In this paper I will compare and contrast different types of accounting. The focus will be on the following types; accrual‚ cash flow and fund accounting. I aim to show the strength and weakness of each‚ how entries are made for each‚ how and if each method handles depreciation‚ how inventory is accounted for and if there any differences between organizations that use a certain method. Accrual accounting is mostly used by organizations that are for profit. Accounts using this method are prepared
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Accounting Information Systems Test Bank 10th Edition Chapter 1 (new version) MULTIPLE CHOICE 1. A set of two or more interrelated components that interact to achieve a goal is: a) A system b) An accounting information system c) Data d) Mandatory information 2. This results when a subsystem achieves its goals while contributing to the organization’s overall goal. a) Goal conflict b) Goal congruence c) Value of information d) Systems congruence 3. Goal conflict may result when a) A decision
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Trial Balance Posting Entries Use this General Ledger to post adjusting entries to all ledger accounts for Modine Company‚ Inc. The first two accounts are completed for you. Make sure you: a) Fill in the correct information‚ including account titles and numbers for the remaining accounts; and b) Place a check mark in the reference column‚ when applicable. You can copy the check mark in the Cash account and paste it when you want to use it. GENERAL LEDGER Account: Cash DATE EXPLANATION 31-May-2008
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accounting cycle for a sole proprietorship and merchandising organizations. General-purpose financial statements will be reviewed‚ including the Income Statement‚ Statement of Equity‚ Balance Sheet‚ Statement of Cash Flow‚ and Bank reconciliation. Other topics such as depreciation‚ inventory‚ and ratio analysis will be covered. D. Credit Units: 3 Units E. Pre-requisite: None II. COURSE OBJECTIVES A. General Objective To provide students with the basic knowledge of accounting
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approval form 3. Shipping document 4. Open-order report: orders have not been fulfilled满足 5. Sales invoice: 用于bill customer 6. Sales journal: record sales 7. Customer statement: mail to customer contains detail of goods 8. A/R subsidiary ledger: ledger contains detail of transaction for each customer 9. Aged trail balance of A/R: summarize all customer balance in 8‚ 用 current/past due 分类 10. Remittance advice: 5&7 returned with customer payment 11. Cash receipt journal 12. Credit memo: record
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Complete Exercises E3-4 & E3-9. E3-4 Instructions (a) Describe each transaction. 1. The organization issued shares of stock to stockholders for $20‚000 cash 2. The organization bought $5‚000 machines on account with $1‚000 paid in cash accruing a balance of $4‚000 3. The organization paid $750 for materials 4. The organization receives $4‚100 of cash in return for services provided‚ together with charging $5‚400 from 5. The organization paid $1‚500 with cash on accounts payable. 6. The
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PRACTICE QUESTIONS FOR MID SEMESTER EXAMINATION TOPICS 1 5 8 questions from each topic QUESTION 1 The accounting equation could be expressed as A L - OE A - OE L (c) A OE - L OE A L None of the above QUESTION 2 The assumption that a business will continue to operate into the future is the basis of what Accounting Principle or Concept The accounting entity concept The reliability principle The cost principle The going concern principle The stable-monetary-unit concept QUESTION 3 Purchasing
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HELP Bachelor of Business (Hons) ACC303 Auditing & Assurance Services Assignment Year 3‚ Semester 2‚ Batch 11 March 2015 Date of Release: 25 May 2015 ASSESSMENT DETAILS Due Date: 8 June 2015 Value: 20% of total assessment for this subject GENERAL INSTRUCTIONS: 1. Please take note that copying the work of others‚ allowing others to copy your work‚ and / or attempting to do any of the above mentioned will result in automatic failure of your assignment. NO EXCUSES FOR ACTS OF PLAGIARISM WILL
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Depreciation on equipment for the month was $250. 3.One-twelfth of the insurance expired. 4.An inventory count shows $360 of cleaning supplies on hand at July 31. 5.Accrued but unpaid employee salaries were $400. 2) Post the July transactions to the ledger accounts. (Use T accounts.) Post adjusting entries to the T accounts. Post closing entries and complete the closing process. Complete the Trial Balance and Adjusted Trial Balance at July 31. Complete the income statement and a retained earnings statement
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its objectives and characteristics. Give some reasons for disagreement of the Trial Balance. A ’Trial Balance’ is a list of all the General ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit balance value. The debit balance values will be listed in the debit column of the trial
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