ACCOUNTING
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This document contains an intensive accounting course with two sections - financial accounting theory questions and practical financial accounting questions. The theory questions cover objectives of studying financial statements, differences between accounting and economics skills, financial statement users, components of financial information, use of accounting books and journals, and accounting principles. The practical questions involve calculating accounting equations, preparing financial statements from ledger account balances, and more. The course aims to help students strengthen their accounting skills and prepare to apply them in workplace situations.
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10.4 The closing process
The document summarizes the closing process which involves 5 steps:
1) All revenue accounts are closed together to the profit and loss summary account
2) All expense accounts are closed together to the profit and loss summary account
3) The profit and loss summary account is closed to the capital account, transferring the net profit or loss for the period
4) The drawings account is closed to the capital account to record withdrawals of capital
5) The capital account is balanced to carry forward the updated balance to the next period.
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This document discusses techniques for preparing financial statements using incomplete records, including constructing opening and closing balance sheets to calculate profit or loss based on changes in capital amounts. It provides examples of using cash/bank summaries to calculate missing sales or purchase amounts, constructing control accounts to calculate missing sales figures, and using gross/net profit percentages to calculate missing costs, sales, or stock amounts from available data. The examples walk through calculations of profit, closing stock, and preparing statements of profit or loss based on incomplete records about assets, liabilities, capital introduced or withdrawn, and gross profit percentages.
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10.1 Balancing vs. Closing ledgers
The document discusses the differences between balancing accounts and closing ledgers. Balancing accounts leaves account balances to carry forward to the next period, while closing ledgers transfers account balances to financial reports to "close off" the period. The Balance Sheet presents a snapshot of financial position as at a point in time, while the Income Statement aggregates revenues and expenses for a specific period, such as a month. Closing ledger accounts is necessary to accurately prepare these distinct financial statements for a given period and then start fresh for the next period.
10.2 Why are ledgers closed?
Revenue and expense accounts are closed at the end of each reporting period by resetting their balances to zero. This allows the firm to 1) determine its net profit for the period, 2) reset balances so net profit can be calculated for the next period, and 3) complete the accounting cycle and prepare required financial reports. Closing is necessary to comply with accounting principles such as the reporting period principle and relevance, which require separating transactions and financial results into discrete accounting periods.
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The document summarizes the closing process which involves 5 steps:
1) All revenue accounts are closed together to the profit and loss summary account
2) All expense accounts are closed together to the profit and loss summary account
3) The profit and loss summary account is closed to the capital account, transferring the net profit or loss for the period
4) The drawings account is closed to the capital account to record withdrawals of capital
5) The capital account is balanced to carry forward the updated balance to the next period.
Problem based learning (repaired) (autosaved) (2)
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Carol owns New Life Bookkeeping and provides bookkeeping and tax services. She will collect all financial data, prepare monthly statements and package everything needed for taxes so clients don't have to worry. Her services include maintaining accounts, payroll, tax filings and add-ons like tracking multiple revenue streams or expenses. She aims to take bookkeeping tasks off her clients' plates so they can focus on running their businesses smoothly.
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10.2 Why are ledgers closed?
Revenue and expense accounts are closed at the end of each reporting period by resetting their balances to zero. This allows the firm to 1) determine its net profit for the period, 2) reset balances so net profit can be calculated for the next period, and 3) complete the accounting cycle and prepare required financial reports. Closing is necessary to comply with accounting principles such as the reporting period principle and relevance, which require separating transactions and financial results into discrete accounting periods.
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This is only for educational purpose.
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Introduction to Accounting Assessment 2Information· The tot
Introduction to Accounting Assessment 2
Information:
· The total marks available for this assignment is 100. The assessment is 70% of your overall module grade.
· The total word count for this assignment (not including figures, appendices and calculations) is
1500 (+ or- 10%).
A breakdown of the count for each part of the report is given below as guidance.
· The deadline for submitting your assignment is
Friday 7thDecember 2018 at 1155pm.
Please upload to Study Direct
· Assignments received after that time will be subject to the rules for late submission
Submission Format Instructions
· Please ensure that all submissions includes the assignment title – in this case:
Introduction to Accounting 2:
Zhetong General Retailers
· All work should be word processed and typed in Arial font, 11 point with one and a half line spacing with a minimum of 2.5cm margin down both sides of the page.
· You are expected to show evidence of reading by including both in text reference and a reference list after end of the report.
Following these instructions is important as marks are awarded for presentation
Please note:5 marks are available for presentation and 5 for English
Assignment Brief:
Information about ….
Zhetong General Retailers has been operating as a sole trader in Brighton selling food and other household items the past 5 years. A local rival retailer, Ahan is has been operating successfully but due the retirement of the owner, the business is being sold.
Zhetong approaches you with the financial statements of Ahan. He wants you to advise him on whether he should buy the business based on its performance and financial position (Appendix 1). He also provides you with a set of information about Ahan forecasted cash flow for 2019 (Appendix 2).
In addition, there two other investment opportunities for Zhetong, that are given in appendix 3 that are available.
You are required to write a report to Zhetong advising him on the three options available to him as follows:
1. Assess Zhetong’s financial performance for the year ended 31stOctober 2018. To what extent should Zhetong rely on other information other than accounting ratios to assess the performance of Ahan business?
(800words)
2. Zhetong would like you to prepare Ahan’s cash flow forecast for 2019 using the information in
appendix 2
and explain to him the extent to which the ash flow forecast assist Zhetong to assess the decision to purchase Ahan’s business.
(350 words)
3. Perform an investment appraisal, using the payback period, accounting rat of return and net present value, of the two other options available to Zhetong and advise him of the best option he could take. Justify your advice.
(350 words)
Remember
All workings must be submitted as appendices and referenced in the report.
Additional information on the business provided in appendices below consists of:
1. Financial statements for year ending 31stOctober 2018
2. Planned cash movements for year en ...
Tax and the artist ll
The document summarizes information from a presentation on financial fundamentals for creative practitioners, including:
- The presenter, Jane Norton FMAAT, is the director of Norton Accountancy Ltd and formerly served as a trustee for Spike Island for 5 years.
- Norton Accountancy has 3 offices in Bristol, Cardiff, and Newport with 25 staff serving over 2000 clients, many of whom are artists, musicians, writers and designers.
- The presentation covers topics such as methods of trading as different types of businesses, the importance of having a business plan, funding requirements, bookkeeping, profit and loss accounting, tax returns, and annual accounts.
Accounting cycle
The document discusses key accounting concepts including bookkeeping, accounting, double-entry accounting, and the accounting cycle. It defines bookkeeping as the routine recording of financial transactions and accounting as the analysis of a company's financial performance. The accounting cycle includes recording transactions in a journal, posting to ledger accounts, and preparing a trial balance to check the arithmetic accuracy of the ledger. Key accounts include assets, liabilities, equity, revenues and expenses.
Accounting cycle by Dr. Suresh vadde
This document discusses key accounting concepts such as bookkeeping, accounting, the accounting cycle, and financial statements. It defines bookkeeping as recording transactions and accounting as analyzing an organization's performance. The accounting cycle involves recording transactions in journals, posting to ledgers, preparing a trial balance, and ultimately financial statements including trading accounts, profit and loss statements, and balance sheets. Trading accounts determine gross profit or loss, profit and loss statements calculate net profit or loss, and balance sheets present the financial position of an organization by listing assets, liabilities, and capital. Examples are provided to illustrate journal entries, ledger accounts, trial balances, and basic financial statements.
Ac Counting For Business
The document provides details about an accounting for business program by Afterscho☺ol Centre for Social Entrepreneurship. It includes instructions for participants to prepare trading and profit and loss accounts based on transaction details provided for a business owner named Goti for the year ended 31 March 2007. It also provides an additional information and asks participants to prepare a balance sheet as on that date.
Ac Counting For Business
This material is a part of our PGPSE programe. Our programme is available for any student after class 12th / graduation. AFTERSCHO☺OL conducts PGPSE, which is available free to all online students. There are no charges. PGPSE is a very rigorous programme, designed to give a comprehensive training in social entrepreneurship / spiritual entrepreneurship. This programme is aimed at those persons, who want to ultimately set up their own business enterprises which can benefit society substantially. PGPSE is a unique programme, as it combines industry consultancy, business solutions and case studies in addition to spirituality and social concerns. You can read the details at www.afterschoool.tk or at www.afterschool.tk
Bba203 financial accounting...
This document provides information about getting fully solved assignments from an assignment help service. Students are instructed to send their semester, specialization name, and course details to the provided email address or call the phone number to receive help with their assignments. It then provides an example assignment question for a financial accounting course, asking students to journalize transactions, explain accounting objectives and categories of users, define goodwill and provide journal entries for admission of a new partner, and differentiate between trade and cash discounts. The document provides an assignment for students to prepare final accounts from a trial balance with various adjustments.
0452 w17 2_2_qp
This document consists of transactions for Saffie's business for the month of September 2017. It includes 20 transactions to be recorded in Saffie's petty cash book, cash book, and a bank reconciliation statement. Key details include a dishonored cheque, cash and credit sales, payments to suppliers and employees, and discrepancies between Saffie's cash book and bank statement.
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ACCOUNTING
- 1. Lecturer:Etienne NZABIRINDA(Msc,~CPA,Bed) Telephone: +250786933786 E-mail: etienne.nzabirinda@gmail.com https://www.linkedin.com/in/nzabirinda-etienne-963176125/ INTENSIVE ACCOUNTING COURSE SECTION A: FINACIAL ACCOUNTING THEORY QUESTIONS(30Marks) Q1. What is your objective of studying financial statement at your work place? Q2. How accounting skills set is different from economics skills set. Q3. At your work place, you will need to report financial statement to different users, what do you think, they will be. Q4. Conceptualize in details the components of financial information and why are relevant for you. Short essay Q5. Accept or not, you will need accounting of original entry book at your workplace. • Source documents e.g. quotations, purchase orders, receipts, cash vouchers etc. • Books of original entries e.g. sales journals, purchases journals, return inwards journals, return outwards journal, cash book, petty cash book and general journal Required: How for every book are you ready to use it Q6. Discuss principles of accounting by General accepted accounting principles(GAAP) and Discuss again others accounting principles.
- 2. SECTIONB:PRATICAL FINACIAL ACCOUNTING QUESTIONS/70Marks Q.1 Which of the following is correct or incorrect? And why • Assets - Capital = Liabilities • Liabilities + Capital = Assets • Liabilities + Assets = Capital • Assets - Liabilities = Capital Q.2 Which of the following is right or wrong? And why Assets Liabilities Capital FRW FRW FRW (a) 7,850 1,250 6,600 (b) 8,200 2,800 5,400 (c) 9,550 1,150 8,200 (d) 6,540 1,120 5,420 Q.3 You are to complete the gaps on the following table? Assets Liabilities Capital FRW FRW FRW (a) 55,000 16,900 ? (b) ? 17,200 34,400 (c) 36,100 ? 28,500 (d) 119,500 15,400 ? e) 88,000 ? 62,000 f) ? 49,000 110,000 Q4. Capital of FRW10,0000,000 was introduced into business of shopping Mall at Gishushu and lodged to the Bank Account. Required to prepare ledger account
- 3. Q5. The following list of balances has been extracted from the ledger of AMEQUICO Ltd as at 31December 20X2 FRW Sales 32,279 Bank Interest paid 1,978 Rent and Rates 3,271 Postage and Stationery 242 Advertising 785 Salaries and Wages 8,437 Repairs and Renewals 125 Cost of Sales 16,346 Required: Prepare the Statement of Comprehensive Income for the year ended 31December, 20X2 Hint AMEQUICO Limited Statement of Comprehensive Income for the Year Ended 31stDecember 20X2 Sales FRW FRW ? Cost of Sales (?) Gross Profit ? Expenses: Rent and Rates ? Bank Interest ? Postage and Stationery ? Advertising ? Salaries ? Repairs ? ? Net Profit ?
- 4. Q6.The following are details of the assets, liabilities at 31st December 20X0 and revenue and expenses for the year ended 31st December 20X0 of EUGENIE INVESTMENT Limited which commenced business on 1st January 20X0. The figures are presented in the form of a list of balances: - FRW Share Capital 3,500 Non-current Assets 8,800 Inventory 400 Sales 30,000 Trade Receivables 800 Cost of Sales 20,000 Trade Payables 500 Administration Expenses 3,000 Selling and Distribution Expenses 4,000 Loan Capital 3,000 Required to prepare: • Statement of Comprehensive Income for year ended 31st December, 20X0 • The Statement of Financial Position as at 31st December, 20X0
- 5. Hint EUGENIE INVESTMENT LIMITED Statement of Comprehensive Income for the year ended 31st December 20X0 FRW FRW Sales ? Less: Cost of Sales ? Gross Profit ? Less: Administration Expenses (?) Selling and Distribution Expenses (?) (?) Net Profit ? EUGENIE INVESTMENT Limited Statement of Financial Position as at 31th December20X0 FRW FRW Employment of Capital Non-current ? Assets Current Assets Inventory ? Trade Receivables ? ? ? Capital Employment Share Capital ? Reserves (Revenue) ? Shareholders’ Funds ? Non-current Liabilities ? Current Liabilities ? ? Nice work