ACC1002/ACC1701

Tutorial Class (TV9-V11,TV18)

Week 3

Tutor: GUO, Kai

guok@u.nus.edu
About me:

Currently: PhD candidate in department of accounting, NUS

Began to study accounting in 2009

ACCA affiliate and bachelor’s degree (accounting) in 2013

CICPA certification (Professional stage) and master’s degree in 2016

PhD in accounting program in 2016

About the tutorial classes:

• Quickly go through the main points covered in the lecture.

• Go through the tutorial questions together.

• Class participation (20% of the overall course assessment

quantity and QUALITY)

1. Speak at the opportune moment.

2. Prepare before class (At least finish the tutorial questions independently).
3. Check your answer against the official answers and figure out what is
going on.
Q&A:
In person / email

Consultation Hour ：
(Tuesday 4pm-6pm, Biz2 01-01, please drop me an
email in advance)

Email: guok@u.nus.edu
Accounting equation

If an entity borrows a loan from bank…… • Assets Liability

If an entity receives capital from owner… • Assets Equity
If an entity makes money…
Accounting equation and double entry
Account Title
(Left side) (Right side)
Debit Credit

• Which side is an increase in the asset (liability/equity/revenue/expenses) ?

(normal balance)

Assets + Expenses + Dividends = Liabilities + Share capital + Revenues

Links Among the Financial Statements

At
beginning At end of
of period Time period

Statement
Statementof of Statement
Statementof of
Financial
Financial Financial
Financial
Position
Position Position
Position
Statementof
Statement ofProfit
Profitor
orLoss
Lossand
and
OtherComprehensive
Other ComprehensiveIncome
Income

Statementof
Statement ofChanges
ChangesininEquity
Equity

Statementof
Statement ofCash
CashFlows
Flows
S 1-3 Page.33

a. Accounts receivable A g. Accounts payable L

b. Long-Term debt L h. Share capital E

c. Merchandise inventory A i. Supplies A

d. Notes payable L j. Retained earnings E

e. Expenses payable L k. Land A

f. Equipment A l. Prepaid expenses A

P1-59A Page.44

California Rollers, Inc.

Statement of Changes in Equity
For year ended 31 Dec 20X6

Share Retained
Capital Earnings Total
Balance as at 1 Jan 20X6 D E ?
Net income ? ?
Dividend (F) ?
Balance as at 31 Dec 20X6 ? ? ?
P1-59A Page.44
P1-59A Page.44
 P1-59A Page.44
California Rollers, Inc.
Statement of Changes in Equity
For year ended 31 Dec 20X6

Share Retained
Capital Earnings Total
Balance as at 1 Jan 20X6 D E ?
Net income ? ?
Dividend (F) ?
Balance as at 31 Dec 20X6 ? ? ?
P1-59A Page.44
P1-59A Page.44