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BUS103 Financial Accounting课程简介

Accounting is the language of business. If you are learning accounting for the first time, embracing its foundational concepts may be challenging. Mastery of accounting primarily rests in your ability to critically think through and synthesize the information as it applies to a given situation. You should approach the learning of accounting the same way you would approach learning a foreign language; it will take time and practice to ensure you remember the concepts.

Many sub-disciplines fall under the umbrella of accounting, but this course will focus on financial accounting. Accounting as a business discipline can be viewed as a system of compiled data. Data should not be confused with information. In accounting, data is the raw transactions or business activity that happens within any business entity. For example, if someone uses $30,000 of their savings to start a business, that is a point of data. Now that you have this data, what will you do with it? Of course, the answer is accounting!

PREREQUISITES 

In this introductory unit, you will learn about a variety of the foundational elements of accounting that are crucial to understanding the material in this course. To understand financial accounting, you will need to know the purpose of each of the four basic financial statements, how data is captured and transformed into information, and how the accounting equation seeks to ensure that you are properly recording the data. Throughout this course, we will introduce you to several career opportunities. Consider this information as you explore the viability of accounting as a career and use it to reinforce how significant these concepts are to the success of business operations.

There is a specific way that financial data is recorded, so a foundational understanding of this process is necessary. Understanding the meaning and use of concepts like journals, journal entries, ledger, trial balance, debits and credits, and vertical/horizontal analysis is an important part of studying financial accounting.

By now, you should understand the guiding principles and concepts of accounting. You will now need to learn how to synthesize this information, which often requires an adjusting journal entry. Before you can learn about adjusting entries, you will need to be able to distinguish between cash- and accrual-based accounting. There is some distinction between the two methods, and while some smaller businesses may be able to effectively use a cash basis of accounting, most organizations use an accrual basis of accounting. Because of this, we will use the accrual basis in this course. Adjusting entries are needed in order to convert the activities that happen in your business to meet the rules that govern the accounting system. For example, if you paid for a year’s rent up front, you need to make an adjusting entry to show one month of rent expense. If you did not make this adjustment, your results for this month would be artifically high, and you might make poor business decisions as a result.

BUS103 Financial Accounting HELP（EXAM HELP， ONLINE TUTOR）

The correct answer is D. Increase inventory and reduce cash.

When a company buys inventory on defined terms for later payment, it increases its inventory, which is recorded as an asset on the balance sheet. At the same time, it reduces its cash, which is also recorded as an asset on the balance sheet. Therefore, the total assets of the company remain unchanged.

However, the purchase on credit creates a liability for the company, which is recorded as a non-ownership claim on the balance sheet. This liability represents the amount that the company owes to the supplier for the inventory purchase. Therefore, the total ownership claims remain unchanged, but the total non-ownership claims increase.

Option A is incorrect because it suggests that the purchase of inventory increases both total assets and total ownership claims, which is not true.

Option B is incorrect because it suggests that the purchase of inventory does not have any effect on total assets or total claims, which is not true.

Option C is incorrect because it suggests that the purchase of inventory increases total assets and total non-ownership claims, but does not specify any change in total ownership claims, which is not true.

The correct answer is B. Leave total assets and total claims unchanged.

When the company sells half the inventory for $\in 1,200$, it increases its cash by $\in 1,200$, which is recorded as an asset on the balance sheet. At the same time, it reduces its inventory by half, which is also recorded as an asset on the balance sheet. Therefore, the total assets of the company remain unchanged.

The sale of inventory does not create any new ownership or non-ownership claims on the company, so the total ownership and non-ownership claims also remain unchanged.

Option A is incorrect because it suggests that the sale of inventory increases both total assets and total ownership claims, which is not true.

Option C is incorrect because it suggests that the sale of inventory increases total assets and total non-ownership claims, but does not specify any change in total ownership claims, which is not true.

Option D is incorrect because it suggests that the sale of inventory reduces total non-ownership claims, which is not true. The sale of inventory does not have any effect on total non-ownership claims.

Textbooks

• An Introduction to Stochastic Modeling, Fourth Edition by Pinsky and Karlin (freely
available through the university library here)
• Essentials of Stochastic Processes, Third Edition by Durrett (freely available through
the university library here)
To reiterate, the textbooks are freely available through the university library. Note that
you must be connected to the university Wi-Fi or VPN to access the ebooks from the library
links. Furthermore, the library links take some time to populate, so do not be alarmed if
the webpage looks bare for a few seconds.

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