Determine accounts and effects Identify the accounts affected. MUST BE AT LEAST TWO ACCOUNTS EFFECTED Classify each as an asset, liability or equity account. Determine the direction of the effect (increase or decrease) on each account. Then, track and organize the transactions

23 **write this down, put a next to it** Accounting goes through each and every business event and uses transaction analysis to track the event 1. Determine which (at least) 2 accounts are effected by the event 2. Determine how much $$ and which direction the accounts are effected (+ or -) 3. Use Debits and Credits to record the event 4. Use T Accounts to keep track of the Debits and Credits

24 Transaction Analysis: 4 steps 1. Determine which (at least) 2 accounts are effected by the event 2. Determine how much $$ and which direction the accounts are effected (+ or -) MAKE SURE THE UNIVERSE IS IN BALANCE!!

25 Analyzing Transactions Examples Purchased hair supplies on credit Duality of Effects Duality of Effects Every transaction has at Supercuts gives Accounts Payable least two Supercuts effects gets on Supplies the basic accounting equation. A = L+ SE A = L+ SE The Universe MUST stay in Accounts Payable (liability) increases balance Supplies after (asset) we have increases tracked the transaction Assets = Liabilities + Stockholders' Equity + Supplies + Accounts Payable No change

26 Analyzing Transactions Examples Paid the amount owed on accounts payable Duality of Effects Supercuts gives Cash Supercuts relieves Accounts Payable A = L+ SE Cash (asset) decreases. Accounts Payable (liability) decreases Assets = Liabilities + Stockholders' Equity - Cash - Accounts Payable No change

27 Transaction Analysis: 4 Steps 1. Determine which (at least) 2 accounts are effected by the event 2. Determine how much $$ and which direction the accounts are effected (+ or -) 3. Use Debits and Credits to record the event 4. Use T Accounts to keep track of the Debits and Credits

28 T Accounts come from the Balance Sheet Balance Sheet Assets Liabilities and Equity shaped like a T, otherwise the Giants fans would get confused

29 We set up T-Accounts for each item in the financials to track activity Cash Note Payable Accounts Receivable Revenue Contributed Capital Wage expense etc

30 Record the Debits and Credits on the T Accounts Cash Note Payable Accounts Receivable Revenue Contributed Capital Wage expense etc

31 ***KEY SLIDE ALERT*** Use Debits & Credits to track activity in each T account Debit = Left Credit = Right Assets = Liabilities + Stockholders' Equity + Increases Decreases - - Decreases Increases + - Decreases Increases + Debit Credit Debit Credit Debit Credit Asset accounts increase on the left or debit side and decrease on the right or credit side. Liability accounts increase on the right or credit side and decrease on the left or debit side. Stockholders equity accounts increase on the right or credit side and decrease on the left or debit side. In every transaction, the total dollar value of all debits must equal the total dollar value of all credits.

32 The Balance Sheet Equation What Uses you of $$$ own = How Sources you paid of $$$ for it Debit Accounts = Credit Accounts Assets = Liabilities + Equity Investments in Non-owner Owner the business financing financing Stuff Purchased by the company $$ Borrowed by the company $$ Invested by owners or $$ Earned by the company

33 Transaction Analysis: 4 Steps 1. Determine which (at least) 2 accounts are effected by the event 2. Determine how much $$ and which direction the accounts are effected (+ or -) 3. Use Debits and Credits to record the event

34 (a)you incorporate Supercuts Super Salon on August 1. The company issues stock to you and your parents in exchange for $50,000, which is deposited in the company s bank account. 1. Determine which (at least) 2 accounts are effected by the event 2. Determine how much $$ and which direction accounts are effected (+ or -) 3. Use Debits and Credits to record the event. Assets = Liabilities + Stockholders' Equity Cash Supplies Furnishings & Equipment Accounts Payable Notes Payable Contributed Capital (a) 50,000 50,000

35 (a)you incorporate Supercuts Super Salon on August 1. The company issues stock to you and your parents in exchange for $50,000, which is deposited in the company s bank account. 1. Determine which (at least) 2 accounts are effected by the event 2. Determine Cash how much is an $$ Asset, and which so direction DEBIT accounts to increase are effected (+ or -) 3. Use Debits and Credits to record the event Contributed Capital is EQUITY, so CREDIT to increase Assets = Liabilities + Stockholders' Equity Cash Supplies Furnishings & Equipment Accounts Payable Notes Payable Contributed Capital (a) 50,000 50,000 Accounts Debit Credit DR Cash 50,000 CR Contributed Capital 50,000 Journal Entry

36 Transaction Analysis: 4 Steps 1. Determine which (at least) 2 accounts are effected by the event 2. Determine how much $$ and which direction the accounts are effected (+ or -) 3. Use Debits and Credits to record the event 4. Use T Accounts to keep track of the Debits and Credits

37 (a)you incorporate Supercuts Super Salon on August 1. The company issues stock to you and your parents in exchange for $50,000, which is deposited in the company s bank account. 1. Determine which (at least) 2 accounts are effected by the event 2. Determine how much $$ and which direction accounts are effected (+ or -) 3. Use Debits and Credits to record the event 4. Use T Accounts to keep track of the Debits and Credits Assets = Liabilities + Stockholders' Equity Cash Supplies Furnishings & Equipment Accounts Payable Notes Payable Contributed Capital (a) 50,000 50,000 Accounts Debit Credit DR Cash 50,000 CR Contributed Capital 50,000

38 (a)you incorporate Supercuts Super Salon on August 1. The company issues stock to you and your parents in exchange for $50,000, which is deposited in the company s bank account. 1. Determine which (at least) 2 accounts are effected by the event 2. Determine how much $$ and which direction accounts are effected (+ or -) 3. Use Debits and Credits to record the event 4. Use T Accounts to keep track of the Debits and Credits Assets = Liabilities + Stockholders' Equity Cash Supplies Furnishings & Equipment Accounts Payable Notes Payable Contributed Capital (a) 50,000 50,000 Accounts Debit Credit DR Cash 50,000 CR Contributed Capital 50,000 Cash Beg. Bal. - (a) 50,000 Contributed Capital - Beg. Bal. 50,000 (a)

39 (b) A construction company renovates your store space at a cost of $42,000, which your company pays in cash. 1. Determine which (at least) 2 accounts are effected by the event 2. Determine how much $$ and which direction accounts are effected (+ or -) 3. Use Debits and Credits to record the event 4. Use T Accounts to keep track of the Debits and Credits Assets = Liabilities + Stockholders' Equity Cash Supplies Furnishings & Equipment (b) (42,000) 42,000 Accounts Debit DR Furnishings & Equipment 42,000 Credit CR Cash 42,000 Cash Beg. Bal. - (a) 50,000 42,000 (b) Accounts Payable Notes Payable Furnishings & Equipment Beg. Bal. - (b) 42,000 Contributed Capital

40 (c.)your company installs $10,000 of equipment in the salon, paying $8,000 in cash and promising to pay the remaining $2,000 at the end of the month. 1. Determine which (at least) 2 accounts are effected by the event 2. Determine how much $$ and which direction accounts are effected (+ or -) 3. Use Debits and Credits to record the event 4. Use T Accounts to keep track of the Debits and Credits Accounts Debit Credit DR Furnishings & Equipment 10,000 CR Cash 8,000 CR Accounts Payable 2,000 Cash Beg. Bal. - (a) 50,000 42,000 (b) 8,000 (c) Furnishings & Equipment Beg. Bal. - (b) 42,000 (c) 10,000 Accounts Payable - Beg. Bal. 2,000 (c)

41 (d) Your company borrows $20,000 from a bank, depositing those funds in its bank account and signing a formal agreement to repay the loan in two years. 1. Determine which (at least) 2 accounts are effected by the event 2. Determine how much $$ and which direction accounts are effected (+ or -) 3. Use Debits and Credits to record the event 4. Use T Accounts to keep track of the Debits and Credits Accounts Debit Credit DR Cash 20,000 CR Notes Payable 20,000 Cash Beg. Bal. - (a) 50,000 42,000 (b) (d) 20,000 8,000 (c) Notes Payable - Beg. Bal. 20,000 (d)

42 (e) Your company signs a contract to purchase $3,000 of supplies from Pantene. Because the contract obligates you to take all these supplies over the next three months, they agree to give you a 50% discount. What is the correct debit to the Supplies Signing a account contract is an for important this month?? event, but not an accounting event A) $1,500 First accounting event is when services are provided B) $3,000 C)$0 D)$5000

43 (f) Your company buys $8,000 of furniture, paying the full amount in cash. NOTE: No cash involved, but there is a business transaction, so Accrual rules say Accounts it goes on the Financial Debit Statements Credit (g) Your company pays the $2,000 owed to the Furnishings & Equipment (+A) 8,000 (h) Your company receives Cash (-A) equipment $630 supplier (after discount) of supplies 8,000 from Pantene Cash and promises to pay for Furnishings them & next Equipment month. Accounts Beg. Bal. Debit - Credit (a) 50,000 Accounts 42,000 Payable (b) (-L) (b) 42,000 (d) 20,000 8,000 (c) (c) 10,000 Cash 8,000 (-A) Accounts (f) (f) Debit 8,000 Credit 2,000 DR Supplies Cash Accounts 630 Payable CR Accounts Payable 630 Beg. Bal. - Beg. Bal. - (a) 50,000 42,000 (b) (d) 20,000 8,000 (c) Accounts Payable 8,000 (f) 2,000 (g) - Beg. Bal. (g) 2,000 2,000 (c) 630 (h) - Beg. Bal. (g) 2,000 2,000 (c) Supplies Beg. Bal. - (h) 630

44 T-Account Balances Cash Beg. Bal. - (a) 50,000 42,000 (b) (d) 20,000 8,000 (c) 8,000 (f) 2,000 (g) End. Bal. 10,000 Accounts Payable - Beg. Bal. (g) 2,000 2,000 (c) 630 (h) 630 End. Bal. To compute the balance in T-accounts, draw a single line through each T- account below the amounts you wish to total. Then, calculate the ending balance by converting each T-account into equation form, as shown here for Cash and Accounts Payable. Cash Accounts Payable Beg. Bal. $ - $ - Add: "+" side 70,000 2,630 Minus: "-" side (60,000) (2,000) End. Bal. $ 10,000 $ 630

45 Supercuts Super Salon Balance Sheet at August 31, 2012 Assets Liabilities Cash $ 10,000 Accounts Payable $ 630 Supplies $ 630 Notes Payable $ 20,000 Current Assets $ 10,630 Total Liabilities $ 20,630 Equity Long Term Assets $ 60,000 Contributed Capital $ 50,000 Total Assets $ 70,630 Total Liabilities & Equity $ 70,630

46 *** ANOTHER KEY SLIDE ALERT*** Income Statement T Accounts Debit = Left Credit = Right Revenue Expenses - Decreases Increases + +Increases Decreases - Debit Credit Debit Credit Revenue accounts increase on the right or credit side and decrease on the left or debit side. Expense accounts increase on the left or debit side and decrease on the right or credit side. In every transaction, the total dollar value of all debits must equal the total dollar value of all credits.

47 Income Statement T Accounts Debit = Left Credit = Right Revenue Expenses - Decreases Increases + +Increases Decreases - Debit Credit Debit Credit Revenue accounts increase on the right or credit side and decrease on the left or debit side. Expense accounts increase on the left DEBIT or debit side and decrease on the right or credit side. Expenses are USES of $$ Revenue is SOURCE of $$ from Customers CREDIT In every transaction, the total dollar value of all debits must equal the total dollar value of all credits.

48 Debits = Uses, Credits = Sources DEBIT Accounts are USES of $$$ USED either today (expenses) or Will be USED in the future (assets) CREDIT Accounts are SOURCES of $$ From Non-Owners (liabilities) From Owners (equity) From Customers (revenue)

49 Now Where Are We?? Balance Sheet A= L + E Income Statement: R E = NI Debits and Credit rules Using T accounts to track events and build statements

The Basics of Accounting ACCT 201

The Basics of Accounting ACCT 201 The Basics of Accounting ACCT 201 Content Accounting definition Accounting equation Accounting elements Asset, Liabilities, & Equity Transactions Accounts Receivable vs Accounts Payable Retained Earnings

More information

Chapter 6 Statement of Cash Flows

Chapter 6 Statement of Cash Flows Chapter 6 Statement of Cash Flows The Statement of Cash Flows describes the cash inflows and outflows for the firm based upon three categories of activities. Operating Activities: Generally include transactions

More information

Accrual Accounting Process: Part I

Accrual Accounting Process: Part I Accrual Accounting Process: Part I 15.511 Corporate Accounting Summer 2004 Professor SP Kothari Sloan School of Management Massachusetts Institute of Technology June 11, 2004 1 An accountant s functions

More information

A = L + OE. Transaction 1 Assets = Liabilitites + Owners equity + 1,000,000 Cash + 1,000,000 Common stock

A = L + OE. Transaction 1 Assets = Liabilitites + Owners equity + 1,000,000 Cash + 1,000,000 Common stock FINANCIAL STATEMENT ANALYSIS Henry Jarva Aalto University, Spring 2015 Student name: EXERCISE 1. Provide journal entries for Transactions 5 8, Adjusting Entries 2 7, and prepare Exhibit 1. 2. Calculate

More information

Accrual Accounting Process

Accrual Accounting Process Accrual Accounting Process 15.501 Accounting Spring 2004 Professor S. Roychowdhury Sloan School of Management Massachusetts Institute of Technology Feb 17/18, 2004 1 An accountant s functions include Classifying

More information

Bookkeeping Tips & T Accounts Prepared by Accomp Services (www.accompservices.ca)

Bookkeeping Tips & T Accounts Prepared by Accomp Services (www.accompservices.ca) Bookkeeping Tips & T Accounts Prepared by Accomp Services (www.accompservices.ca) Further valuable accounting and bookkeeping website resources are listed at the end of this document. A business is one

More information

STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS

STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS C H A P T E R 1 0 STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS I N T R O D U C T I O N Historically, profit-oriented businesses have used the accrual basis of accounting in which the income statement,

More information

Basic Accounting Principles

Basic Accounting Principles Basic Accounting Principles Basic Accounting Model The basic accounting model represents the relationship between assets (what the company owns), liabilities (what the company owes), and owner s equity

More information

CASH FLOW STATEMENT. MODULE - 6A Analysis of Financial Statements. Cash Flow Statement. Notes

CASH FLOW STATEMENT. MODULE - 6A Analysis of Financial Statements. Cash Flow Statement. Notes MODULE - 6A Cash Flow Statement 30 CASH FLOW STATEMENT In the previous lesson, you have learnt various types of analysis of financial statements and its tools such as comparative statements, common size

More information

Cash Flow Statement. Introduction. Introd. Contd. Chapter 4

Cash Flow Statement. Introduction. Introd. Contd. Chapter 4 Cash Flow Statement Chapter 4 Introduction Management and other interested external parties have always recognized the need for a cash flow statement but it was never required until the FASB (Financial

More information

Learning Objectives: Quick answer key: Question # Multiple Choice True/False. 14.1 Describe the important of accounting and financial information.

Learning Objectives: Quick answer key: Question # Multiple Choice True/False. 14.1 Describe the important of accounting and financial information. 0 Learning Objectives: 14.1 Describe the important of accounting and financial information. 14.2 Differentiate between managerial and financial accounting. 14.3 Identify the six steps of the accounting

More information

CASH FLOW STATEMENT (AND FINANCIAL STATEMENT)

CASH FLOW STATEMENT (AND FINANCIAL STATEMENT) CASH FLOW STATEMENT (AND FINANCIAL STATEMENT) - At the most fundamental level, firms do two different things: (i) They generate cash (ii) They spend it. Cash is generated by selling a product, an asset

More information

Cash Flow. Summary. Cash Flow. Louise Söderberg, 2010-10-15

Cash Flow. Summary. Cash Flow. Louise Söderberg, 2010-10-15 Cash Flow Louise Söderberg, 2010-10-15 Summary The statement of cash flow reports the cash generated and used during the time interval specified in its headings. A cash flow analysis is a method of checking

More information

Cash is King. cash flow is less likely to be affected

Cash is King. cash flow is less likely to be affected Reading 27: Understanding Cash Flow Statements Relevance of Cash Flow The primary purpose of the statement of cash flows (SCF) is to provide: Info about a firm s cash receipts & cash payments during an

More information

Chapter 1. Introduction to Accounting and Business

Chapter 1. Introduction to Accounting and Business 1 Chapter 1 Introduction to Accounting and Business Learning Objective 1 Describe the nature of a business, the role of accounting, and ethics in business. Nature of Business and Accounting A business

More information

HERE'S A TIP. Double Entry Accounting. Debits and Credits

HERE'S A TIP. Double Entry Accounting. Debits and Credits Double Entry Accounting Because every business transaction affects at least two accounts, our accounting system is known as a double entry system. (You can refer to the company's chart of accounts to select

More information

The Double-Entry System EFFECTS OF TRANSACTIONS ON THE BALANCE SHEET. Initial Paid-in Capital. An Example Entity. Transaction 2.

The Double-Entry System EFFECTS OF TRANSACTIONS ON THE BALANCE SHEET. Initial Paid-in Capital. An Example Entity. Transaction 2. The Double-Entry System EFFECTS OF TRANSACTIONS ON THE BALANCE SHEET 2001 Richard S. Barr Transaction: Any event that affects the entity's financial position and requires recording Every accounting transaction

More information

Authored for ENMU Tutoring Services. By Jessica Huff

Authored for ENMU Tutoring Services. By Jessica Huff By Jessica Huff The standard accounting equation is Assets=Liabilities + Stockholders Equity. Depending on which item someone is looking at will determine what the normal balance is. The normal balance

More information

Preparing Financial Statements

Preparing Financial Statements Preparing Financial Statements Understanding financial statements is essential to the success of a small business. They can be used as a roadmap to steer you in the right direction and help you avoid costly

More information

Chapter 002 Financial Statements, Taxes and Cash Flow

Chapter 002 Financial Statements, Taxes and Cash Flow Multiple Choice Questions 1. The financial statement summarizing the value of a firm's equity on a particular date is the: a. income statement. B. balance sheet. c. statement of cash flows. d. cash flow

More information

Chapter 2: Debits and Credits. 2012 Educating Bookkeepers for Business, Inc.

Chapter 2: Debits and Credits. 2012 Educating Bookkeepers for Business, Inc. Chapter 2: Debits and Credits Think through and record transactions (write sentences) using T-accounts and journal entries. Debits and Credits Every transaction (sentence in the story of what happened

More information

Bean Counter's Accounting and Bookkeeping "Cheat Sheet"

Bean Counter's Accounting and Bookkeeping Cheat Sheet Page 1 of 6 Bean Counter's ing and Bookkeeping "Cheat Sheet" Provided by: Bean Counter Source Documents ( Invoices, Checks, etc.) Journals -Transactions first recorded using Debits and s General Ledger

More information

Financial Statements. Presentation 1

Financial Statements. Presentation 1 Financial Statements Presentation 1 Understanding the Business The Players Investors Creditors Managers 1. Purchase parts and labor 2. Manufacture product The Business Operations 4. Collect cash from customers

More information

ANSWERS TO MULTIPLE CHOICE. 1. c) 2. d) 3. b) 4. a) 5. c) 6. b) 7. c) 8. c) 9. d) 10. a) E11 3.

ANSWERS TO MULTIPLE CHOICE. 1. c) 2. d) 3. b) 4. a) 5. c) 6. b) 7. c) 8. c) 9. d) 10. a) E11 3. 4. Common stock the usual or normal stock of the corporation. It is the voting stock and generally ranks after the preferred stock for dividends and assets distributed upon dissolution. Often it is called

More information

Chapter 14. 1 Copyright 2012 Pearson Education, Inc. Publishing as Prentice Hall.

Chapter 14. 1 Copyright 2012 Pearson Education, Inc. Publishing as Prentice Hall. Chapter 14 1 Identify the purposes of the statement of cash flows Distinguish among operating, investing, and financing cash flows Prepare the statement of cash flows by the indirect method Identify noncash

More information

Financial Statements Tutorial

Financial Statements Tutorial Financial Statement Review: Financial Statements Tutorial There are four major financial statements used to communicate information to external users (creditors, investors, suppliers, etc.) - 1. Balance

More information

2Reporting Investing. and Financing Results on the Balance Sheet YOUR LEARNING OBJECTIVES. Understand the business. Study the accounting methods

2Reporting Investing. and Financing Results on the Balance Sheet YOUR LEARNING OBJECTIVES. Understand the business. Study the accounting methods 2Reporting Investing and Financing Results on the Balance Sheet YOUR LEARNING OBJECTIVES Understand the business LO1 Explain and select common balance sheet account titles. THAT WAS THEN In the previous

More information

Accounts Payable are the total amounts your business owes its suppliers for goods and services purchased.

Accounts Payable are the total amounts your business owes its suppliers for goods and services purchased. Accounts Payable are the total amounts your business owes its suppliers for goods and services purchased. Accounts Receivable are the total amounts customers owe your business for goods or services sold

More information

Preparing a Successful Financial Plan

Preparing a Successful Financial Plan Topic 9 Preparing a Successful Financial Plan LEARNING OUTCOMES By the end of this topic, you should be able to: 1. Describe the overview of accounting methods; 2. Prepare the three major financial statements

More information

Current liabilities and payroll

Current liabilities and payroll Chapter 12 Current liabilities and payroll Current liabilities are obligations that the business has to discharge within 12 months or its operating cycle if longer than one year. Obligations that are due

More information

Statement of Cash Flows

Statement of Cash Flows THE CONTENT AND VALUE OF THE STATEMENT OF CASH FLOWS The cash flow statement reconciles beginning and ending cash by presenting the cash receipts and cash disbursements of an enterprise for an accounting

More information

ICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION

ICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION ICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION OCTOBER 2006 Table of Contents 1. INTRODUCTION... 3 2. FINANCIAL RATIOS FOR COMPANIES (INDUSTRY - COMMERCE - SERVICES) 4 2.1 Profitability Ratios...4 2.2 Viability

More information

CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS

CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS C H 2 3, P a g e 1 CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS (note from Dr. N: I have deleted questions for you to omit, but did not renumber the remaining questions) 1. The primary purpose of

More information

Cash Flow Analysis. 15.501/516 Accounting Spring 2004. Professor S. Roychowdhury. Sloan School of Management Massachusetts Institute of Technology

Cash Flow Analysis. 15.501/516 Accounting Spring 2004. Professor S. Roychowdhury. Sloan School of Management Massachusetts Institute of Technology Cash Flow Analysis 15.501/516 Accounting Spring 2004 Professor S. Roychowdhury Sloan School of Management Massachusetts Institute of Technology Mar 1/3, 2004 1 About The Exam March 10 th a week from today.

More information

Accounting Basics. Prepared for First Year MBA

Accounting Basics. Prepared for First Year MBA Accounting Basics Prepared for First Year MBA Overview S No Particulars 01 Introduction to Accounting 02 Accounting Equation 03 Types of Transactions 04 Purchase and Sales 05 Types of Accounts 06 Golden

More information

Chapter 6. Time Value of Money Concepts. Simple Interest 6-1. Interest amount = P i n. Assume you invest $1,000 at 6% simple interest for 3 years.

Chapter 6. Time Value of Money Concepts. Simple Interest 6-1. Interest amount = P i n. Assume you invest $1,000 at 6% simple interest for 3 years. 6-1 Chapter 6 Time Value of Money Concepts 6-2 Time Value of Money Interest is the rent paid for the use of money over time. That s right! A dollar today is more valuable than a dollar to be received in

More information

CHAPTER 2 REVIEW OF THE ACCOUNTING PROCESS. Lecture Outline

CHAPTER 2 REVIEW OF THE ACCOUNTING PROCESS. Lecture Outline CHAPTER 2 REVIEW OF THE ACCOUNTING PROCESS Overview Chapter 1 explained that the primary means of conveying financial information to investors, creditors, and other external users is through financial

More information

Accrual vs Deferral Accrual vs Cash Basis

Accrual vs Deferral Accrual vs Cash Basis 1 - Accrual vs Deferral Accrual vs Cash Basis - understanding debits and credits a transaction either increases or decreases the balance of accounts. increases and decreases in accounts are based on the

More information

FINANCIAL ACCOUNTING. Robert Libby Patricia A. Libby Daniel G. Short. Irwin/McGraw-Hill

FINANCIAL ACCOUNTING. Robert Libby Patricia A. Libby Daniel G. Short. Irwin/McGraw-Hill FINANCIAL ACCOUNTING Robert Libby Patricia A. Libby Daniel G. Short Chapter 1 Financial Statements and Business Decisions The Objectives of Financial Accounting Financial statements are the primary means

More information

Financial Statements

Financial Statements Financial Statements The financial information forms the basis of financial planning, analysis & decision making for an organization or an individual. Financial information is needed to predict, compare

More information

CLE Presentation. Understanding a Company s General Ledger for the Business Litigator. William C. Cleveland

CLE Presentation. Understanding a Company s General Ledger for the Business Litigator. William C. Cleveland CLE Presentation Understanding a Company s General Ledger for the Business Litigator William C. Cleveland Womble Carlyle Sandridge & Rice, LLP 5 Exchange Street Charleston, SC 29401 Several years ago I

More information

how to prepare a cash flow statement

how to prepare a cash flow statement business builder 4 how to prepare a cash flow statement zions business resource center zions business resource center 2 how to prepare a cash flow statement A cash flow statement is important to your business

More information

Introduction to Accounting

Introduction to Accounting Introduction to Accounting Text File Slide 1 Introduction to Accounting Welcome to SBA s online training course, Introduction to Accounting. This program is a product of the agency s Small Business Training

More information

What is a Balance Sheet?

What is a Balance Sheet? What is a Balance Sheet? A Balance Sheet is a financial statement which shows the ASSETS, LIABILITIES and CAPITAL of a business on a particular date. Assets Are Are items owned by by the the business or

More information

Reporting and Analyzing Cash Flows QUESTIONS

Reporting and Analyzing Cash Flows QUESTIONS Chapter 12 Reporting and Analyzing Cash Flows QUESTIONS 1. The purpose of the cash flow statement is to report all major cash receipts (inflows) and cash payments (outflows) during a period. It helps users

More information

Chapter 2. Use accounting terms. Learning Objectives. Objective 1. Recording business transactions

Chapter 2. Use accounting terms. Learning Objectives. Objective 1. Recording business transactions PowerPoint to accompany Chapter 2 Recording business transactions Learning Objectives 1. Use accounting terms 2. Apply the rules of debit and credit 3. Record transactions in the journal 4. Post from the

More information

Cash Flow Analysis. 15.511 Corporate Accounting Summer 2004. Professor SP Kothari. Sloan School of Management Massachusetts Institute of Technology

Cash Flow Analysis. 15.511 Corporate Accounting Summer 2004. Professor SP Kothari. Sloan School of Management Massachusetts Institute of Technology Cash Flow Analysis 15.511 Corporate Accounting Summer 2004 Professor SP Kothari Sloan School of Management Massachusetts Institute of Technology June 16, 2004 1 Statement of Cash Flows Reports operating

More information

Guide to Financial Statements Study Guide

Guide to Financial Statements Study Guide Guide to Financial Statements Study Guide Overview (Topic 1) Three major financial statements: The Income Statement The Balance Sheet The Cash Flow Statement Objectives: Explain the underlying equation

More information

Chapter 21 The Statement of Cash Flows Revisited

Chapter 21 The Statement of Cash Flows Revisited Chapter 21 The Statement of Cash Flows Revisited AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments,

More information

Learning Module 3 Journal Entries

Learning Module 3 Journal Entries Learning Module 3 Journal Entries The Accounting Equation Balance Sheet Income Statement = + + - Assets Liabilities Owners' Equity Revenue Expenses Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Recording journal

More information

THE STATEMENT OF CASH FLOWS

THE STATEMENT OF CASH FLOWS THE STATEMENT OF CASH FLOWS Associate Professor PhD Cernusca Lucian University Aurel Vlaicu of Arad, luciancernusca_ro@yahoo.com Professor PhD Mates Dorel, West University of Timisoara Abstract: In today

More information

Practice Problems. Use the following information extracted from present and future value tables to answer question 1 to 4.

Practice Problems. Use the following information extracted from present and future value tables to answer question 1 to 4. PROBLEM 1 MULTIPLE CHOICE Practice Problems Use the following information extracted from present and future value tables to answer question 1 to 4. Type of Table Number of Periods Interest Rate Factor

More information

Accrual Accounting Process: Part II

Accrual Accounting Process: Part II Accrual Accounting Process: Part II 15.511 Corporate Accounting Summer 2003 Professor S.P. Kothari Sloan School of Management Massachusetts Institute of Technology June 14, 2003 1 Agenda for Today Continue

More information

Understanding A Firm s Financial Statements

Understanding A Firm s Financial Statements CHAPTER OUTLINE Spotlight: J&S Construction Company (http://www.jsconstruction.com) 1 The Lemonade Kids Financial statement (accounting statements) reports of a firm s financial performance and resources,

More information

ACS-1803 Introduction to Information Systems. Functional Area Systems. Lecture 4

ACS-1803 Introduction to Information Systems. Functional Area Systems. Lecture 4 ACS-1803 Introduction to Information Systems Instructor: David Tenjo Functional Area Systems Lecture 4 1 Overview Overview of Functional Areas in the organization Functional Area: Accounting Accounting

More information

Completing the Accounting Cycle

Completing the Accounting Cycle C H A P T E R 4 Completing the Accounting Cycle Financial Accounting 14e Warren Reeve Duchac human/istock/360/getty Images Flow of Accounting Information (slide 1 of 5) End-of-Period Spreadsheet (Work

More information

LIABILITIES. Liabilities are claims against your Assets. They are something that you have to repay to someone else.

LIABILITIES. Liabilities are claims against your Assets. They are something that you have to repay to someone else. Accounting 101 ASSETS An Asset is something that you own, that has value, and will generate a future benefit. Assets are good. Eg.) Cash, accounts receivable, GST receivable, inventory, equipment, land,

More information

Do you spend hours looking for e-mail messages that you got just a couple

Do you spend hours looking for e-mail messages that you got just a couple CHAPTER 2 Reporting and Interpreting Investing and Financing Results on the Balance Sheet Understand what a balance sheet means to users. LO1 Explain and select common balance sheet account titles. Study

More information

EasyPC Training. Accounting Basics

EasyPC Training. Accounting Basics EasyPC Training Accounting Basics Contents Accounting Basics... 3 The Accounting Equation... 3 Assets... 3 Liabilities... 3 Owner s Equity... 3 The Balance Sheet... 5 Double Entry Bookkeeping... 6 Ledger

More information

Statement of Cash Flows

Statement of Cash Flows HOSP 2110 (Management Acct) Learning Centre Statement of Cash Flows The Statement of Cash Flows (or cash flow statement) is one of the main financial statements used by investors. It shows the cash generated

More information

Management & Principles of Accounting Date: 09/11/2015 Introduction to financial accounting Basic concepts and tools

Management & Principles of Accounting Date: 09/11/2015 Introduction to financial accounting Basic concepts and tools Management & Principles of Accounting Date: 09/11/2015 Introduction to financial accounting Basic concepts and tools Patrizia Tettamanzi Sophie Goodman Source: Kimmel/Weygandt/Kieso Financial Accounting

More information

CHAPTER 23. Statement of Cash Flows 1, 2, 7, 8, 12 3, 4, 5, 6, 16, 17, 19 9, 20 4, 5, 9, 10, 11 10, 13, 15, 16. 7. Worksheet adjustments.

CHAPTER 23. Statement of Cash Flows 1, 2, 7, 8, 12 3, 4, 5, 6, 16, 17, 19 9, 20 4, 5, 9, 10, 11 10, 13, 15, 16. 7. Worksheet adjustments. CHAPTER 23 Statement of Cash Flows ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis 1. Format, objectives purpose, and source of statement.

More information

Accounting 101 you don t have to be an accountant to run MYOB Your Daily Lives Cash vs. Accrual Accounting

Accounting 101 you don t have to be an accountant to run MYOB Your Daily Lives Cash vs. Accrual Accounting MYOB US, Inc. April 2002 Accounting 101 Like all small business owners, you went into business with a dream: to sell your unique product or services and make a living for you, your family, and your employees.

More information

MASTER BUDGET - EXAMPLE

MASTER BUDGET - EXAMPLE MASTER BUDGET - EXAMPLE Sales IN UNITS for the previous two months (of last quarter), as well as the sales forecast for next quarter are as follows: Sales Budget Units May sales (ACTUAL) 20 June sales

More information

Accounting Cheat Sheet

Accounting Cheat Sheet DIAGRAM OF TACCOUNTS Assets = Balance Sheet as of 12/31/20 Liabilit ies + = + Equity METHODS & ORGS Accrual basis Follows the matching principle and recognizes transactions as they occur (GAAP Method)

More information

Horngren's Accounting,11e (Miller-Nobles) Chapter 2 Recording Business Transactions. Learning Objective Copyright 2016 Pearson Education, Inc.

Horngren's Accounting,11e (Miller-Nobles) Chapter 2 Recording Business Transactions. Learning Objective Copyright 2016 Pearson Education, Inc. Horngren's Accounting,11e (Miller-Nobles) Chapter 2 Recording Business Transactions Learning Objective 2-1 1) Which is a true statement regarding the accounting equation? A) The equation can be stated

More information

Plan and Track Your Finances

Plan and Track Your Finances Plan and Track Your Finances 9.1 Financing Your Business 9.2 Pro Forma Financial Statements 9.3 Recordkeeping for Businesses Lesson 9.1 Financing Your Business Goals Estimate your startup costs and personal

More information

14. Calculating Total Cash Flows.

14. Calculating Total Cash Flows. 14. Calculating Total Cash Flows. Greene Co. shows the following information on its 2008 income statement: Sales = $138,000 Costs = $71,500 Other expenses = $4,100 Depreciation expense = $10,100 Interest

More information

Chris Leung, Ph.D., CFA, FRM

Chris Leung, Ph.D., CFA, FRM FNE 215 Financial Planning Chris Leung, Ph.D., CFA, FRM Email: chleung@chuhai.edu.hk Chapter 2 Planning with Personal Financial Statements Chapter Objectives Explain how to create your personal cash flow

More information

Ratios and interpretation

Ratios and interpretation Unit Ratios and interpretation As we learnt in our earlier studies, accounting information is used to answer two key questions about a business: Is it making a profit? Are its assets sufficient to meet

More information

Chapter 4 20/09/2012. Why Adjustments Are Needed. The Need for Adjustments. Adjustments. Types of Deferral Adjustments.

Chapter 4 20/09/2012. Why Adjustments Are Needed. The Need for Adjustments. Adjustments. Types of Deferral Adjustments. Chapter 4 Adjustments, Financial Statements, and the Quality of Financial Reporting Adjustments: How, When and Why? Preparing the Adjusted Trial Balance Preparing Adjusted Financial Statements The Closing

More information

3,000 3,000 2,910 2,910 3,000 3,000 2,940 2,940

3,000 3,000 2,910 2,910 3,000 3,000 2,940 2,940 1. David Company uses the gross method to record its credit purchases, and it uses the periodic inventory system. On July 21, 20D, the company purchased goods that had an invoice price of $ with terms

More information

COMPONENTS OF THE STATEMENT OF CASH FLOWS

COMPONENTS OF THE STATEMENT OF CASH FLOWS ILLUSTRATION 24-1 OPERATING, INVESTING, AND FINANCING ACTIVITIES COMPONENTS OF THE STATEMENT OF CASH FLOWS CASH FLOWS FROM OPERATING ACTIVITIES + Sales and Service Revenue Received Cost of Sales Paid Selling

More information

T-Account Approach to Preparing a Statement of Cash Flows Indirect Method

T-Account Approach to Preparing a Statement of Cash Flows Indirect Method 266 Part 1 E M Foundations of Financial Accounting With these adjustments to the income statement, we can now present the operating activities section of the statement of cash flows using either the direct

More information

Understanding Financial Statements. For Your Business

Understanding Financial Statements. For Your Business Understanding Financial Statements For Your Business Disclaimer The information provided is for informational purposes only, does not constitute legal advice or create an attorney-client relationship,

More information

STATEMENT OF CHANGES IN FINANCIAL POSITION

STATEMENT OF CHANGES IN FINANCIAL POSITION Home Page - Statement of Changes in Financial Position STATEMENT OF CHANGES IN FINANCIAL POSITION by Dr. J. Herbert Smith/ACOA Chair Technology Management and Entrepreneurship Faculty of Engineering University

More information

INTRODUCTION TO FARM AND RANCH ACCOUNTING USING QUICKEN

INTRODUCTION TO FARM AND RANCH ACCOUNTING USING QUICKEN INTRODUCTION TO FARM AND RANCH ACCOUNTING USING QUICKEN Larry K. Bond Extension Economist and Associate Professor Department of Economics Utah State University May 1995 Economic Institute Study Paper ~

More information

Finance and Accounting For Non-Financial Managers

Finance and Accounting For Non-Financial Managers Finance and Accounting For Non-Financial Managers Accounting/Finance Recording, classifying, and summarizing financial transactions in terms of dollars and their interpretation 1 Key Accounting Terms Accounting

More information

A Simple Model. Introduction to Financial Statements

A Simple Model. Introduction to Financial Statements Introduction to Financial Statements NOTES TO ACCOMPANY VIDEOS These notes are intended to supplement the videos on ASimpleModel.com. They are not to be used as stand alone study aids, and are not written

More information

Statement of Change in Working Capital & Inflows/Outflows of Working Capital

Statement of Change in Working Capital & Inflows/Outflows of Working Capital HOSP 2110 (Management Acct) Learning Centre Statement of Change in Working Capital & Inflows/Outflows of Working Capital The statement of changes in working capital shows the net change in working capital

More information

The Statement of Cash Flows

The Statement of Cash Flows CHAPTER The Statement of Cash Flows OBJECTIVES After careful study of this chapter, you will be able to: 1. Define operating, investing, and financing activities. 2. Know the categories of inflows and

More information

Chapter 5. Accounting for merchandising operations. Appendix 5A: Periodic inventory system

Chapter 5. Accounting for merchandising operations. Appendix 5A: Periodic inventory system 1 Chapter 5 Accounting for merchandising operations Appendix 5A: Periodic inventory system 2 Learning objectives 1. Record purchase and sales transactions under the periodic inventory system 2. Prepare

More information

Questions and Answers

Questions and Answers Questions and Answers 1. List and describe the major steps in the accounting cycle. 2. In accounting, debit and credit have specific meanings. What are they? 3. You overheard one of your friends telling

More information

CHAPTER 4 The Balance Sheet and Statement of Cash Flows Balance sheet

CHAPTER 4 The Balance Sheet and Statement of Cash Flows Balance sheet Copyright 2008 by the Foundation of the American College of Healthcare Executives 6/7/07 Version 4-1 CHAPTER 4 The Balance Sheet and Statement of Cash Flows Balance sheet Accounting identity Assets Liabilities

More information

The Profit & Loss Account Accounting for Revenue & Expenses

The Profit & Loss Account Accounting for Revenue & Expenses The Profit & Loss Account Accounting for Revenue & Expenses Chapter 3 Luby & O Donoghue (2005) Profit & Loss Account The main reason why people set up in business is to make a profit. The profit and loss

More information

Understanding Cash Flow Statements

Understanding Cash Flow Statements Understanding Cash Flow Statements 2014 Level I Financial Reporting and Analysis IFT Notes for the CFA exam Contents 1. Introduction... 3 2. Components and Format of the Cash Flow Statement... 3 3. The

More information

Financial Statements for a Corporation

Financial Statements for a Corporation CHAPTER 19 Financial Statements for a Corporation BEFORE YOU READ 1. 2. 3. 4. 5. 6. What You ll Learn Explain how to record ownership of a corporation. Explain the relationship between the work sheet and

More information

Chapter 2 The Accounting Cycle: During the Period

Chapter 2 The Accounting Cycle: During the Period Chapter 2 The Accounting Cycle: During the Period REVIEW QUESTIONS Question 2-1 (LO 2-1) External transactions are transactions between the company and a separate economic entity. Internal transactions

More information

A Simple Model. Cash Flow Statement

A Simple Model. Cash Flow Statement An introduction to the cash flow statement in the context of building a financial model. This series introduces the financial statements in the context of a financial model. Cash Flow Statement NOTES TO

More information

Essentials of Financial Statement Analysis

Essentials of Financial Statement Analysis Essentials of Financial Statement Analysis An Introduction to Financial Statement Analysis Gregory Mostyn, CPA Worthy and James Publishing www.worthyjames.com Essentials of Financial Statement Analysis

More information

Chapter 2. Analyzing transactions

Chapter 2. Analyzing transactions 1 Chapter 2 Analyzing transactions 2 Learning objectives 1. Explain the steps in the accounting cycle and each step s supporting documentation 2. Explain the purpose of source documents 3. Describe an

More information

CFAspace. CFA Level I. Provided by APF. Academy of Professional Finance 专业金融学院

CFAspace. CFA Level I. Provided by APF. Academy of Professional Finance 专业金融学院 CFAspace Provided by APF CFA Level I Financial Reporting and Analysis (FRA) R23: Financial Reporting Mechanics CFA Lecturer: Juyun Lu Exam Focus Candidates should focus on the financial statement elements

More information

The BASICS of FINANCIAL STATEMENTS For Agricultural Producers

The BASICS of FINANCIAL STATEMENTS For Agricultural Producers The BASICS of FINANCIAL STATEMENTS For Agricultural Producers Authors: James McGrann Francisco Abelló Doug Richardson Christy Waggoner Department of Agricultural Economics Texas Cooperative Extension Texas

More information

In-Your-Face Financial Statements

In-Your-Face Financial Statements In-Your-Face Financial Statements FEBRUARY 4, 2014 10 11:00 AM Presenter(s): David O Brien, Director of Construction Services // Weber O Brien Ltd., Toledo, OH James Weber // Weber O Brien Ltd., Toledo,

More information

ACC 255 FINAL EXAM REVIEW PACKET (NEW MATERIAL)

ACC 255 FINAL EXAM REVIEW PACKET (NEW MATERIAL) Page 1 ACC 255 FINAL EXAM REVIEW PACKET (NEW MATERIAL) Complete these sample exam problems/objective questions and check your answers with the solutions at the end of the review file and identify where

More information

Problem Solutions: Topics 1 and 2 ACCT Evaluating Financial Performance Fall 2015

Problem Solutions: Topics 1 and 2 ACCT Evaluating Financial Performance Fall 2015 Problem Solutions: Topics 1 and 2 ACCT 60601 Evaluating Financial Performance Fall 2015 Note: All problems are organized by Topic. Each problem is numbered with the topic number first followed by a dash

More information

This week its Accounting and Beyond

This week its Accounting and Beyond This week its Accounting and Beyond Monday Morning Session Introduction/Accounting Cycle Afternoon Session Tuesday The Balance Sheet Wednesday The Income Statement The Cash Flow Statement Thursday Tools

More information

4 Macroeconomics LESSON 4

4 Macroeconomics LESSON 4 4 Macroeconomics LESSN 4 The Federal Reserve System and Its Tools Introduction and Description The focus of this lesson is the Federal Reserve System: how its actions relate to the money creation process

More information

ACS 1803 Accounting SUPPLEMENTARY NOTES prepared by E. Kaluzniacky & K. Augustine. Computerized Accounting - The General Ledger System

ACS 1803 Accounting SUPPLEMENTARY NOTES prepared by E. Kaluzniacky & K. Augustine. Computerized Accounting - The General Ledger System ACS 1803 Accounting SUPPLEMENTARY NOTES prepared by E. Kaluzniacky & K. Augustine Computerized Accounting - The General Ledger System Every business must keep track of financial information that relates

More information

Accounting Is a Language. Financial Accounting: The Balance Sheet BALANCE SHEET. Accounting Information. Assets. Balance Sheet: Layout

Accounting Is a Language. Financial Accounting: The Balance Sheet BALANCE SHEET. Accounting Information. Assets. Balance Sheet: Layout Accounting Is a Language Financial Accounting: The Balance Sheet Richard S. Barr Purpose: providing information Financial Statements Summarize accounting information Examples We need to know what the numbers

More information