introduction of accounting

Topics: Types of business entity, Balance sheet, Corporation Pages: 12 (1805 words) Published: October 12, 2014


ABFA 1013 INTRODUCTION TO ACCOUNTING
DIPLOMA IN BUSINESS (ACCOUNTING)
YEAR 1 – SEMESTER 1 (2014/2015)
COURSEWORK 1

YONG KIT YEE 14WBD00875
KONG LIT PEI 14WBD01265
NAH SEE PENG 14WBD01318
TEE BEE SWAN 14WBD06042

DAY :
TIME :
DATE OF SUBMISSION :

Table of Content

Plagiarism Statement Declaration Form………………………………………………… Safe Assign Report……………………………………………………………………… Marking Scheme………………………………………………………………………… 1. Summary……………………………………………………………………………. 2. Introduction…………………………………………………………………………. 3. Content……………………………………………………………………………… 3.1 Accounting Equation…………………………………………………………… 3.2 Profit Determination……………………………………………………………. 3.3 Accounting Cycle………………………………………………………………. 3.4 Users of Accounting Information………………………………………………. 3.5 Type of Business in Malaysia………………………………………………….. 3.6 Financial Statements……………………………………………………………. 4. Conclusion…………………………………………………………………………... Reference…………………………………………………………………………………

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Name (in alphabetical order)
Student ID
Signature
KONG LIT PEI
14WBD01265

TEE BEE SWAN
14WBD06042

YONG KIT YEE
14WBD00875

NAH SEE PENG
14WBD01318

Date: ___________________

Coursework 1-Group (Research)
1
2
3. CONTENT
3.1Accounting Equation
The accounting equation can be expressed as
ASSETS = LIABILITIES + EQUITY
For example: A student buys a smartphone for RM1, 000. This student borrowed RM400 from his friend and spent another RM600 earned from his part-time job. Assets (RM1, 000) = Liabilities (RM400) + Equity (RM600) Assets (what it owns) – A company’s resources of things owns by company. Examples of assets include inventories, accounts receivable, cash balances, bank balances, deposits, land, building, office equipment, fixture and fittings, and motor vehicles. Liabilities (what it owes to others) –A company’s obligations of amount owes by company. Example of liabilities include bank loan, bank overdraft, loans payable, salaries, mortgage loan, and interest payable. Equity (the difference between assets and liabilities) – A company’s resources that are provided by the owner into the business for use in the business. Examples of equity include drawings, capital, and profit. 3.2

3.3 Accounting Cycle
There are 7 steps to form an accounting cycle. The first step is source documents. Source documents are the documents that have record all the business transaction and we keep it as an evidence. Next is the 7 books of prime entry. The 7 books of prime entry is record the daily business transaction based on the source documents, we will record all the transaction business into cash book which is on cash term and we will also record all the credit term into journal entries .The third step is the 3 ledgers. It is using the concept of double entry system and transfer all the accounts from the books of prime entry to get a summarised. There are 3 type of ledgers where is general ledger where is record others than trade payables account and trade receivables account. Then, trade receivables we can find it in sales ledger, on the other hand, trade payables we can find it in purchases ledger. We can prepare draft trial balance & financial statements after finish month-end posting. Trial balance is can let us check the accurate of the double entry. Therefore, the total amount of the...

References: Riss Corporate Service, Type of Business Entities in Malaysia, .
Type of Business Entities in Malaysia .
Jim Riley, updated Sunday 23 September, 2012, .
Fortes Hilary, 2011, Accounting Simplified, Ashford Colour Press Ltd, Gosport.
KEITH E.J.FARMER BA FCA, 2010, Basic Accounting-Malaysia Version-Volume 1, MingPieMan Pte.Ltd., Singapore.
Andrew Leong Fook Chee, Wong Sei Van, 2010, Business Accounting Third Edition, Pearson Malaysia Sdn.Bhd., Malaysia.
Roshayani Arshad, Laily Umar, Siti Maznah Mohd Arif, Kamaruzzaman Muhammad, 2009 Financial Accounting (3rd edition) McGraw-Hill(Malaysia)Sdn Bhd. Malaysia
Harold Averkamp, Introduction to the Accounting Equation, .
Frank Wood, Alan Sangster,2012,Business Accounting 1(12th Edition),Pearson Education Limited, Italy
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