Wenzhou-Kean University Fall 2013 ACCT 2200 30 MINUTE QUIZ-CH.1/CH.2 True/False Circle the correct answer T 1. Accounting is the information system that identifies‚ records‚ and communicates the economic events of an organization to interested users. True T 2. Bookkeeping deals with the record-keeping process and is only one aspect of accounting. True T 3. 4. 5. 6. 7. 8. False Collection of an accounts receivable will increase both cash and accounts receivable. True F False The
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records. One of her first decisions‚ therefore‚ was to hire Jarrard‚ a local accountant‚ to set up her bookkeeping system. Jarrard wrote up the store’s preopening financial transactions in journal form to serve as an example (Exhibit 1). Thompson agreed to write up the remainder of the store’s September financial transactions for Jarrard’s later review. Exhibit 1 General Journal |Entry Number |Account |Debit(amount) |Credit(amount)
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correct Harvard system of referencing. • Students will be able link the content of the module undertaken with the references used in the report. • Students will enhance their academic knowledge in accounting through preparing this report. Submission information • The assignment must be submitted with an assignment cover page with clear particulars name‚ ID‚ date etc. • The report need to be type written. Times Roman font 12‚ double spacing‚ with appropriate
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Lecture Outline 1. Analyzing Business Transactions 2. Recording Process a. b. c. d. e. f. The Source Document The journal The accounts Debit and Credit rule Recording process illustrated Unadjusted trial balance 3. Adjusting entries a. b. c. d. Deferrals Accruals Accounting estimates Adjusted trial balance 4. Prepare financial statements and close books 2-3 Suggested Readings Compulsory Lecture notes Chapters 3‚ 4 & 5 (learning objectives 1 to
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used in the transactions. Both of these steps are critical to successful recordkeeping. Besides that‚ accounting cycle is a methodical set of rules to ensure the accuracy and conformity of financial statements. Accounting cycle also known as ‘bookkeeping cycle’ which means practice of recording the transactions of a business and it does helps to reduce mistakes. In another words‚ accounting cycle refers to eight steps (which shown in a diagram below)‚ repeated in each reporting period‚ verify transactions
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Goods Received Note‚ Books of Original Entry: In the course of business‚ source documents are created. The details on these source documents need to be summarized‚ as otherwise the business might forget to make some payments‚ ask for money owed or even accidentally pay for something twice. It is therefore imperative to keep records of source documents of transactions. Such records are made in “books of original entry”. The books of original entry also called a daybook are a descriptive and chronological
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Common stock 300‚000 Retained earnings 122‚375 Sales revenues 71 6‚935 \ .\ ’. L Total $1‚437‚790 Required: a. Set up T accounts with the balances given above. b. Journalize and post adjusting entries‚ adding other T accounts as necessary. c. Journalize and post closing entries. d. Prepare an income statement for the fiscal year and a fiscal year-end balance sheet. Cases Case 4-1 PC Depot* PC Depot was a retail store for personal computers and hand-held calculators‚ selling
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Introduction PRBA001 Accounting Principles The course introduces the basic concepts and principles of accounting with special emphasis given to the use and interpretations of financial accounting information. It also familiarises students with the basic techniques used in the preparation of financial statements On completion of the unit students should: be able to read‚ understand‚ interpret and discuss the commonly available financial statements produced by businesses. have gained an appreciation
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|Bad debts | Contents Paper background Session 1 Introduction to accounting Session 2 Financial statements Session 3 Double entry book keeping Session 4 Non-current assets Session 5 Inventory Session 6 Irrecoverable Debts Session 7 Control Accounts Session 8 Bank Reconciliations Session 9 Accruals and prepayments Session 10 Limited Company accounts
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Master of Business Administration- MBA Semester 1 MB0041 – Financial and Management Accounting Assignment Q1. Accounting is one of the oldest‚ structured management information system. Give the meaning of accounting and book keeping? Explain the objectives of accounting? Accounting Accounting is an information science used to collect‚ classify‚ and manipulate financial data for organizations and individuals. According to the definition given by American Institute of Certified Public Accountants
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