1 An Introduction to Accounting LEARNING OBJECTIVES 1.1 Accounting is an information system 1.2 Forms of organization 1.3 The framework for the preparation and presentation of financial statements ——The conceptual framework 1.4 Understanding of financial statements 1.5 Accounting and its profession 1.6 Accounting elements and using accounting equation 1.7 Professional ethics in accounting Vocabulary Translation of the chapter Self-Test Questions Exercises Problems Answers to Self-Test Questions 2 Journalizing and Posting Transactions LEARNING OBJECTIVES 2.1 Economic events and original documents 2.2 T-accounts and debit & credit 2, 3 Joumalizing and posting transactions 2.4 Preparing a trial balance 2.5 Practices in China Vocabulary Translation of the chapter Self-Test Questions Exercises Problems Answers to Self-Test Questions 3 Adjusting and Preparing Financial Statements LEARNING OBJECTIVES 3.1 The need for adjustments 3.2 Adjusting the accounts 3.3 Adjusted trial balance and preparation of financial statements 3.4 The worksheet 3.5 Closing entries 3.6 Post-closing trial balance 3.7 The accounting cycle summary 3.8 Classification of balance sheet items 3.9 Practices in China 3.10 Using the accounting information —— the current ratio Vocabulary Translation of the chapter Self-Test Questions Exercises Problems Answers to Self-Test Questions 4 Merchandising Activities and Accounting Information Systems 5 Operating Cycle: Cash, Receivables and Sales 6 0aeratin~l Cycle: Cost of Goods Sold and Inventory 7 Investing in Operating Assets 8 Investing in Securities 9 Financing with Debt
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