is GnuCash. GnuCash is a free and open source personal and small business accounting software program that implements a double-entry bookkeeping system. It was initially aimed at developing capabilities similar to Intuit‚ Inc.’s Quicken application‚ but also has features for small business accounting (Wikipedia.org). GnuCash runs on the following operating systems: Windows‚ Mac OS X‚ GNU/Linux‚ *BSD and Solaris. GnuCash has been translated into 21 languages and it handles multiple currency exchanges
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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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102:’ Part 1 Rnancial Accounting Problem 4-4; The account balances in the ledger of the Dindorf Company on January 3 1 (the end of its fiscal year)‚ before adjustments‚ were as follows: Debit Balances Cash and equivalents $ 119‚115 Accounts receivable 162‚500 Merchandise inventory 700‚680 Store equipment 21 5‚000 15‚475 Supplies inventory 38‚250 Prepaid insurance Selling expense 24‚900 105‚750 Sales salaries Miscellaneous general expenses 31‚000 6‚220 Sales discounts Interest expense 9‚300 Social
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documents‚ are things like invoice‚ credit note‚ debit note‚ cash bill‚ payment voucher‚ official receipt‚ cheque counterfoil and memo. All this document are related to financial transaction of the organization. The source document is essential to the bookkeeping and accounting process. It is the evidence that a financial transaction occurred. If a company is audited‚ source documents back up the accounting journals and general ledger as an indisputable audit trail.( http://bizfinance.about.com/od/bookkeepingessentials/qt/Source_Document
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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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Accounting history # Study of evolution in accounting‚ thought‚ practice & institutions # Responds to change in environment & societal needs. # Understand better the present‚ to forecast the future. # Contribute to acting pedagogy‚ policy & practice. History Development of Accounting Development of accounting record General Scientifc Period(1800-1955). # Concern about explaining what has been done without concerning about whether it is correct or not. Normative period (1957-1970) # Corncerning
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Valenzuela National High School Third Periodical Examination Technology and Livelihood Education - Basic Bookkeeping and Accounting S.Y. 2011 – 2012 I. Multiple Choice: Directions: Read and analyze the questions carefully and write the letter of the correct answer on your answer sheet. 1. What columnar sheet of paper is used to summarize information needed to prepare the financial statements of the business? a. General Journal c.Trial Balance b. General Ledger d. Worksheet
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2-1 BU8101 Accounting: A User Perspective Lecture 2 The Accounting Cycle Wednesday‚ 17 August 2011 Mrs. Ho Yin Kheng S3-01C-88 Nanyang Business School Nanyang Technological University Email: yklau@ntu.edu.sg Tel: 67905694 2-2 LO 2 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
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approaches share many aspects in common‚ there are two key differences that distinguish each method from the other. Essentially‚ the difference between cash accounting and accrual accounting boils down to the way debits and credits are applied in the bookkeeping process. To understand the difference‚ it is first necessary to define each type of accounting process. Cash accounting‚ which is also known as cash basis accounting‚ allows for the recognition of income at the time it is actually
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through the bank account) o Petty Cash Book (It records payments of small amounts of cash) Double entry book keeping: is the method used to transfer our weekly/monthly totals from our books of original entry into the nominal ledger. The double entry system of book keeping ensures that every transaction is recorded twice in the accounts. The basic rule which must allows be observed is that every financial transaction gives rise to two accounting entries‚ one a debit and the other a credit. The total
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