BASIC ACCOUNTING CYCLE SUMMARY Accounting is… - a service activity. - its function is to provide quantitative information‚ - primarily financial in nature - about economic entity - that is intended to be useful in making economic decision. Accounting is also defined as… - an “ART” of: a. Journalizing – Books of Original Entry Journals
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There are several key components that attribute to an outstanding teacher; a positive attitude‚ mutual respect in the classroom‚ leadership /classroom management skills‚ acknowledgment of the diversity in learning abilities and a drive to continue to become a better educator. Keeping these characteristics in mind one can start to build a foundation of academic excellence. When walking into the classroom and starting your day with your pupils we need to remember that our mood affects student and
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Accounting Equation Paper NAME ACC/300 INSTRUCTOR DATE The basic accounting equation is: Assets = Liabilities + Stockholders’ Equity. When looking at the balance sheet one can assume that assets must balance out each transaction and balance the claims to the assets (Kimmel‚ 2010). A balance sheet provides Assets of the company first and foremost‚ then Liabilities and Stockholders’ Equity and last retained earnings. This shows the companies incoming money‚ outgoing payments‚ and the
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statement of their results may be prepared. Book-keeping and accounting are not synonymous terms‚ but are very different from each other. Book-keeping is concerned only with the recording of financial transactions in a systematic manner. Book-keeping is of clerical nature‚ whereas accounting relates to an advanced stage. Accounting includes recording‚ classifying‚ summarizing‚ analyzing and interpreting the financial data. Define accounting equation approach for book-keeping In order to keep books in
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Components of A Computerized Accounting System A computerized accounting system has great potential to increase productivity‚ streamline workflow‚ reduce data redundancy and error reconciliation‚ and help with financial management for large and small businesses. There are many different accounting options to choose from‚ including Microsoft Money‚ Microsoft Dynamics‚ Oracle‚ QuickBooks‚ Sage‚ and Xero. Software vs. Web Based Choose between downloadable or installable software that lives on your
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1- Explain the collecting‚ recording‚ classifying‚ summarizing‚ analyzing and reporting process of accounting. - Collecting:- Data obtained from various sources with the help of appropriate measures is called collection of data. - Recording:- Arranging the data into its chronological form is called recording of data. - Classifying:- Division of data according to nature of events is called classification of data. - Ledger is used for classifying transactions - Posting
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Explain the role of each of the key components of a balanced diet. A balanced diet is a diet with all of the key nutrition that is essential to health healthy growth and activity [internet] www.worldnetweb.princeton.edu/perl/web[viewed on 07th October 2010] A good health is well being of the body and its functionalities. A healthy balanced diet can be when eating variety of foods to get nutrients needed by the body. Balanced diet contains micro and macro nutrients in the amount that is needed by
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1121 theory Topic 1 BDA/inventory * Time period assumptions: firm would find it desirable to report their financial statements more frequently therefore the economic life could be divided into artificial time periods. * Why are adjusting entries required? The purpose of balance day adjustment is to recognise revenue and expenses in the relevant Period. * Compare and contrast the purposes of adjusting entries‚ closing entries and reversing entries The purpose of closing entry is
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Accounting Cheat Sheet Quick View of Basic Accounting Visit our website online at: http://www.AccountingCoach.com Learn more about our Master Accounting Download Package: http://www.AccountingCoach.com/ebook.html Learn more about our Master Set of 80 Business Forms: http://www.AccountingCoach.com/business-forms/ Learn more about a career in accounting: http://www.AccountingCoach.com/careers/ For personal use by the original purchaser only. Copyright © 2011 AccountingCoach®.com. Click a Category
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The accounting equation is an equation that includes the Assets‚ Liabilities‚ and Stock of a company. These three attributes determine the value of a company. This value is used to file the company’s taxes. When the value is figured by the accounting equation‚ investors can determine a possible return on their investments. Assets are resources owned by a business. Liabilities are the debts and obligations of the business. Liabilities represent claims of creditors on the assets of the business
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