The formation of the debit and credit concept In this simplified form we can begin to see what the mathematician and Father of Accounting (Luca Pacioli) saw in 1494 when he codified the double-entry bookkeeping system. It is his codified system that outlined the rules for applying debits and credits when recording the financial transactions of a business in the double-entry bookkeeping system. Now remember that Luca’s book in 1494 was written and published in Latin and at a time when the concept
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Classmates‚ According to (Oster‚ 2014)‚ "Percentage of receivables and percentage of sales are two accounting allowance methods used to reconcile customer accounts deemed noncollectable. When allowed by generally accepted accounting principles (GAAP)‚ these two strategies are preferred over direct write-off of bad debt expenses. Percentage of receivables and percentage of sales provide a business with the ability to accurately estimate the expected bad debt losses they will have in each succeeding
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ACCOUNTING SUBSTANCE OVER FORM Substance over form is an accounting concept where the entity is accounting for items according to their substance and economic reality and not merely their legal form. It is one of the key determinants of reliable information. For most transactions there will be no difference and in some cases however‚ the two diverge and the choice of how to present the transactions can give very different results. This differences occurs when an asset or liability is not recognized
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8/2/2012 Objective of Lecture 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
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Table of Contents The purpose of accounting 3 The objective of accounting 3 Important to the company 4 Accountant ’s integrity 5 Technologies impact on the accounting profession 5 Conclusion 6 Bibliography 7 Accounting for Non-Accounting Majors The purpose of accounting Is to gather and report financial evidence about the cash flow‚ performance‚ and financial position of that business. “Once this information has been entered into the accounting records‚ it is then made into a financial
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Section A Under Case Study (Newspaper) HB Global 1. Types of audit opinion Qualified opinion * A qualified opinion report can result from a limitation on the scope of the audit or failure to follow generally accepted accounting principles Adverse opinion * It is used only when the auditor believes that the overall financial statements are so materiality misstated or misleading that they do not present fairly the financial position or results of operations and cash flows in conforming
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Education online is an increasing element of children’s school lives in 2012. It is increasingly popular and there is a variety of websites teachers use to set homework or extra-curricular activities for children when they are not at school. Bitesize Bitesize is an example of a website which children can access from home via the internet to further their learning. It is mostly used by 8-16 year olds. There are different key stages for different ages. There is even a GCSE section for GCSE students
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w w w e tr .X m eP UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education e ap .c rs om MARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0417 INFORMATION AND COMMUNICATION TECHNOLOGY 0417/13 Paper 1 (Written)‚ maximum raw mark 100 This mark scheme is published as an aid to teachers and candidates‚ to indicate the requirements of the examination. It shows the basis on which Examiners were instructed
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Example of Paper 1 questions Theory test The number of marks is given in brackets [ ] at the end of each question or part question. 1 Name the input and output devices A‚ B‚ C and D using the words from the list. A B C D Chip reader Digital camera Joystick Light pen Microphone Remote control Scanner Trackerball A B C D [4] (Cambridge IGCSE Information Technology 0417 Paper 13 Q1 November 2010) 2 Ring two items which are output devices
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skills are essential skills in English‚ mathematics and ICT that enable everyone to deal with the practical problems and challenges of life – at home‚ in education and at work. They are essential to all our lives. For example‚ they help us recognise good value deals when making purchases‚ in writing an effective application letter‚ or when using the internet to access local services or online banking. They are about using English‚ mathematics and ICT in everyday situations’. (http://www.anqdevelopment1-linux
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