142
Chapter 4
Completing the
Accounting Cycle
Scan Study Objectives ■
Read Feature Story ■
Read Preview ■
Read text and answer Before You Go On
p. 150 ■ p. 160 ■ p. 168 ■
Work Demonstration Problem ■
Review Summary of Study Objectives ■
Answer Self-Study Questions ■
Complete Assignments ■
After studying this chapter, you should be
able to:
1 Prepare a worksheet.
2
books.
3 Describe the content and purpose of a
post-closing trial balance.
4 State the required steps in the
accounting cycle.
5 Explain the approaches to preparing
correcting entries.
6
balance sheet.
The NavigatorS T U D Y O B J E C T I V E S ✓
Feature Story
EVERYONE LIKES TO WIN
When Ted Castle was a hockey coach at the University of Vermont, his play-
ers were self-motivated by their desire to win. Hockey was a game you
either won or lost. But at Rhino Foods, Inc., a bakery-foods company he
founded in Burlington, Vermont, he discovered that manufacturing-line work-
ers were not so self-motivated. Ted thought, what if he turned the food-
making business into a game, with rules, strategies, and trophies?
Ted knew that in a game knowing the score is all-important. He felt that
only if the employees know the score—know exactly how the business is
doing daily, weekly, monthly—could he turn food-making into a game. But
Rhino is a closely held, family-owned business, and its financial statements
The Navigator✓
Explain the process of closing the
Identify the sections of a classified
143
and profits were confidential. Ted
wondered, should he open Rhino’s books
to the employees?
A consultant put Ted’s concerns in per-
spective when he said, “Imagine you’re
playing touch football. You play for an
hour or two, and the whole time I’m sit-
ting there with a book, keeping score. All
of a sudden I blow the whistle, and I say,
‘OK, that’s it. Everybody go home.’ I
close my book and walk away. How
would you feel?” Ted opened his books
and revealed the financial statements to
his employees.
The next step was to teach employees
the rules and strategies of how to “win”
at making food. The first lesson: “Your
opponent at Rhino is expenses. You must cut and control expenses.” Ted
and his staff distilled those lessons into daily scorecards—production reports
and income statements—that keep Rhino’s employees up-to-date on the
game. At noon each day, Ted posts the previous day’s results at the
entrance to the production room. Everyone checks whether they made or
lost money on what they produced the day before. And it’s not just an
academic exercise: There’s a bonus check for each employee at the end of
every four-week “game” that meets profitability guidelines.
Rhino has flourished since the first game. Employment has increased from
20 to 130 people, while both revenues and profits have grown dramatically.
The Navigator✓
Inside Chapter 4
• Cisco Performs the Virtual Close (p. 155)
• Yale Express Loses Some Transportation Bills (p. 160)
• Big Changes Are Coming to Chinese.
142
Chapter 4
Completing the
Accounting Cycle
Scan Study Objectives ■
Read Feature Story ■
Read Preview ■
Read text and answer Before You Go On
p. 150 ■ p. 160 ■ p. 168 ■
Work Demonstration Problem ■
Review Summary of Study Objectives ■
Answer Self-Study Questions ■
Complete Assignments ■
After studying this chapter, you should be
able to:
1 Prepare a worksheet.
2
books.
3 Describe the content and purpose of a
post-closing trial balance.
4 State the required steps in the
accounting cycle.
5 Explain the approaches to preparing
correcting entries.
6
balance sheet.
The NavigatorS T U D Y O B J E C T I V E S ✓
Feature Story
EVERYONE LIKES TO WIN
When Ted Castle was a hockey coach at the University of Vermont, his play-
ers were self-motivated by their desire to win. Hockey was a game you
either won or lost. But at Rhino Foods, Inc., a bakery-foods company he
founded in Burlington, Vermont, he discovered that manufacturing-line work-
ers were not so self-motivated. Ted thought, what if he turned the food-
making business into a game, with rules, strategies, and trophies?
Ted knew that in a game knowing the score is all-important. He felt that
only if the employees know the score—know exactly how the business is
doing daily, weekly, monthly—could he turn food-making into a game. But
Rhino is a closely held, family-owned business, and its financial statements
The Navigator✓
Explain the process of closing the
Identify the sections of a classified
143
and profits were confidential. Ted
wondered, should he open Rhino’s books
to the employees?
A consultant put Ted’s concerns in per-
spective when he said, “Imagine you’re
playing touch football. You play for an
hour or two, and the whole time I’m sit-
ting there with a book, keeping score. All
of a sudden I blow the whistle, and I say,
‘OK, that’s it. Everybody go home.’ I
close my book and walk away. How
would you feel?” Ted opened his books
and revealed the financial statements to
his employees.
The next step was to teach employees
the rules and strategies of how to “win”
at making food. The first lesson: “Your
opponent at Rhino is expenses. You must cut and control expenses.” Ted
and his staff distilled those lessons into daily scorecards—production reports
and income statements—that keep Rhino’s employees up-to-date on the
game. At noon each day, Ted posts the previous day’s results at the
entrance to the production room. Everyone checks whether they made or
lost money on what they produced the day before. And it’s not just an
academic exercise: There’s a bonus check for each employee at the end of
every four-week “game” that meets profitability guidelines.
Rhino has flourished since the first game. Employment has increased from
20 to 130 people, while both revenues and profits have grown dramatically.
The Navigator✓
Inside Chapter 4
• Cisco Performs the Virtual Close (p. 155)
• Yale Express Loses Some Transportation Bills (p. 160)
• Big Changes Are Coming to Chinese.
Chapter 4 THE ADJUSTMENT PROCESSPrinciples of Accounting, VoWilheminaRossi174
Chapter 4 THE ADJUSTMENT PROCESS
Principles of Accounting, Volume 1: Financial Accounting
PowerPoint Image Slideshow
Chapter Outline
4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries
4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
4.3 Record and Post the Common Types of Adjusting Entries
4.4 Use the Ledger Balances to Prepare an Adjusted Trial Balance
4.5 Prepare Financial Statements Using the Adjusted Trial Balance
Module 4.1 Explain the Concepts and Guidelines Affecting Adjusting
Entries
Public companies use either US generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS), as allowed by the Securities and Exchange Commission (SEC) regulations.
Companies, public or private, using US GAAP or IFRS prepare their financial statements using the rules of accrual accounting.
With accrual basis accounting, revenues and expenses are recorded in the accounting period in which they were earned or incurred, no matter when cash receipts or payments occur. Individually, these are the revenue recognition principle and the expense recognition principle. Collectively they are known as the matching principle.
The accrual method standardizes reporting information for comparability purposes.
Comparable information is important to external users of information trying to make investment or lending decisions, and to internal users trying to make decisions about company performance, budgeting, and growth strategies.
Some nonpublic companies may choose to use cash basis accounting rather than accrual basis accounting to report financial information.
Teacher Notes: In this chapter, we look at Steps 5, 6, and 7 of the accounting cycle, but to understand why these stages occur, it is first necessary to understand the following concepts: accrual accounting, accounting period, and calendar versus fiscal year.
3
An accounting period breaks down company financial information into specific time spans and can cover a month, a quarter, a half-year, or a full year.
Public companies governed by GAAP are required to present quarterly (three-month) accounting period financial statements called 10-Qs.
Most public and private companies keep monthly, quarterly, and yearly (annual) period information. This is helpful for users needing up-to-date financial data to make decisions about company investment and growth.
Accounting Period
A company may choose its yearly reporting period to be based on a calendar or fiscal year.
A calendar year shows financial data from January 1 to December 31 of a specific year.
A fiscal year is a twelve-month reporting cycle that can begin in any month and records financial data for that consecutive twelve-month period.
An interim period is any reporting period shorter than a full year (fiscal or calendar). They can be monthly, quarterly, or half-year statements. The information contained on these statements is timelier than waiting for ...
Annual Report Assignment Instruction Booklet
FINANCIAL ACCOUNTING 2
1
CONTENTS
Nature of Assignment .............................................................................................................................. 2
Learning objectives for this assessment task ......................................................................................... 2
Specific Directions and Requirements .................................................................................................... 2
Statement on Use of Draft Feedback ...................................................................................................... 5
Academic Integrity Issues in relation to this assignment ........................................................................ 6
Single report or group ............................................................................................................................. 8
Criteria for assessment ........................................................................................................................... 9
Submission of assignment .................................................................................................................... 11
Extensions for assignments .................................................................................................................. 11
Option to sumbit draft statement of profit or loss and other comprehensive income ........................... 12
Checklist for draft option ...................................................................................................................... 14
Checklist for assignment ...................................................................................................................... 14
Feedback form ...................................................................................................................................... 15
2
Annual Report Assignment
Nature of Assignment
You will be provided with a case study, comprising a trial balance and additional information, in relation
to a fictitious company. This case study can be accessed from the course learnonline site. Using this
information as a basis, you are required to prepare an annual report suitable for publication a particular
year ending 30 June. This must include the following:
title page and contents page
statement of profit or loss and other comprehensive income
statement of financial position
statement of changes in equity
notes to the financial statements
directors declaration
annual directors report
annual auditors report
reference list.
These must meet the minimum requirements of those Australian accounting standards/
pronouncements and corporations law as detailed in this booklet.
In addition you must include a Statement on Use of Draft Feedback and an appendix. Further details
about these are included.
Financial accounting 17th edition williams solutions manualKrisWu123
Download at: https://goo.gl/VEVubs
financial and managerial accounting 17th edition solutions pdf
financial and managerial accounting 16th edition answers
financial and managerial accounting 17th edition solutions free
financial and managerial accounting solutions pdf
financial and managerial accounting the basis for business decisions 17th edition solutions
financial and managerial accounting 16th edition solutions pdf
financial accounting solution manual pdf
financial and managerial accounting 16th edition answers pdf
Chapter 3
The Accounting System
Learning Objectives
• Understand the need for and general characteristics of a proper accounting system.
• Understand accounts and how they are impacted by the debit/credit rules.
• Know how to prepare journal entries to describe the effects of transactions and events.
• Post accounts to the general ledger and prepare a trial balance.
• Apply features and tools that are used to enhance and improve accounting systems
and processes.
Martin Barraud/OJO Images/Getty Images
eps81189_03_c03.indd 37 12/20/13 8:49 AM
CHAPTER 3Section 3.1 Exploring Accounting Systems
Chapter Outline
Introduction
3.1 Exploring Accounting Systems
3.2 Chart of Accounts
3.3 Accounts and Debits/Credits
Debit and Credit Rules
T-Accounts
3.4 Transaction Analysis
Critical Thinking About Transaction Analysis
An Applied Example of Transaction Analysis
3.5 General Journal
Posting the General Ledger
Review of the Sequence of Transaction Recording
A Balanced Trial Balance: No Guarantee of Correctness
Special Journals
3.6 Source Documents
3.7 Thinking About Automation
3.8 Critical Thinking About Debits and Credits
Introduction
Exhibit 2.5 shows how transactions systematically impact the accounting equation and resulting financial statements. Although this system works fine as an introduction to
the accounting equation, it is not adequate for managing an actual business. Too many
transactions originate in too many places for a single tabulation to capture all business
activity reliably. Many small businesses have tried to use a simple schedule or spreadsheet
to record and process all their activities; however, chaos quickly rules. A more complete
and controlled accounting system is needed to manage today’s complex businesses. In
this chapter, we will explore the design and use of modern accounting practices.
3.1 Exploring Accounting Systems
Large and successful healthcare businesses have invariably developed robust account-ing information systems. This suggests that the pathway to business success entails
more than just providing excellent medical services. It also entails thoughtful develop-
ment of well-designed accounting information systems. It is far better to establish a proper
system at the outset of launching a healthcare business than to come back later and try to
repair an inadequate system. By the time a business discovers that its system is deficient,
it is often too late. The business may well have lost control of necessary information for
proper business management. The results are often disastrous.
eps81189_03_c03.indd 38 12/20/13 8:49 AM
CHAPTER 3Section 3.2 Chart of Accounts
This naturally leads you to wonder about the core elements of a proper system. Clearly,
the accounting system must provide a basis for preparing financial statements. This is the
end objective and reflects the aggregation of all activity. Thus, the goal of an accounting
system is to process transactions and events ...
Unit 1 AssignmentFinancial Statement Overview· Activity Contex.docxwillcoxjanay
Unit 1 Assignment
Financial Statement Overview
· Activity Context
Revisit the MBA6014 Course Alignment Map to review how all activities assist you in achieving the course competencies and overall program outcomes.
Activity Instructions
This assignment provides you the opportunity to prepare basic financial statements and apply the knowledge learned in Unit 1 to locate financial information in a set of financial statements. Complete P1-1 (page 33) and CP1-2 (page 37) from Chapter 1 of your Financial Accounting textbook.
Submission Requirements
All quantitative assignments must be completed in the Microsoft Excel templates provided. In conjunction with the purchase of your textbook, Excel templates have been specially arranged with the publisher and embedded directly throughout the courseroom for easy access (see the Resources section).
Create one workbook with multiple tabs, copying each problem's template onto a separate tab and completing the work there. Submit this single file in the assignment area. Include your name and the assignment number in the file name; also include your name and the problem number on each tab of the document. All work should be shown. Assignments must not be submitted as a PDF.
Refer to the scoring guide for this assignment to ensure that you meet the grading criteria. Note that one scoring guide is used to evaluate both of the problems in this assessment; each criterion in the scoring guide relates to one or both of the problems here.
Unit 1 Assignment 2
The Effects of Transactions in T-Accounts· Activity Context
Revisit the MBA6014 Course Alignment Map to review how all activities assist you in achieving the course competencies and overall program outcomes.Activity Instructions
The ability to determine the financial impact of transactions is an important skill that all business professionals should possess. T-accounts provide a valuable tool for analyzing the effects of transactions. This assignment provides you the opportunity to analyze various transactions using T-accounts and utilize the information to prepare a classified balance sheet. In addition, you will utilize the new concepts learned in this chapter to further analyze the financial statements of Urban Outfitters.
Complete P2-3 (pages 88–89) and CP2-2 (page 93) from Chapter 2 of your Financial Accounting textbook.Submission Requirements
All quantitative assignments must be completed on the Microsoft Excel templates provided. Create one workbook with multiple tabs, copying each problem's template onto a separate tab and completing the work there. Submit this single file in the assignment area. Include your name and the assignment number in the file name; also include your name and the problem number on each tab of the document. All work should be shown. Assignments must not be submitted as a PDF.
Refer to the scoring guide for this assignment to ensure that you meet the grading criteria. Note that one scoring guide is used to evaluate both of the prob ...
Accounting Cycle - Trial Balance - Easy AccountingFaHaD .H. NooR
Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements. It is usually prepared at the end of an accounting period to assist in the drafting of financial statements. Ledger balances are segregated into debit balances and credit balances. Asset and expense accounts appear on the debit side of the trial balance whereas liabilities, capital and income accounts appear on the credit side. If all accounting entries are recorded correctly and all the ledger balances are accurately extracted, the total of all debit balances appearing in the trial balance must equal to the sum of all credit balances.
Purpose of a Trial Balance
Trial Balance acts as the first step in the preparation of financial statements. It is a working paper that accountants use as a basis while preparing financial statements.
Trial balance ensures that for every debit entry recorded, a corresponding credit entry has been recorded in the books in accordance with the double entry concept of accounting. If the totals of the trial balance do not agree, the differences may be investigated and resolved before financial statements are prepared. Rectifying basic accounting errors can be a much lengthy task after the financial statements have been prepared because of the changes that would be required to correct the financial statements.
Trial balance ensures that the account balances are accurately extracted from accounting ledgers.
Trail balance assists in the identification and rectification of errors.
Limitations of a trial balance
Trial Balance only confirms that the total of all debit balances match the total of all credit balances. Trial balance totals may agree in spite of errors. An example would be an incorrect debit entry being offset by an equal credit entry. Likewise, a trial balance gives no proof that certain transactions have not been recorded at all because in such case, both debit and credit sides of a transaction would be omitted causing the trial balance totals to still agree.
Trial Balance Format
The initial trial balance report contains the following columns:
Account number
Account name
Ending debit balance (if any)
Ending credit balance (if any)
Abstract: A financial statement is the lifeblood of any business. People rely on these financial statements to know the condition, performance and ability to efficiently sustain past and future operations of a particular business. The above topic throws light on credentials of financial statement analysis in both theoretical and pragmatic ways. Through this I want to highlight the ways, methods and techniques to analyse the financial statements to determine the position of business, its profitability, future earnings, ability to pay interest, etc. in more detailed manner, which is helpful to extrapolate and forecast the future of a business concern.
Chapter 4 THE ADJUSTMENT PROCESSPrinciples of Accounting, VoWilheminaRossi174
Chapter 4 THE ADJUSTMENT PROCESS
Principles of Accounting, Volume 1: Financial Accounting
PowerPoint Image Slideshow
Chapter Outline
4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries
4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
4.3 Record and Post the Common Types of Adjusting Entries
4.4 Use the Ledger Balances to Prepare an Adjusted Trial Balance
4.5 Prepare Financial Statements Using the Adjusted Trial Balance
Module 4.1 Explain the Concepts and Guidelines Affecting Adjusting
Entries
Public companies use either US generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS), as allowed by the Securities and Exchange Commission (SEC) regulations.
Companies, public or private, using US GAAP or IFRS prepare their financial statements using the rules of accrual accounting.
With accrual basis accounting, revenues and expenses are recorded in the accounting period in which they were earned or incurred, no matter when cash receipts or payments occur. Individually, these are the revenue recognition principle and the expense recognition principle. Collectively they are known as the matching principle.
The accrual method standardizes reporting information for comparability purposes.
Comparable information is important to external users of information trying to make investment or lending decisions, and to internal users trying to make decisions about company performance, budgeting, and growth strategies.
Some nonpublic companies may choose to use cash basis accounting rather than accrual basis accounting to report financial information.
Teacher Notes: In this chapter, we look at Steps 5, 6, and 7 of the accounting cycle, but to understand why these stages occur, it is first necessary to understand the following concepts: accrual accounting, accounting period, and calendar versus fiscal year.
3
An accounting period breaks down company financial information into specific time spans and can cover a month, a quarter, a half-year, or a full year.
Public companies governed by GAAP are required to present quarterly (three-month) accounting period financial statements called 10-Qs.
Most public and private companies keep monthly, quarterly, and yearly (annual) period information. This is helpful for users needing up-to-date financial data to make decisions about company investment and growth.
Accounting Period
A company may choose its yearly reporting period to be based on a calendar or fiscal year.
A calendar year shows financial data from January 1 to December 31 of a specific year.
A fiscal year is a twelve-month reporting cycle that can begin in any month and records financial data for that consecutive twelve-month period.
An interim period is any reporting period shorter than a full year (fiscal or calendar). They can be monthly, quarterly, or half-year statements. The information contained on these statements is timelier than waiting for ...
Annual Report Assignment Instruction Booklet
FINANCIAL ACCOUNTING 2
1
CONTENTS
Nature of Assignment .............................................................................................................................. 2
Learning objectives for this assessment task ......................................................................................... 2
Specific Directions and Requirements .................................................................................................... 2
Statement on Use of Draft Feedback ...................................................................................................... 5
Academic Integrity Issues in relation to this assignment ........................................................................ 6
Single report or group ............................................................................................................................. 8
Criteria for assessment ........................................................................................................................... 9
Submission of assignment .................................................................................................................... 11
Extensions for assignments .................................................................................................................. 11
Option to sumbit draft statement of profit or loss and other comprehensive income ........................... 12
Checklist for draft option ...................................................................................................................... 14
Checklist for assignment ...................................................................................................................... 14
Feedback form ...................................................................................................................................... 15
2
Annual Report Assignment
Nature of Assignment
You will be provided with a case study, comprising a trial balance and additional information, in relation
to a fictitious company. This case study can be accessed from the course learnonline site. Using this
information as a basis, you are required to prepare an annual report suitable for publication a particular
year ending 30 June. This must include the following:
title page and contents page
statement of profit or loss and other comprehensive income
statement of financial position
statement of changes in equity
notes to the financial statements
directors declaration
annual directors report
annual auditors report
reference list.
These must meet the minimum requirements of those Australian accounting standards/
pronouncements and corporations law as detailed in this booklet.
In addition you must include a Statement on Use of Draft Feedback and an appendix. Further details
about these are included.
Financial accounting 17th edition williams solutions manualKrisWu123
Download at: https://goo.gl/VEVubs
financial and managerial accounting 17th edition solutions pdf
financial and managerial accounting 16th edition answers
financial and managerial accounting 17th edition solutions free
financial and managerial accounting solutions pdf
financial and managerial accounting the basis for business decisions 17th edition solutions
financial and managerial accounting 16th edition solutions pdf
financial accounting solution manual pdf
financial and managerial accounting 16th edition answers pdf
Chapter 3
The Accounting System
Learning Objectives
• Understand the need for and general characteristics of a proper accounting system.
• Understand accounts and how they are impacted by the debit/credit rules.
• Know how to prepare journal entries to describe the effects of transactions and events.
• Post accounts to the general ledger and prepare a trial balance.
• Apply features and tools that are used to enhance and improve accounting systems
and processes.
Martin Barraud/OJO Images/Getty Images
eps81189_03_c03.indd 37 12/20/13 8:49 AM
CHAPTER 3Section 3.1 Exploring Accounting Systems
Chapter Outline
Introduction
3.1 Exploring Accounting Systems
3.2 Chart of Accounts
3.3 Accounts and Debits/Credits
Debit and Credit Rules
T-Accounts
3.4 Transaction Analysis
Critical Thinking About Transaction Analysis
An Applied Example of Transaction Analysis
3.5 General Journal
Posting the General Ledger
Review of the Sequence of Transaction Recording
A Balanced Trial Balance: No Guarantee of Correctness
Special Journals
3.6 Source Documents
3.7 Thinking About Automation
3.8 Critical Thinking About Debits and Credits
Introduction
Exhibit 2.5 shows how transactions systematically impact the accounting equation and resulting financial statements. Although this system works fine as an introduction to
the accounting equation, it is not adequate for managing an actual business. Too many
transactions originate in too many places for a single tabulation to capture all business
activity reliably. Many small businesses have tried to use a simple schedule or spreadsheet
to record and process all their activities; however, chaos quickly rules. A more complete
and controlled accounting system is needed to manage today’s complex businesses. In
this chapter, we will explore the design and use of modern accounting practices.
3.1 Exploring Accounting Systems
Large and successful healthcare businesses have invariably developed robust account-ing information systems. This suggests that the pathway to business success entails
more than just providing excellent medical services. It also entails thoughtful develop-
ment of well-designed accounting information systems. It is far better to establish a proper
system at the outset of launching a healthcare business than to come back later and try to
repair an inadequate system. By the time a business discovers that its system is deficient,
it is often too late. The business may well have lost control of necessary information for
proper business management. The results are often disastrous.
eps81189_03_c03.indd 38 12/20/13 8:49 AM
CHAPTER 3Section 3.2 Chart of Accounts
This naturally leads you to wonder about the core elements of a proper system. Clearly,
the accounting system must provide a basis for preparing financial statements. This is the
end objective and reflects the aggregation of all activity. Thus, the goal of an accounting
system is to process transactions and events ...
Unit 1 AssignmentFinancial Statement Overview· Activity Contex.docxwillcoxjanay
Unit 1 Assignment
Financial Statement Overview
· Activity Context
Revisit the MBA6014 Course Alignment Map to review how all activities assist you in achieving the course competencies and overall program outcomes.
Activity Instructions
This assignment provides you the opportunity to prepare basic financial statements and apply the knowledge learned in Unit 1 to locate financial information in a set of financial statements. Complete P1-1 (page 33) and CP1-2 (page 37) from Chapter 1 of your Financial Accounting textbook.
Submission Requirements
All quantitative assignments must be completed in the Microsoft Excel templates provided. In conjunction with the purchase of your textbook, Excel templates have been specially arranged with the publisher and embedded directly throughout the courseroom for easy access (see the Resources section).
Create one workbook with multiple tabs, copying each problem's template onto a separate tab and completing the work there. Submit this single file in the assignment area. Include your name and the assignment number in the file name; also include your name and the problem number on each tab of the document. All work should be shown. Assignments must not be submitted as a PDF.
Refer to the scoring guide for this assignment to ensure that you meet the grading criteria. Note that one scoring guide is used to evaluate both of the problems in this assessment; each criterion in the scoring guide relates to one or both of the problems here.
Unit 1 Assignment 2
The Effects of Transactions in T-Accounts· Activity Context
Revisit the MBA6014 Course Alignment Map to review how all activities assist you in achieving the course competencies and overall program outcomes.Activity Instructions
The ability to determine the financial impact of transactions is an important skill that all business professionals should possess. T-accounts provide a valuable tool for analyzing the effects of transactions. This assignment provides you the opportunity to analyze various transactions using T-accounts and utilize the information to prepare a classified balance sheet. In addition, you will utilize the new concepts learned in this chapter to further analyze the financial statements of Urban Outfitters.
Complete P2-3 (pages 88–89) and CP2-2 (page 93) from Chapter 2 of your Financial Accounting textbook.Submission Requirements
All quantitative assignments must be completed on the Microsoft Excel templates provided. Create one workbook with multiple tabs, copying each problem's template onto a separate tab and completing the work there. Submit this single file in the assignment area. Include your name and the assignment number in the file name; also include your name and the problem number on each tab of the document. All work should be shown. Assignments must not be submitted as a PDF.
Refer to the scoring guide for this assignment to ensure that you meet the grading criteria. Note that one scoring guide is used to evaluate both of the prob ...
Accounting Cycle - Trial Balance - Easy AccountingFaHaD .H. NooR
Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements. It is usually prepared at the end of an accounting period to assist in the drafting of financial statements. Ledger balances are segregated into debit balances and credit balances. Asset and expense accounts appear on the debit side of the trial balance whereas liabilities, capital and income accounts appear on the credit side. If all accounting entries are recorded correctly and all the ledger balances are accurately extracted, the total of all debit balances appearing in the trial balance must equal to the sum of all credit balances.
Purpose of a Trial Balance
Trial Balance acts as the first step in the preparation of financial statements. It is a working paper that accountants use as a basis while preparing financial statements.
Trial balance ensures that for every debit entry recorded, a corresponding credit entry has been recorded in the books in accordance with the double entry concept of accounting. If the totals of the trial balance do not agree, the differences may be investigated and resolved before financial statements are prepared. Rectifying basic accounting errors can be a much lengthy task after the financial statements have been prepared because of the changes that would be required to correct the financial statements.
Trial balance ensures that the account balances are accurately extracted from accounting ledgers.
Trail balance assists in the identification and rectification of errors.
Limitations of a trial balance
Trial Balance only confirms that the total of all debit balances match the total of all credit balances. Trial balance totals may agree in spite of errors. An example would be an incorrect debit entry being offset by an equal credit entry. Likewise, a trial balance gives no proof that certain transactions have not been recorded at all because in such case, both debit and credit sides of a transaction would be omitted causing the trial balance totals to still agree.
Trial Balance Format
The initial trial balance report contains the following columns:
Account number
Account name
Ending debit balance (if any)
Ending credit balance (if any)
Abstract: A financial statement is the lifeblood of any business. People rely on these financial statements to know the condition, performance and ability to efficiently sustain past and future operations of a particular business. The above topic throws light on credentials of financial statement analysis in both theoretical and pragmatic ways. Through this I want to highlight the ways, methods and techniques to analyse the financial statements to determine the position of business, its profitability, future earnings, ability to pay interest, etc. in more detailed manner, which is helpful to extrapolate and forecast the future of a business concern.
SPECIFIC LEARNING OBJECTIVES:
At the end of this module you MUST be able to:
1. Identify the tools that a systems analyst could use.
2. Describe and differentiate each tool.
3. Use the appropriate tool for a certain and different situation.
TOPIC:
1. Systems development life cycle (SDLC)
2. Planning phase
3. Analysis phase
4. Design phase
5. Development phase
6. Implementation phase
7. Structured systems analysis
8. System model
9. Tools of structured analysis
SPECIFIC LEARNING OBJECTIVES:
At the end of this module you MUST be able to:
1. Identify the nature of systems.
2. Define what a system is.
3. Differentiate the types and classifications of the system.
4. Discuss different business systems and information systems.
5. Give an overview of system fundamentals and the general system
principles.
6. Identify who are the players in the system's game.
TOPIC:
1. The nature of systems
2. System definition
3. Classification
4. Types
5. Business systems and Information systems
6. System fundamentals
7. General systems principles
8. Players in the system's game
SPECIFIC LEARNING OBJECTIVES:
At the end of this module you MUST be able to:
1. Give an overview of the analysis.
2. Define what analysis is and systems analysis.
3. Lists the advantages and limitations of systems analysis.
4. Cite the responsibilities of the systems analysts.
5. Identify the scientific method of problem-solving.
TOPIC:
1. Overview of analysis
2. Definition of analysis
3. The study of systems analysis
4. Definition systems analysis
5. Advantages of systems analysis
6. Limitations of systems analysis
7. Responsibilities of the systems analyst
8. The scientific method of problem-solving
SPECIFIC LEARNING OBJECTIVES:
At the end of this module you MUST be able to:
1. Identify the different feasibility studies that could be used by the systems
analyst.
2. Describe and differentiate each feasibility study.
3. Use and apply a certain and appropriate feasibility study according to the
needs of the organization’s information system being developed.
TOPIC:
1. Technical feasibility
2. Operational feasibility
3. Economic feasibility
4. Cost-benefit study
5. Market analysis
SPECIFIC LEARNING OBJECTIVES:
At the end of this module you MUST be able to:
1. Identify the tools that a systems analyst could use.
2. Describe and differentiate each tool.
3. Use the appropriate tool for a certain and different situation.
TOPIC:
1. Systems development life cycle (SDLC)
2. Planning phase
3. Analysis phase
4. Design phase
5. Development phase
6. Implementation phase
7. Structured systems analysis
8. System model
9. Tools of structured analysis
SPECIFIC LEARNING OBJECTIVES:
At the end of this module you MUST be able to:
1. Identify the tools that a systems analyst could use.
2. Describe and differentiate each tool.
3. Use the appropriate tool for a certain and different situation.
TOPIC:
1. Systems development life cycle (SDLC)
2. Planning phase
3. Analysis phase
4. Design phase
5. Development phase
6. Implementation phase
7. Structured systems analysis
8. System model
9. Tools of structured analysis
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Safalta Digital marketing institute in Noida, provide complete applications that encompass a huge range of virtual advertising and marketing additives, which includes search engine optimization, virtual communication advertising, pay-per-click on marketing, content material advertising, internet analytics, and greater. These university courses are designed for students who possess a comprehensive understanding of virtual marketing strategies and attributes.Safalta Digital Marketing Institute in Noida is a first choice for young individuals or students who are looking to start their careers in the field of digital advertising. The institute gives specialized courses designed and certification.
for beginners, providing thorough training in areas such as SEO, digital communication marketing, and PPC training in Noida. After finishing the program, students receive the certifications recognised by top different universitie, setting a strong foundation for a successful career in digital marketing.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
1. ACCT 11
Module Title: PREPARATION OF WORKSHEET
Developer: Mrs. Sarah Joy D. Martin
Materials: Eugene A. Ruano, CPA
2. SPECIFIC LEARNING
1 Discussed how to adjust the entries
2 Understand the meaning of adjusting entries
3 Understand why we need adjustments
3. 1 Understand the process of worksheet
2 Understand the purpose of worksheet
3 Discuss how to balance all the total of each
column
4 Analyzed how to debit and to credit
4. WORKSHEET
A worksheet is a multiple-column form that is used in preparing
and adjusting financial statements.
Multiple column sheets wherein all necessary information used
for the preparation of the financial statement is recorded in a
systematic process is called a worksheet.
The worksheet is not a permanent account.
It is not a part of a journal or ledger. It is a device
used for easy preparation of adjusting entries and
financial statements.
5. 3 TYPES OF WORKSHEET
1. GENERAL WORKSHEET
contains four to six pairs of columns.
Trial balance,
Adjustment,
Adjusted trial balance,
An income statement, and
Balance sheet
five pair columns or ten columns worksheets can serve the
purpose of general business.
6. 3 TYPES OF WORKSHEET
1. GENERAL WORKSHEET
contains four to six pairs of columns.
Trial balance,
Adjustment,
Adjusted trial balance,
An income statement, and
Balance sheet
five pair columns or ten columns worksheets can serve the
purpose of general business.
7. 3 TYPES OF WORKSHEET
2. DETAILED WORKSHEET
prepared for containing more detailed information over a
general worksheet
Accounts receivable and accounts payable lists,
Production expenditure lists,
Insurance premium lists etc.
Sometimes extra sheet containing columns are enclosed for
explaining particular items.
8. 3 TYPES OF WORKSHEET
3. AUDIT WORKSHEET
used for preparing financial statements and
lists for various uses of business concerns.
prepared in the light of the auditing
of various items included in the
worksheet. It is an aid to audit the
work of a business concern.
9. E. Mortiz, lawyer
Worksheet
March 31, 2019
REF
ACCOUNT
TITLE
TRIAL BALANCE ADJUSTMENTS
ADJUSTED
TRIAL BALANCE
INCOME
STATEMENT
BALANCE
SHEET
DR CR DR CR DR CR DR CR DR CR
STEPS OF PREPARING
ACCOUNTING WORKSHEET
1. Name of business organization
and preparation date
2. Drawing column and mentioning the
head of the column
3. Unadjusted Trial Balance
*Pre-Closing TB
4. Adjustment
*not exist in the trial
balance
5. Adjusted trial balance
*ledger balances –
adjusted and unadjusted
6. Income Statement
*Profit/Loss = T_income
– T_expenses
7. Retained earning
statements
*Transfer to Balance
sheet,T_Dr – T_Cr
8.Balance Sheet-
profit org; activity
over a set financial
activity /
Statement of
Financial Position
– non
profit:spend,resou
rces, liabilities
10. NO. Accounts Title &
Explanation
Debit Credit
1 Office supplies used 50
Supplies 50
(250-200=50)
2 Depreciation – Office
Equipment
435
Accumulated
Depreciation – office
Equipment
435
(4350 X .10 =435)
3 Interest Expense 6
Accrued Interest
Expense
6
(60x .10 = 6)
On December 31, the end of
the accounting period, the
following data were taken:
1. An actual count of office
supplies showed a balance of
P200.
2. Office equipment are
depreciated at 10% per annum.
3. 10% interest has accrued on
the note payable
PREPARE A WORKSHEET