Double-entry bookkeeping system Essays & Research Papers

Best Double-entry bookkeeping system Essays

  • The Double Entry System - 477 Words
    According to the double entry accounting system, a business transaction affects at least two accounts and the debit and credit amounts recorded for the affected accounts must be balanced. These transactions will be recorded in the appropriate books of accounts. Business entities develop a chart of accounts, a list of account titles with their corresponding account codes that the business will use in recording and posting in the books of accounts and in reporting in the financial statements....
    477 Words | 2 Pages
  • SOLVING THE MYSTERY OF DOUBLE ENTRY BOOKKEEPING
    Solving the Mystery of Double Entry Bookkeeping – Warsono‐bin‐Hardono (swarsono@feb.ugm.ac.id) SOLVING THE MYSTERY OF DOUBLE ENTRY BOOKKEEPING 1 Sony Warsono-bin-Hardono Department of Accounting Faculty of Economics and Business Universitas Gadjah Mada Indonesia ABSTRACT Double-entry bookkeeping (DEB) has been shown to be reliable. The first documentation of its usage dates to 1494 and it has been used since then without any significant changes, despite more than half a millennium having...
    5,011 Words | 20 Pages
  • The Accounting Equation and Double-entry Bookkeeping
    Chapter One The Accounting Equation and Double-entry Bookkeeping I. Learning objectives After completing this session, students should be able to (1) Define assets, liabilities, owner’s equity, revenue and expenses; (2) Understand the functions of the fundamental accounting equation; (3) Record business transactions and illustrate their effects on the fundamental accounting equation; (4) Understand the accounts payable, accounts receivable, prepaid insurance, and drawing...
    792 Words | 4 Pages
  • Double Entry System - 2651 Words
    CHAPTER 2 DOUBLE ENTRY SYSTEM AND BALANCING OFF THE LEDGER OBJECTIVES. At the end of the chapter reader is expected to understand - what a double entry system is - peculiarity of double entry system in accounting. - how a transaction can be posted in order to adhere with double entry system. - what make up a ledger - how ledger can be balanced up. INTRODUTION To make a relevant disclosure of transaction in accounting sense, it is...
    2,651 Words | 11 Pages
  • All Double-entry bookkeeping system Essays

  • Effectiveness of Double Entry Accounting System
    Giving examples, evaluate the effectiveness of the controls in the double entry system of accounting in ensuring the accuracy of the accounts. As well as examining the controls, your evaluation should consider errors that do not affect the balancing of the trial balance. Double entry accounting system was invented in 15th century and still being in use until today, this is quite an interesting fact; however it indicates that there is something about the system, thus making it so effective and...
    1,207 Words | 4 Pages
  • The Accounting Equation and the Double Entry System
    Lecture 2: Study Week 2 The Accounting Equation & the Double Entry System Objectives for today 1. Analyzing transactions using the Accounting Equation 2. Next Week: How do firms actually measure Income?: Accrual vs. Cash Accounting g 3. Next Week: Determine when a company should record revenues and Expenses: The Matching Principle The Operating Cycle Start with cash and end with more cash Collect cash from customers Purchase inventory Make sales to customers The Recording...
    1,749 Words | 17 Pages
  • Double Entry Exercises 1
    Introduction to Book-keeping Fill in the blanks in the following sentences from the selection of terms given at the bottom of the page. 1 The recording of accounting data is known as . 2 A change in the position of a business, i.e. the transfer of value from one to another, is a . 3 A person to whom money is owed for goods is a . They have given the firm ___________. 4 A person who owes money to the firm is a . They are in ______ to the firm. 5 Resources supplied by the owner is called...
    1,458 Words | 10 Pages
  • Bookkeeping - 1218 Words
    BOOKKEEPING Bookkeeping in the context of a business is simply the recording of financial transactions. Transactions include purchases, sales, receipts and payments by an individual or organization. Many individuals mistakenly consider bookkeeping and accounting to be the same thing. This confusion is understandable because the accounting process includes the bookkeeping function, but is just one part of the accounting process. The accountant creates reports from the recorded financial...
    1,218 Words | 4 Pages
  • Bookkeeping Essay - 974 Words
    Bookkeeping Essay Sarah Kloft Kaplan University Professor Yancy July 17, 2012 Bookkeeping Essay Bookkeeping is an important aspect of any business. Bookkeeping can be defined as the practice of keeping the company’s books or records in an up-to-date and accurate manner (WiseGEEK, 2012). This allows the company to track in income and expenses of every day operations. Although bookkeeping is time consuming, it is the most important part of the business (WiseGEEK, 2012). One type of...
    974 Words | 3 Pages
  • Bookkeeping and Record Keeping Basics
    Bookkeeping and Record Keeping Basics Adapted from content excerpted from the American Express® OPEN Small Business Network Proper bookkeeping is important to sustaining and expanding a business. Without it, you run the risk of hitting cash flow crunches, wasting money, and missing out on opportunities to expand. When you are devising or revising your bookkeeping routine, remember that the purpose of bookkeeping is to help you manage your business and to enable tax agencies to evaluate your...
    1,183 Words | 4 Pages
  • System Archetypes - 313 Words
    Every company strives to increase revenue and stabilize or decrease operating expenses. The Yellow Book once had a steady revenue stream, which coincided with the operating expenses. The steady rise in sales and revenues also means an increase in production while maintaining an equal level of customer service. This displays several archetypes, including limits to growth. The Yellow Book will continue to experience growth, however if deadlines are not met and mistakes are made in advertising,...
    313 Words | 1 Page
  • Importance of Journal Entries - 440 Words
    Unit 2 Alternate Seminar Assignment AC499-02 MaryJo Velez In this paper, we are going to define journal entries. We will discuss the importance of the journal entries. Next, we will talk about their effects on the financial statements. Finally, we will summarize what we have learned about journal entries. A journal entry is the record of financial transactions recorded into a journal. This journal gives details about all the financial transactions of a...
    440 Words | 2 Pages
  • Assignment - Preparing Entries and Statements
    Assignment: Preparing Entries and Statements ACC225/Financial Accounting Assignment: Preparing Entries and Statements QS 4-5A The following unadjusted trial balance is for Adams Construction Co. as of the end of its 2005 fiscal year. The June 30, 2004, credit balance of the owner’s capital account was $52,660, and the owner invested $25,000 cash in the company during the 2005 fiscal year. [pic] Prepare a 10-column work sheet for fiscal year 2005, starting with the...
    618 Words | 3 Pages
  • What are Journal Entries?
    A journal entry is the record of a money related transaction recorded (unaltered) in a journal. A journal items all the budgetary transactions of a business and which accounts these transactions influence. All business transactions are at first recorded in a journal utilizing the double entry or single-entry strategy for accounting. Ordinarily, journal entries are entered in order request and charges are entered before the credits. They furnish foundational data for all other monetary reports...
    548 Words | 2 Pages
  • Adjusting Entries - Essay - 1210 Words
    Adjusting Entries Yvenie Desire ACCT205-1203A-11 June 9, 2012 Adjusting Entries Welcome to the company and as an accounting clerk for the department you will be working a lot with the accounting department and with me. I will be mentoring you on certain aspect of accounting and what needs to be done. First we’ll get started with why adjusting entries are necessary. “Adjusting entries ensures that the correct amount of revenues and expenses are recorded in a specified time period.”...
    1,210 Words | 4 Pages
  • Accounting Systems - 576 Words
    ACCOUNTING SYSTEMS Tiffany Bullock HS210-02 March 21, 2013 The three types of bookkeeping systems are Pegboard, Single Entry, and Double Entry. The Pegboard system is also called the write-it-once system. This system is the most widely used manual method of accounting in the healthcare industry. The cost of using this system is a little more than the others. It is a lightweight board that uses pegs to hold all the different forms in place. This system can hold forms for the daily log...
    576 Words | 2 Pages
  • An Accounting Information System - 2328 Words
    1. An Accounting Information System (AIS) * collects and processes transaction data and disseminates the information to interested parties. * Helps management answer such questions as: * How much and what kind of debt is outstanding? * Were sales higher this period than last? * What assets do we have? * What were our cash inflows and outflows? * Did we make a profit last period? Basic Terminology (see Textbook for definitions) * Event * Transaction *...
    2,328 Words | 13 Pages
  • Common Accounting System - 11382 Words
    COMMON ACCOUNTING SYSTEM INTRODUCTION 1. Most of the State Cooperative Societies Acts have provisions regarding preparation and submission of financial statements such as Balance Sheet, Profit and Loss Account and Trading Account of PACS. However, the formats for financial statements of PACS have not been prescribed in many States. The existing formats have evolved over a period of time on the basis of instructions from the RCS, Director of Audit, etc., There is no uniformity and transparency in...
    11,382 Words | 44 Pages
  • Convention Used in Modern Systems of Accounting
    | ACCOUNTING PRINCIPLES | | | Meaning of Accounting Principle | | Principle means a general law or rule adopted or professed as a guide to action ‘a settled ground or a basis of conduct or practice’. The word ‘Principle’ when applied in accounting may have different meanings in different contexts. It is not used in the sense of a fundamental accounting truth – it connotes a guiding influence or an accepted rule of action or conduct. Accounting principles have been defined as the...
    1,958 Words | 7 Pages
  • Modern Accounting Systems in Modern Organizations
    Modern accounting systems have become the foundation from which the modern organization can rely and depend upon to maintain a strong efficient strategy that will help the organization grow. The modern accounting systems embraces the old accounting practices that have been used for hundreds of years and builds upon that platform to give modern organizations control over the finances. There must be set in place internal controls to keep the company assets from being stolen and that is why modern...
    2,464 Words | 7 Pages
  • Accounting Information System and Special Journals Checkpoint
     Internal Control and Bank Reconciliations Athena Jackson ACC/225 November 10, 2013 Scott Flynn Problem 8-1A 1. The principle of internal control violation is separation of duties. The person that records the incoming cash receipts should not be the same person that is posting the customer payments to their accounts. My recommendation to the business would be that they have one person recording the incoming cash receipts, and they should assign...
    600 Words | 3 Pages
  • Perception of Accounting Students in Apllication of Computerized Accounting System in Universities
    INTRODUCTION Accounting is an instinct part of a business, owners and other interested parties want to know whether they are making a profit or not through the use of either Manual accounting System or the Computerized System. Historically, accounting was a manual process where in the well known father of Accounting, Luca Pacioli, developed the double entry bookkeeping system in 1494 using debits and credits to manage company. The manual process uses paper ledgers and journals where...
    886 Words | 3 Pages
  • Religions role in economics and the Medici’s role in banking
     Economics Bi-weekly essay #1 Religions role in economics and the Medici’s role in banking Economics Word Count: 533 In the early years of economics religion played a major role in banking. The Medici as well were a big part of establishing the modern world of banking as we know it now. Religion in economics played the role of determining who a person was able to lend money to. The Medici were a big part of establishing the modern world of banking as we know...
    551 Words | 2 Pages
  • Origin of Accounting - 3827 Words
    Accounting historians have attempted to relate their knowledge of the variety of accounting practices at various points of time, and in various places. It is to wider questions of the role of accounting in reflecting and shaping not only business and management practice, but also economic and social organization more generally. Finley's classic ¡§The Ancient Economy¡¨ , which analyzed the embedded-ness of ancient economic activity in the social structure, and in the status concerns of the free...
    3,827 Words | 12 Pages
  • accounting in pre-pacioli era; genesis and impact on the development of accounting profession in nigeria
    A preACCOUNTING IN PRE-PACIOLI ERA: GENESIS AND IMPACT ON THE DEVELOPMENT OF ACCOUNTING PROFESSION IN NIGERIA BY ABUBAKAR SALISU Mobile No.: +234-803-3860665 e-mail: smylisu@yahoo.co.uk Lecturer, Department of Accounting, Institute of Administration, Ahmadu Bello University, P. M. B. 1013, Zaria – Nigeria. Abstract This study traces the genesis of accounting in the pre-Pacioli era and evaluates its impact on the development of accounting profession and nation building. The study aims...
    5,099 Words | 29 Pages
  • Extended Trial Balance - 333 Words
    M3 Explain why the extended trial balance is used to make adjustments to accounts The extended trial balance works in very much the same way as the trial balance except that there are a few adjustments to make after which you can then separate out the entries that belong to the balance sheet and which belong to the income statement. The extended trial balance is used for making adjustments to the accounts at the end of an accounting period. The reason for this is because of the...
    333 Words | 2 Pages
  • Fi504 Midterm - 2557 Words
    1. Question : (TCO A, B, C) External users want answers to all of the following questions except: Student Answer: Is the company earning satisfactory income? Will the company be able to pay its debts as they come due? Did the company use a budget to plan its expenses? How does the company compare in profitability with competitors? Instructor Explanation: Chapter 1 page 6 Points Received: 3 of 3 Comments: 2. Question : (TCO C) Debt securities...
    2,557 Words | 17 Pages
  • 9 Steps of the Accounting Cycle
    The Nine Steps of the Accounting Cycle The accounting process starts with analyzing transactions and events. Not all transactions and events are entered into the accounting system. Only those that pertain to the business entity are included in the process. The transactions identified are then analyzed to determine the accounts affected and the amounts to be recorded. A journal is a book in which transactions are recorded. Business transactions are recorded using the double-entry bookkeeping...
    427 Words | 2 Pages
  • Steps to Accounting Cycle Transcript
    Steps to the Accounting Cycle The term, accounting cycle, refers to the steps involved in accounting for all of the business activities during an accounting period. These steps are repeated each reporting period. There are ten steps to the accounting cycle. We will go through each one in detail later. But let’s review the basics. Step one begins with analyze transactions. Step two – journalize. Step three – Post. Step four – prepare unadjusted trial balance. Step five – adjust. Step six –...
    974 Words | 4 Pages
  • Xacc/280 Week 6
    Week 6 Checkpoint The accounting cycle is a series of procedures that allow a company to record their transactions and prepare their financial statements in the most accurate way possible. Every cycle starts with a single transaction and ends with the books being closed out for a specific time period. There are nine steps in all. 1. Analyze Business Transactions – As financial transactions occur they are analyzed and considered with respect to their effect on their financial position in...
    542 Words | 2 Pages
  • Accounting Cycle Paper 5
    Running head: ACCOUNTING CYCLE PAPER Accounting Cycle Paper ACC/421 Intermediate Financial Accounting I University of Phoenix January 10, 2011 Accounting Cycle Paper When making decisions, businesses must provide and be able to gather relevant and accurate financial information. Being able to gather and understand this information helps companies make the best informed decisions for business operations, which can only benefit the company. When it comes to gathering the...
    797 Words | 3 Pages
  • Hotel Accounting - 850 Words
    TEST PAPER 1 Subject: Hotel Accounting 1 Serial No: 72367B Test No: 1 Edition: 1 Student Name: Cosme, Felicia Student Number: 10011439164 Question 1: Assets Liabilities Owner's Equity 1. Cash (Example) √ 2. Bank Overdraft √ 3. Capital √ 4. Loans √ 5. Salaries Payable √ 6. Land and buildings √ 7. Telephone payable √ 8. Advertising payable √ 9. Stock on hand...
    850 Words | 14 Pages
  • Horngren IFA 11e Ch03
    Introduction to Financial Accounting Horngren | Sundem | Elliott | Philbrick Recording Transactions 11e Chapter 3 Learning Objectives Use double-entry accounting 2. Describe the five steps in the recording process 3. Analyze and journalize transactions and post journal entries to the ledgers 4. Prepare and use a trial balance 1. Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall. 3-2 Learning Objectives Close revenue and expense accounts and update retained earnings 6....
    2,547 Words | 33 Pages
  • Accounting History - 813 Words
    A SHORT HISTORY OF ACCOUNTING AND BUSINESS The history of accounting is as old as civilization, among the most important professions in economic and cultural development. Accountants invented writing, developed money and banking, innovated the double entry bookkeeping system that fueled the Italian Renaissance, were needed by Industrial Revolution inventors and entrepreneurs for survival, helped develop the capital markets necessary for big business so essential for capitalism, turned into a...
    813 Words | 3 Pages
  • History and Development of Accounting - 2098 Words
    Accounting is defined by the American Institute of Certified Public Accountants (AICPA) as "the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof." Accounting is thousands of years old; the earliest accounting records, which date back more than 7,000 years, were found in Mesopotamia (Assyrians). The people of that time relied on primitive...
    2,098 Words | 6 Pages
  • Accounting Cycle: Generally Accepted Accounting Principles
    Joana Miller Accounting Cycle ACC/421 Intermediate Financial Accounting I April 30, 2012 Somerset properties keep its books in order in a clear, concise, complete way that their tax accountant is happy to work with them. Wesco property management maintained solid account practices. The have three different properties to manage so it is important to keep daily record of each transaction. The three of...
    464 Words | 2 Pages
  • Debit and Credit - 310 Words
    Associate Level Material Appendix B Debits and Credits Consider the information presented in PhxKlips™ Debits and Credits. Pay particular attention to the meaning of debits and credits and their effects on accounts. Then follow the instructions below. 1. Write a response to the following questions: In what two ways is the word debit defined in Debits and Credits? ------------------------------------------------- ------------------------------------------------- Debits are...
    310 Words | 2 Pages
  • BUS 591 Week 4 Template 2013
    BUS591 – Financial Statement and Analysis Week 4 Homework Assignment Templates Instructions: Only enter data in the yellow boxes. The remaining areas are already completed for you. Save the file as follows: lastnamewk4.docx Submit to the assignment box before the due date. (Late assignments will receive a late penalty). Problem 8-2B (a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting)....
    448 Words | 9 Pages
  • Acounting Cycle - 968 Words
    Accounting Cycle Written Assignment The accounting cycle is a series of steps in the accounting process for all business activities during an accounting period. There are ten steps to this accounting cycle that you must follow. Step one – Analyze. Step two – Journalize. Step three – Post. Step four – Prepare unadjusted trial balance. Step Five – Adjust. Step six – Prepare adjusted trial balance. Step seven – Prepare financial statements. Step eight – Close. Step nine – Prepare a post-closing...
    968 Words | 3 Pages
  • Introduction to Accounting for Entrepreneurs - 1934 Words
    Introduction to Accounting MBA 643: INTRODUCTION TO ENTREPRENEURSHIP Introduction to Accounting LECTURE SERIES WEEK 7, LECTURE 8 1 Introduction to Accounting Learning Objectives This Chapter would enable you to understand: Definitions of Accounting Meaning of Accounting Attributes of Accounting Accounting Process Branches of Accounting Book Keeping, Accounting and Accountancy Difference between Book Keeping and Accounting 2 Introduction to Accounting Learning...
    1,934 Words | 18 Pages
  • Accounting Cycle - 740 Words
    The Accounting Cycle The Accounting Cycle The Accounting Cycle is a series of steps for the processing of financial transactions in an accounting period. These financial transactions occur daily or periodically to be included in the financial statements of the company. The steps in an accounting cycle are listed below. 1. Analyze the transactions as they occur in the company. 2. Recording the information in the appropriate journals. 3. Positing debits and credits from the...
    740 Words | 3 Pages
  • ACCOUNTING EVOLUTION 1 - 30900 Words
    NATIONAL OPEN UNIVERSITY OF NIGERIA COURSE CODE:-BHM 107 COURSE TITLE:GENERAL ACCOUNTING II BHM 107 GENERAL ACCOUNTING II COURSE GUIDE BHM 107 GENERAL ACCOUNTING II Course Writer/Developer Sani U. Gurowa Dept. of Accounting University of Abuja, Abuja Programme Leader Dr. O. J. Onwe National Open University of Nigeria Course Coordinator S. O. Israel-Cookey National Open University of Nigeria NATIONAL OPEN UNIVERSITY OF NIGERIA ii BHM 107 GENERAL ACCOUNTING II National Open...
    30,900 Words | 314 Pages
  • Accounting Discussion Board - 439 Words
    Accounting is somewhat of a foreign language to me because I am not very good at organizing and balancing my expenses verses my income but I do own a car as well as have a mortgage and all the bills that follow so it does get taken care of. The place to begin when attempting to explain the basics of accounting is by follows a simple equation were the assets of the company (cash, equipment, supplies, any type of capital, furniture, and banking accounts) must be equal to the liabilities (bills,...
    439 Words | 2 Pages
  • The Nine Steps of Accounting Cycle Checkpoint
    The Nine Steps of Accounting Cycle CheckPoint Step 1 in the accounting process is to analyze the transactions. This would include revenue, expenses, etc., anything that the company received or paid during the time period. Step 2 is to journalize these transactions. To take the information and correctly post each transaction with a debit and credit line item. Step 3 is to post the journal information into an accounting ledger that shows all of the line items as totals in their respective...
    308 Words | 2 Pages
  • Accounting Homework - 310 Words
    NOTES FROM FIRST ASSIGNMENT 1. Start Journal Entry with Debit (s) on the first line (s) and credit (s) on the next lines, e.g., Cash xxx Owner’s Capital xxx 2. No need to write ‘Debit’ and ‘Credit’ when doing a journal entry. Simply indent the credits (including the Account Titles) further to the right and that will signify credits and debits to accountants. 3. Use Account Descriptions that are given in the Problem (e.g., if the problem only has...
    310 Words | 2 Pages
  • Gaap - 335 Words
    GAAP – This is the General Accepted Accounting Principles, it is the basic principles of accounting - http://www.investopedia.com/terms/g/gaap.asp Basic Accounting Formula- means that all balances and ledgers must match at all times. If it does not then something was entered wrong in a ledger -http://www.accountingtools.com/basic-accounting-formula Transaction T account – A term used for double entry book keeping, a ledger with 2 separate lines separating debits and credits...
    335 Words | 1 Page
  • Aaccounting Cycle - 863 Words
    The Accounting Cycle: 9-Step Accounting Process The accounting cycle, also commonly referred to asaccounting process, is a series of procedures in the collection, processing, and communication of financial information. As defined in earlier lessons, accounting involves recording, classifying, summarizing, and interpreting financial information. Financial information is presented in reports called financial statements. But before they can be prepared, accountants need to gather information about...
    863 Words | 3 Pages
  • Acct-110 midterm review
    ACCT 110 - FINANCIAL ACCOUNTING 1 SAMPLE MIDTERM TIME: 90 MINUTES Question Type Possible Marks 1-15 Multiple Choice 16 16 Journal Entries 10 17 Adjusting Entries 6 18 Closing Entries 3 19 Financial Statements 20 20 Other 5 Total Achieved 60 Letter Grade NO EXPLANATIONS ARE REQUIRED FOR JOURNAL ENTRIES. NAME ____________________________________ DATE _____________________________ ACCT 110 - Mock Midterm Page...
    1,539 Words | 14 Pages
  • He Nine Steps O the Accounting Cycle
    The nine steps of the accounting cycle are You must collect and analyze all transactions. It will determine the effect of their financial position in the business. The equations must balance once the transactions are recorded. Journalize the transactions in the general ledger, which should be organized by the specific account. This should happen at least once a month. The next step is to post to the ledger accounts, this should be step 3 in the accounting process. Prepare a Trial...
    255 Words | 1 Page
  • The Source and Structure of Trial Balance
    3.1 Trial balance 3.1.1 The source and structure of trial balance A trial balance is a list with two columns, which are debit and credit. It is important to every company that they need to check the errors that maybe made during enter the transactions into general accounts. If the principles of the double entry have been correctly applied to the recording of transactions in ledger accounts, the total of debit balances will equal to the total of credit balances. So the total of the debit column...
    1,128 Words | 5 Pages
  • Evolution of Financial Accounting - 4466 Words
    Evolution of Financial Accounting Introduction Accountancy is the art of communicating financial information of a business entity to its stakeholders. It is the branch of mathematical science that assists in discovering the causes of success and failure in a business. The American Institute of Certified Public Accountants (AICPA) defines accountancy as "The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are,...
    4,466 Words | 21 Pages
  • Accounting Cycle 11 - 912 Words
    Accounting Cycle Paper Transactions are one type of business event. Transactions may or may not necessitate an accounting entry to occur. Examples of transactions that do not require an accounting entry are placing an order with a vendor, hiring an employee, or changing an interest rate. Examples of transactions that do require an accounting entry are receiving goods from a vendor, selling goods to a customer, paying employees, and borrowing money. Notice that these accounting...
    912 Words | 3 Pages
  • Teaching Accounting - 802 Words
    Student Number : 31829139 Name : Soomaya Gaffoor Module code : SDACTOM Assignment 02 Unique Assignment Number : 306231 Table of Contents Question 1 Question 2 Question 3 Bibliography Page 1 2 3 3 Student Number: 31829139, Course: SDACTOM, Assignment 02 Question 1 Explain the criteria and elements for formulating criterion-directed behavioural outcomes (Mager) as explained in the study guide. Behavioural (criterion-directed) outcomes are specific. They indicate what learners must be able to...
    802 Words | 3 Pages
  • Completing the Accounting Cycle Part 2 Writing Assignment
    Denise Davidson AB114-02 / Accounting I Unit 6 – Writing Assignment Kaplan University Prof. Richard Franchetti March 13, 2012 As many are familiar with the term accounting, not many know what the accounting cycle is comprised of. The term “accounting” itself is defined as “the theory and system of setting up, maintaining, and auditing the books of a business; art of analyzing the financial position and...
    1,144 Words | 4 Pages
  • Accounting Theory - 6352 Words
    +0)26-4  Accounting Theory NEED FOR ACCOUNTING Business is one of the sources of earning income. Whenever a business is started, it requires investment of certain amount which is called as capital. With this amount of capital the businessman may deal either with trading business or manufacturing business. In a trading business, he will buy goods at a lesser price and sells the same to others at a higher price. In case of manufacturing business, he has to buy raw materials and incur...
    6,352 Words | 19 Pages
  • Unit 4 - 586 Words
    Grade Details - All Questions-Unit 6 | 1. | Question : | On March 1, a company collects revenue in advance for the next twelve months and credits a liability account. The adjusting entry at year end on the work sheet would | | | Student Answer: | | increase a liability account | | | | decrease an asset account | | | | decrease a revenue account | | | | decrease a liability account | | | | | 2. | Question : | The income statement is prepared...
    586 Words | 4 Pages
  • Nine Steps of Accounting Xacc 280
    Nine Steps of Accounting Cycle William Watkins XACC/280 March 6, 2012 Donna Adams Nine Steps of the Accounting Cycle Screen Shot 08 March 2012 [pic] The nine steps of the accounting cycle ae generally described as follows. These steps are designed to follow a logical sequence to record transactions and prepare financial statements, and begins with transaction analysis and ends with closing of the books. Step 1. Collect and analyze the...
    253 Words | 2 Pages
  • Account - 441 Words
    Individual Assignment Introduction to Financial Accounting (ACC106) Mega Lawa Trading is a sole proprietorship business owned by Milah Mela. Transactions below are the business activities for the month of December 2013. Date Transaction Effects of Transaction Principles of Double Entry 1 Started a business with a cash at bank for RM 15,000 and cash in hand for RM 10,000 3 Purchased machinery on credit from Happy Machine Supplies amounted to RM 90,000 4 Bought...
    441 Words | 4 Pages
  • Xacc 280 Week 6 Checkpoint
    Amber Stokes University of Phoenix Christy Stephenson June 6, 2013 XACC/280 Checkpoint Week 6 The Nine Steps of the accounting Cycle There are nine steps one must follow when concerning accounting. These steps are as follows within the accounting cycle and their functions: 1. Analyze Transaction- This process is done daily and classifies transactions accordingly to debit or credit. 2. Journalize Transactions- The recording process of the recorded information. 3. Post to...
    265 Words | 1 Page
  • The Accounting Equation ACC300 - 359 Words
     Accounting Equation Paper ACC 300 Accounting Equation The accounting equation is the basis of double entry accounting. The equation places debits and credits on each side of the equation with a balance on each side being required. The debits are accounted for as assets, while the credits fall under liabilities and shareholder equity. (Kimmel, Weygandt, and Kieso, 2011) The equation looks like: Assets = Liabilities + Shareholder Equity. A system of journal entries that show a debit and...
    359 Words | 2 Pages
  • Why Balance of Payments Always Balances
    The Balance of Payments of a country always balances The BOP accounts summarize international transactions for a specific period, usually a year, and are prepared in a single currency, typically the domestic currency for the country concerned. Since the balance of payment is based upon system of double-entry book-keeping, the total debits must equal to total credits. This is because two aspects of each transaction recorded are equal in amount but appear on opposite...
    340 Words | 2 Pages
  • accounting - 1595 Words
    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...
    1,595 Words | 4 Pages
  • Financial Accounting - 1594 Words
    Financial Accounting Assignment 2 1 of 25 The credit term 2/10 n/30 means: that after 10 days 2% interest is charged. that there is a 10% discount if payment is received within 30 days. that there is a 2% discount if payment is received within 10 days. there is a 10% discount if paid immediately and 2% if paid within 30 days. 2 of 25 Family Food Stores purchased canned goods at an invoice price of $3,000 and terms of 2/10, n/30. Half of the goods had been mislabeled and were returned...
    1,594 Words | 8 Pages
  • SAP guide - 324 Words
    GBI Financial Accounting (FI) Exercise Answer Sheet Name Li Zha Page 2 G/L Account Number Type of Account G/L Account Name 100000 BS Bank Account 300000 BS Payables-Trade Account 600000 P&L Sales Revenue 740300 P&L Rent Expense Page 3 Look at the Bank account (100000) – Explain the 3 “listings” to the account information using examples (e.g. currency) where possible in your explanation. The first one is general account of GBI, the...
    324 Words | 4 Pages
  • Acct 290 Week One
    INDIVIDUAL QUESTIONS/PROBLEMS DUE FRIDAY - POST THESE TO THE MAIN CLASSROOM FORUM [please don’t start answering these DQs until Tuesday the start of the class, thanks] 1. What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. * 2. How would the financial statements be useful to managers and employees? How...
    289 Words | 2 Pages
  • The Cycle of Accounting Process - 775 Words
    ounting cycle Accounting Cycle The accounting cycle comprises of the cycle of accounting process. It begins with analysis of the transactions and ends with carrying forward the balances in balance sheet to the next accounting period. It produces numerous records, entries, documents, reports and statements. The most important output of accounting cycle is an enterprise’s financial statements. The following are the steps that summarises an accounting cycle. The accountant performs the...
    775 Words | 3 Pages
  • The History of Accounting - 856 Words
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  • Accounts Receivable and Balance Debit Credit
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  • introduction to accounting - 601 Words
    Introduction to the Accounting Equation Nowadays ,it is mandatory that every business has a bookkeeper or accountant to keep track of their accounts and ledgers but who was the one that developed bookkeeping? Fra Luca Pacioli is an Italian man who was the first person to develop an actual bookkeeping system. He is often called the "father of accounting" because he was the first to publish a detailed description of the double-entry system thus enabling others to study and use it. He was a great...
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  • Ledger Account - 1538 Words
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  • QUIZ CH 01 CH 02
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