HISTORY OF ACCOUNTING LEARNING OUTCOMES Understand the history of accounting dating from prehistoric times to written record keeping. Identify the seven preconditions for the emergence of systematic book keeping. Know Luca Pacioll contributions in introducing double entry book keeping. Accounting is a tool‚ invented by humankind‚ to fulfill needs of society. Unlike the explorers of the past who discovered new lands‚ accounting cannot in any true sense be said to have been discovered
Premium Accountancy Bookkeeping Double-entry bookkeeping system
2 CLASSIFICATION OF ACCOUNTS & ACCOUNTING EQUATION • By end of lecture 2‚ all students should be able to:(a) Understand the five categories of accounts and able to classify them into the respective categories (b) Understand the accounting equation and the relationship between assets‚ liabilities and owner’s equity. Classifications of accounts • • 1. 2. 3. 4. 5. An account is used to record all information regarding an item. The five major categories of account Revenues
Premium Generally Accepted Accounting Principles Balance sheet Asset
ACCT 203: Section 1 Essay Instructions The Issue: You are a partner in Acme Accounting PSC and as such are considering how to respond to a letter written to you by “Bob” a new client. In his letter‚ he stated that he heard that there are two ways he can identify cost in the normal course of his construction business operations. He would like two know what they are‚ the major differences between them and which one best fits his business in terms of performance analysis. Your partners have asked
Premium Manufacturing Cost Costs
The Story of Hour Once upon a time there was a young man name Chris. Chris was 16 years old at the time. It was Chris 11th year of high school. He had worked all summer day and night to save up for a car. The car he wanted cost 3 grand. He had saved $2500. All he needed was 500 more. He was impatient and didn’t want to work another week to buy the car‚ so he tried to figure a way to get some quick money. So he decided to go rob a corner store. He knew this was the wrong thing
Premium Automobile Thought Walking
George Washington was born on February 22‚ 1732. He was born in the town of Westmoreland county‚ Virginia. He had a dad named Augustine and a mother named Mary Ball Washington. With his father he had two half-brothers and five other siblings. His father‚ Augustine‚ had land and slaves‚ built mills‚ and grew tobacco. There is not much known about George Washington’s childhood but what is known is that from age seven to fifteen he was schooled and studied at the local church. George’s father died
Premium United States George Washington President of the United States
CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS Multiple Choice—Conceptual Answer No. Description d 1. Users of financial reports. d 2. Identify the major financial statements. a 3. Financial reporting entity. d 4. Efficient use of resources. d 5. Capital allocation process. c 6. Financial statement information. c 7. Objectives of financial reporting. b 8. Common set of standards and procedures. c 9. Role of SEC. c 10. Powers of the SEC. d 11. SEC enforcement
Premium Financial Accounting Standards Board Financial statements International Financial Reporting Standards
Chapter 1 Question 1-18 Consumers Union is a nonprofit organization that provides information and counsel on consumer goods and services. A major part of its function is testing of different brands of consumer products that are purchased on the open market and then the reporting of results of the tests in Consumer Reports‚ a monthly publication. Examples of the types of products it tests are middle-sized automobiles‚ residential dehumidifiers‚ flat-screen TVs‚ and boys’ jeans. a.) In what ways
Premium Management Health care Customer service
George Washington George Washington was the dominant military and political leader of the new United States of America from 1775 to 1799. He led the American victory over Britain in the American Revolutionary War as commander in chief of the Continental Army in 1775–1783‚ and he presided over the writing of the Constitution in 1787. As the unanimous choice to serve as the first President of the United States‚ he developed the forms and rituals of government that have been used ever since‚ such as
Premium George Washington United States American Revolutionary War
5 Constitutional Law George Washington Biography George Washington is a very well known American historical figure. He was‚ among other things‚ most notable for leading the troops American troops during the Revolution‚ becoming the First President of the United States‚ and signing the Constitution of the United States. George Washington was born on February 22‚ 1732 in Westmoreland County‚ Virginia to Augustine and Mary. From age seven to fifteen‚ Washington was homeschooled in the areas of
Free George Washington
Chapter 4 : Account Titles and Preparation of Financial Statements | Article 14 : The balance sheet items shallbe categorized as follows: 1. Assets. (1) Current assets. (2) Funds and long-term investments. (3) Property‚ plant and equipment. (4) Depletable assets. (5) Intangible assets.
Premium Balance sheet Generally Accepted Accounting Principles Asset