When a general ledger account is graphically represented it is known as T Account. T Account helps in knowing individual ledger accounts and what will be the effect of each transaction. While preparing individual ledger each transaction gets organized and summarized. Copy the link given below and paste it in new browser window to get more information on T Accounts:- http://www.transtutors.com/homework-help/accounting/financial-accounting-t-accounts/
Solutions manual for fundamental accounting principles volume 1 canadian 15th...Miller612
Here are the journal entries to record the transactions:
Jan. 1 Accounts Receivable 1,000
Service Revenue 1,000
To record services provided on account
Jan. 5 Cash 400
Accounts Receivable 400
To record collection of account receivable
Jan. 10 Accounts Payable 920
Cash 920
To record payment of accounts payable
Jan. 15 Service Revenue 900
Accounts Receivable 900
To record services provided on account
Jan. 20 Cash 1,800
Accounts Receivable 1,800
To record collection of accounts receivable
Jan. 25 Cash 2,500
Accounts Payable 2,500
To record payment of accounts payable
Jan. 30 Accounts
This document provides an overview of accounting for receivables. It defines different types of receivables like accounts receivable and notes receivable. It explains how companies recognize, value, and dispose of both accounts receivable and notes receivable. Specific topics covered include recognizing revenue on credit sales, estimating and recording allowance for doubtful accounts, accounting for uncollectible accounts, determining maturity dates and interest on notes, and presenting receivables on financial statements. The document aims to help students understand the key accounting concepts and entries related to receivables.
This document discusses ethics, fraud, and internal controls in accounting information systems. It covers business ethics and computer ethics issues. Regarding fraud, it defines legal fraud and discusses the fraud triangle of pressure, opportunity, and ethics. It describes different types of fraud like fraudulent statements, corruption, and asset misappropriation. The document also discusses internal controls and the COSO framework, which identifies five components of internal control: control environment, risk assessment, control activities, information and communication, and monitoring. Finally, it describes different types of physical and IT controls.
Here are the journal entries for the transactions:
A. Debbie ordered shelving worth $750.
Debit: Shelving $750
Credit: Accounts Payable $750
B. Debbie's selling price on a gallon of milk is increased to $3.25.
No journal entry needed.
C. A customer buys a gallon of milk paying cash.
Debit: Cash $3.25
Credit: Sales $3.25
D. The shelving is delivered with an invoice for $750.
Debit: Accounts Payable $750
Credit: Cash $750
The accounting events that will be recorded are transactions A, C, and D since they involve
1) On November 1, Chris Clark deposited $25,000 into a new bank account for NetSolutions, recording the transaction in the journal.
2) On November 5, NetSolutions purchased land for $20,000 in cash, decreasing the cash account and increasing the land asset account.
3) Throughout the month, NetSolutions incurred various expenses totaling $3,650 which were paid in cash, decreasing the cash account and increasing the various expense accounts.
The document discusses the steps in preparing a worksheet. It begins by explaining how to prepare a trial balance on the worksheet by transferring account balances from the ledger. The second step is to enter adjusting entries in the adjustments columns. The third step is to complete the adjusted trial balance columns by totaling debits and credits. The fourth step extends adjusted account balances to the appropriate financial statement columns. The final step is to compute net income or loss by totaling the columns and determining the difference between revenues and expenses.
This document provides an overview of accounting basics including:
1. Accounting involves identifying, recording, summarizing and reporting economic information to decision makers through financial statements. The key financial statements are the balance sheet and profit and loss statement.
2. Accounting follows double-entry bookkeeping where every transaction has two equal and offsetting entries - a debit and a credit. This allows for the preparation of trial balances to check accuracy.
3. Key accounting concepts include revenue recognition, matching revenues and expenses, accrual accounting and the going concern assumption. Accounting also follows principles like money measurement and accounting periods.
When a general ledger account is graphically represented it is known as T Account. T Account helps in knowing individual ledger accounts and what will be the effect of each transaction. While preparing individual ledger each transaction gets organized and summarized. Copy the link given below and paste it in new browser window to get more information on T Accounts:- http://www.transtutors.com/homework-help/accounting/financial-accounting-t-accounts/
Solutions manual for fundamental accounting principles volume 1 canadian 15th...Miller612
Here are the journal entries to record the transactions:
Jan. 1 Accounts Receivable 1,000
Service Revenue 1,000
To record services provided on account
Jan. 5 Cash 400
Accounts Receivable 400
To record collection of account receivable
Jan. 10 Accounts Payable 920
Cash 920
To record payment of accounts payable
Jan. 15 Service Revenue 900
Accounts Receivable 900
To record services provided on account
Jan. 20 Cash 1,800
Accounts Receivable 1,800
To record collection of accounts receivable
Jan. 25 Cash 2,500
Accounts Payable 2,500
To record payment of accounts payable
Jan. 30 Accounts
This document provides an overview of accounting for receivables. It defines different types of receivables like accounts receivable and notes receivable. It explains how companies recognize, value, and dispose of both accounts receivable and notes receivable. Specific topics covered include recognizing revenue on credit sales, estimating and recording allowance for doubtful accounts, accounting for uncollectible accounts, determining maturity dates and interest on notes, and presenting receivables on financial statements. The document aims to help students understand the key accounting concepts and entries related to receivables.
This document discusses ethics, fraud, and internal controls in accounting information systems. It covers business ethics and computer ethics issues. Regarding fraud, it defines legal fraud and discusses the fraud triangle of pressure, opportunity, and ethics. It describes different types of fraud like fraudulent statements, corruption, and asset misappropriation. The document also discusses internal controls and the COSO framework, which identifies five components of internal control: control environment, risk assessment, control activities, information and communication, and monitoring. Finally, it describes different types of physical and IT controls.
Here are the journal entries for the transactions:
A. Debbie ordered shelving worth $750.
Debit: Shelving $750
Credit: Accounts Payable $750
B. Debbie's selling price on a gallon of milk is increased to $3.25.
No journal entry needed.
C. A customer buys a gallon of milk paying cash.
Debit: Cash $3.25
Credit: Sales $3.25
D. The shelving is delivered with an invoice for $750.
Debit: Accounts Payable $750
Credit: Cash $750
The accounting events that will be recorded are transactions A, C, and D since they involve
1) On November 1, Chris Clark deposited $25,000 into a new bank account for NetSolutions, recording the transaction in the journal.
2) On November 5, NetSolutions purchased land for $20,000 in cash, decreasing the cash account and increasing the land asset account.
3) Throughout the month, NetSolutions incurred various expenses totaling $3,650 which were paid in cash, decreasing the cash account and increasing the various expense accounts.
The document discusses the steps in preparing a worksheet. It begins by explaining how to prepare a trial balance on the worksheet by transferring account balances from the ledger. The second step is to enter adjusting entries in the adjustments columns. The third step is to complete the adjusted trial balance columns by totaling debits and credits. The fourth step extends adjusted account balances to the appropriate financial statement columns. The final step is to compute net income or loss by totaling the columns and determining the difference between revenues and expenses.
This document provides an overview of accounting basics including:
1. Accounting involves identifying, recording, summarizing and reporting economic information to decision makers through financial statements. The key financial statements are the balance sheet and profit and loss statement.
2. Accounting follows double-entry bookkeeping where every transaction has two equal and offsetting entries - a debit and a credit. This allows for the preparation of trial balances to check accuracy.
3. Key accounting concepts include revenue recognition, matching revenues and expenses, accrual accounting and the going concern assumption. Accounting also follows principles like money measurement and accounting periods.
The document discusses the statement of financial position, statement of changes in equity, and statement of cash flows. It covers the major classifications of the statement of financial position including current and non-current assets such as cash, receivables, inventories, long-term investments, property, plant and equipment, and intangible assets. The learning objectives are to explain the uses and limitations of the statement of financial position, identify the classifications, and prepare basic statements of changes in equity and cash flows.
Credit memos are issued by the organization that sent the original invoice to reduce amounts owed when items are damaged or incorrect quantities are received. Debit memos are issued by the organization receiving an invoice to request a reduction in amounts owed when they were undercharged or overcharged. Both debit memos and credit memos reduce outstanding vendor balances in accounts payable systems, but debit memos are issued by the company to the vendor while credit memos are issued by the vendor to the company. Reasons for debit memos include material rejections or reductions in purchase costs, while credit memos may be issued for increased charges or late payment fees.
This document discusses adjusting entries in accounting. It explains that adjusting entries are necessary at the end of an accounting period to update accounts for transactions that have occurred but not yet been recorded. There are two main types of adjusting entries - deferrals and accruals. Deferrals relate to prepaid expenses and unearned revenue, while accruals accumulate revenues and expenses that were incurred in a period but not yet recorded. The document provides examples of prepaid expenses, depreciation, and interest earned to illustrate the adjusting entry process.
The document provides information about adjusting entries for Micro Computer Services for August 2017. It states that accrued revenues of $500 were earned but not recorded for services performed. It also states that accrued expenses of $300 were incurred for unpaid utilities. The adjusting entries would debit Accounts Receivable and credit Service Revenue for $500 to record accrued revenues. For accrued expenses, the adjusting entries would debit Utilities Expense and credit Accounts Payable for $300 to record accrued expenses.
Here are the key steps to solving this problem:
1. Calculate 10% of accounts receivable to estimate uncollectible accounts:
- 10% of $30,000 is 0.1 * $30,000 = $3,000
2. Add the existing balance in the allowance account:
- $2,000 existing balance
3. The total estimated uncollectible accounts is $3,000 + $2,000 = $5,000
Therefore, the adjusting entry is:
Bad Debt Expense 5,000
Allowance for Doubtful Accounts 5,000
This document provides an overview of the basic accounting recording process. It discusses key concepts like accounts, debits and credits, the journal and ledger, and the trial balance. The journal is used to initially record transactions and shows debits and credits. Journal entries are then posted to individual accounts in the ledger. A trial balance lists account balances and proves the equality of total debits and credits.
The document provides an overview of accounting concepts and financial statements for attorneys. It covers topics such as financial statements and tax returns, financial analysis, advisory functions, and client risks and opportunities that can be identified from statements and returns. The document defines accounting and discusses the accounting equation, balance sheet, income statement, statement of cash flows, and components of personal and business tax returns. It emphasizes how statements and returns can provide both obvious and not-so-obvious insights about clients' financial health, risks, opportunities, and more.
Adjusting entries are needed at the end of each accounting period to ensure revenues and expenses are recorded in the correct period. There are two categories of adjusting entries: prepaids, where cash is paid before an expense is recorded, and accruals, where an expense is recorded before cash is paid. Examples of adjusting entries include recording prepaid rent and insurance expenses as they are used up each period, and accruing expenses like salaries that have been incurred but not yet paid. Adjusting entries ensure the financial statements accurately reflect the assets, liabilities, revenues and expenses for the period.
The dimensional modeling process is iterative and requires input from various stakeholders to design a chart of accounts structure that meets business needs. The process begins with an initial data model and then drills down to define each element, address data issues, and transform the data model based on requirements. Dimensional modeling helps make databases easier to understand by viewing them as cubes with multiple dimensions.
Ch03-financial reporting and accounting standardsVivi Tazkia
The document provides an overview of the key concepts and steps covered in Chapter 3 of Intermediate Accounting (IFRS 2nd Edition) by Kieso, Weygandt, and Warfield. It outlines 8 learning objectives for the chapter, which include understanding basic accounting terminology, the double-entry system, the accounting cycle, journalizing and posting transactions, adjusting entries, and preparing financial statements. The chapter also discusses the accounting equation, T-accounts, the different types of accounts, and the accounting process from recording transactions to the adjusted trial balance.
CHAPTER 2 Recording Business TransactionsGene Carboni
This document discusses key accounting concepts such as accounts, ledgers, debits and credits, journals, and trial balances. It provides examples to illustrate how to record business transactions using double-entry accounting. Specifically, it shows a journal entry to record an initial investment in a business. It also demonstrates how to post journal entries to accounts in the general ledger and prepare a trial balance to check the equality of debits and credits.
Fundamentals of Accounting / Introduction of AccountingAfzalur Rahman
1.01 Meaning and Definition of Accounting
1.02 Attributes (Characteristics) of Accounting
1.03 Functions of Accounting
1.04 Accounting Process
1.05 Book Keeping
1.06 Objectives of Accounting
1.07 Advantages of Accounting
1.08 Limitations of Accounting
1.09 Users of Accounting Information
1.10 Systems of Accounting
1.11 Basis of Accounting
The documents contain several adjusting journal entries including entries to record accrued fees earned, depreciation expense, accrued wages, and supplies used. The adjustments impact the financial statements by increasing net income and total assets or owner's equity and correcting account balances.
Adjusting entries bring account balances up to date at the end of an accounting period by recording changes that have not been entered in the accounting records, such as items that have been deferred or accrued. Adjusting entries are necessary when using accrual basis accounting to adhere to the matching principle. Adjusting entries are internal transactions that do not have a source document and involve at least one income statement and one balance sheet account, but do not affect the cash account.
- The document outlines an accounting course for managers, covering topics like financial accounting, depreciation, ratio analysis, fund flow, cost accounting, and more.
- It defines key accounting concepts like identifying, measuring, classifying, recording, and communicating financial information. It also distinguishes transactions from events.
- Basic accounting terms are introduced, like assets, liabilities, equity, capital, and accounting principles and concepts are discussed, like the business entity, money measurement, and revenue recognition concepts.
Here are the steps to do the opening ledger posting for the given transactions:
1. Create ledger accounts for each item - Asset, Liability and Capital accounts
2. Asset accounts
- Cash on Hand - Debit balance of Rs. 40,000
- Bank OD - Credit balance of Rs. 11,000
- Stock of Goods - Debit balance of Rs. 25,000
3. Liability account
- Capital - Credit balance of Rs. 80,000
4. Pass journal entries to record the transactions:
Cash on Hand A/c Dr. 40,000
To Capital A/c 40,000
Bank OD A/c Dr. 11,000
This document provides an assignment classification table for Chapter 4 of Kieso, Weygandt, Warfield, Young, Wiecek Intermediate Accounting, Eighth Canadian Edition. The table lists 10 topics covered in the chapter and assigns brief exercises, regular exercises, problems, and writing assignments for each topic. A second table provides details on 18 sample exercises, including description, level of difficulty, and estimated time to complete. The tables help instructors and students organize practice materials for reporting financial performance and income statements.
ch02 - Conceptual Framework for Financial Reporting.pptNicolasErnesto2
The conceptual framework establishes fundamental concepts that guide standard-setting and financial reporting more broadly. It is being jointly developed by the IASB and FASB and consists of three levels: the objective of financial reporting, qualitative characteristics, and specific concepts. The objective is to provide useful information to capital providers. Key qualitative characteristics include relevance and faithful representation. The framework also outlines basic elements, assumptions, principles, and constraints that guide accounting practices. It aims to create consistency and coherence in financial reporting standards over time.
The document provides an overview of key concepts related to the accounting recording process, including:
1) Accounts, debits, credits, journals, ledgers, and the trial balance are used to record business transactions and ensure equality of debits and credits.
2) Transactions are initially recorded in journals, then posted to ledger accounts to update account balances.
3) A trial balance lists account balances and proves the mathematical equality of total debits and credits.
Fundamentals of Business Mathematics in Canada Canadian 2nd Edition Jerome So...kocajsa
Full download http://alibabadownload.com/product/fundamentals-of-business-mathematics-in-canada-canadian-2nd-edition-jerome-solutions-manual/
Fundamentals of Business Mathematics in Canada Canadian 2nd Edition Jerome Solutions Manual
The document discusses the statement of financial position, statement of changes in equity, and statement of cash flows. It covers the major classifications of the statement of financial position including current and non-current assets such as cash, receivables, inventories, long-term investments, property, plant and equipment, and intangible assets. The learning objectives are to explain the uses and limitations of the statement of financial position, identify the classifications, and prepare basic statements of changes in equity and cash flows.
Credit memos are issued by the organization that sent the original invoice to reduce amounts owed when items are damaged or incorrect quantities are received. Debit memos are issued by the organization receiving an invoice to request a reduction in amounts owed when they were undercharged or overcharged. Both debit memos and credit memos reduce outstanding vendor balances in accounts payable systems, but debit memos are issued by the company to the vendor while credit memos are issued by the vendor to the company. Reasons for debit memos include material rejections or reductions in purchase costs, while credit memos may be issued for increased charges or late payment fees.
This document discusses adjusting entries in accounting. It explains that adjusting entries are necessary at the end of an accounting period to update accounts for transactions that have occurred but not yet been recorded. There are two main types of adjusting entries - deferrals and accruals. Deferrals relate to prepaid expenses and unearned revenue, while accruals accumulate revenues and expenses that were incurred in a period but not yet recorded. The document provides examples of prepaid expenses, depreciation, and interest earned to illustrate the adjusting entry process.
The document provides information about adjusting entries for Micro Computer Services for August 2017. It states that accrued revenues of $500 were earned but not recorded for services performed. It also states that accrued expenses of $300 were incurred for unpaid utilities. The adjusting entries would debit Accounts Receivable and credit Service Revenue for $500 to record accrued revenues. For accrued expenses, the adjusting entries would debit Utilities Expense and credit Accounts Payable for $300 to record accrued expenses.
Here are the key steps to solving this problem:
1. Calculate 10% of accounts receivable to estimate uncollectible accounts:
- 10% of $30,000 is 0.1 * $30,000 = $3,000
2. Add the existing balance in the allowance account:
- $2,000 existing balance
3. The total estimated uncollectible accounts is $3,000 + $2,000 = $5,000
Therefore, the adjusting entry is:
Bad Debt Expense 5,000
Allowance for Doubtful Accounts 5,000
This document provides an overview of the basic accounting recording process. It discusses key concepts like accounts, debits and credits, the journal and ledger, and the trial balance. The journal is used to initially record transactions and shows debits and credits. Journal entries are then posted to individual accounts in the ledger. A trial balance lists account balances and proves the equality of total debits and credits.
The document provides an overview of accounting concepts and financial statements for attorneys. It covers topics such as financial statements and tax returns, financial analysis, advisory functions, and client risks and opportunities that can be identified from statements and returns. The document defines accounting and discusses the accounting equation, balance sheet, income statement, statement of cash flows, and components of personal and business tax returns. It emphasizes how statements and returns can provide both obvious and not-so-obvious insights about clients' financial health, risks, opportunities, and more.
Adjusting entries are needed at the end of each accounting period to ensure revenues and expenses are recorded in the correct period. There are two categories of adjusting entries: prepaids, where cash is paid before an expense is recorded, and accruals, where an expense is recorded before cash is paid. Examples of adjusting entries include recording prepaid rent and insurance expenses as they are used up each period, and accruing expenses like salaries that have been incurred but not yet paid. Adjusting entries ensure the financial statements accurately reflect the assets, liabilities, revenues and expenses for the period.
The dimensional modeling process is iterative and requires input from various stakeholders to design a chart of accounts structure that meets business needs. The process begins with an initial data model and then drills down to define each element, address data issues, and transform the data model based on requirements. Dimensional modeling helps make databases easier to understand by viewing them as cubes with multiple dimensions.
Ch03-financial reporting and accounting standardsVivi Tazkia
The document provides an overview of the key concepts and steps covered in Chapter 3 of Intermediate Accounting (IFRS 2nd Edition) by Kieso, Weygandt, and Warfield. It outlines 8 learning objectives for the chapter, which include understanding basic accounting terminology, the double-entry system, the accounting cycle, journalizing and posting transactions, adjusting entries, and preparing financial statements. The chapter also discusses the accounting equation, T-accounts, the different types of accounts, and the accounting process from recording transactions to the adjusted trial balance.
CHAPTER 2 Recording Business TransactionsGene Carboni
This document discusses key accounting concepts such as accounts, ledgers, debits and credits, journals, and trial balances. It provides examples to illustrate how to record business transactions using double-entry accounting. Specifically, it shows a journal entry to record an initial investment in a business. It also demonstrates how to post journal entries to accounts in the general ledger and prepare a trial balance to check the equality of debits and credits.
Fundamentals of Accounting / Introduction of AccountingAfzalur Rahman
1.01 Meaning and Definition of Accounting
1.02 Attributes (Characteristics) of Accounting
1.03 Functions of Accounting
1.04 Accounting Process
1.05 Book Keeping
1.06 Objectives of Accounting
1.07 Advantages of Accounting
1.08 Limitations of Accounting
1.09 Users of Accounting Information
1.10 Systems of Accounting
1.11 Basis of Accounting
The documents contain several adjusting journal entries including entries to record accrued fees earned, depreciation expense, accrued wages, and supplies used. The adjustments impact the financial statements by increasing net income and total assets or owner's equity and correcting account balances.
Adjusting entries bring account balances up to date at the end of an accounting period by recording changes that have not been entered in the accounting records, such as items that have been deferred or accrued. Adjusting entries are necessary when using accrual basis accounting to adhere to the matching principle. Adjusting entries are internal transactions that do not have a source document and involve at least one income statement and one balance sheet account, but do not affect the cash account.
- The document outlines an accounting course for managers, covering topics like financial accounting, depreciation, ratio analysis, fund flow, cost accounting, and more.
- It defines key accounting concepts like identifying, measuring, classifying, recording, and communicating financial information. It also distinguishes transactions from events.
- Basic accounting terms are introduced, like assets, liabilities, equity, capital, and accounting principles and concepts are discussed, like the business entity, money measurement, and revenue recognition concepts.
Here are the steps to do the opening ledger posting for the given transactions:
1. Create ledger accounts for each item - Asset, Liability and Capital accounts
2. Asset accounts
- Cash on Hand - Debit balance of Rs. 40,000
- Bank OD - Credit balance of Rs. 11,000
- Stock of Goods - Debit balance of Rs. 25,000
3. Liability account
- Capital - Credit balance of Rs. 80,000
4. Pass journal entries to record the transactions:
Cash on Hand A/c Dr. 40,000
To Capital A/c 40,000
Bank OD A/c Dr. 11,000
This document provides an assignment classification table for Chapter 4 of Kieso, Weygandt, Warfield, Young, Wiecek Intermediate Accounting, Eighth Canadian Edition. The table lists 10 topics covered in the chapter and assigns brief exercises, regular exercises, problems, and writing assignments for each topic. A second table provides details on 18 sample exercises, including description, level of difficulty, and estimated time to complete. The tables help instructors and students organize practice materials for reporting financial performance and income statements.
ch02 - Conceptual Framework for Financial Reporting.pptNicolasErnesto2
The conceptual framework establishes fundamental concepts that guide standard-setting and financial reporting more broadly. It is being jointly developed by the IASB and FASB and consists of three levels: the objective of financial reporting, qualitative characteristics, and specific concepts. The objective is to provide useful information to capital providers. Key qualitative characteristics include relevance and faithful representation. The framework also outlines basic elements, assumptions, principles, and constraints that guide accounting practices. It aims to create consistency and coherence in financial reporting standards over time.
The document provides an overview of key concepts related to the accounting recording process, including:
1) Accounts, debits, credits, journals, ledgers, and the trial balance are used to record business transactions and ensure equality of debits and credits.
2) Transactions are initially recorded in journals, then posted to ledger accounts to update account balances.
3) A trial balance lists account balances and proves the mathematical equality of total debits and credits.
Fundamentals of Business Mathematics in Canada Canadian 2nd Edition Jerome So...kocajsa
Full download http://alibabadownload.com/product/fundamentals-of-business-mathematics-in-canada-canadian-2nd-edition-jerome-solutions-manual/
Fundamentals of Business Mathematics in Canada Canadian 2nd Edition Jerome Solutions Manual
Chapter 2, Fundamentals of Accounting I (2).pptxKalkaye
This document provides an overview of the accounting cycle for service businesses. It discusses key concepts like accounts, debits and credits, journals, ledgers, and the steps in the recording process. The recording process involves analyzing transactions, recording them in a journal, and then posting the journal entries to the appropriate accounts in the general ledger. Adjusting entries, preparing an adjusted trial balance, and closing entries are also part of the full accounting cycle.
ACCOUNTING PRINCIPLES 1. Which of the following is not a core financial statement?
a. The Income Statement
b. Statement of Cash Flows
c. The Trial Balance
d. The Balance Sheet
2. The income statement, which presents the results of operations, can be prepared in many forms including:
a. Single Step Income Statement
b. Condensed Income Statement
c. Common Sized Income Statement
d. All of the above
3. Which of the following account types increase by debits in double-entry accounting?
a. Assets, Expenses, Losses
b. Assets, Revenue, Gains
c. Expenses, Liabilities, Losses
d. Gains, Expenses, Liabilities
4. Which of the following is true?
a. Accounts receivable are found in the current asset section of a balance sheet.
b. Accounts receivable increase by credits.
c. Accounts receivable are generated when a customer makes payments.
d. Accounts receivable become more valuable over time.
5. A company that uses the cash basis of accounting will:
a. Record revenue when it is collected.
b. Record revenue when it is earned.
c. Record revenue at the same time as accounts receivable.
d. Record bad debt expense on the income statement.
6. What are the main sections on a balance sheet?
a. Assets, liabilities, income
b. Assets, liabilities, equity
c. Assets, liabilities, expenses
d. Assets, gains, revenue
7. How are a company’s financial statements used?
a. For internal analysis
b. For external negotiation
c. For compliance
d. All of the above
8. Which of the following scenarios increases accounts payable?
a. A customer fails to pay an invoice.
b. A supplier delivers raw materials on credit.
c. Office supplies are purchased with cash.
d. None of the above
9. Which of the following must a certified public accountant (CPA) have in-depth knowledge of to pass the CPA licensing exam? (Check all that apply.)
a. Accounting software packages
b. Auditing
c. Derivatives
d. International banking laws
10. What is the result of the following transaction for Company A? Company A’s customer is unable to pay for a previous credit sale in accordance with Company A’s 90-day payment terms. The customer makes a promissory note to Company A that extends payment over a 24-month term including 5% interest.
a. No result because the customer didn’t pay.
b. Accounts receivable increases because of the interest.
c. A note receivable is recorded in non-current assets.
d. Company A records the loan as a liability.
11. When are liabilities recorded under the accrual basis of accounting?
a. When incurred
b. When paid
c. At the end of the fiscal year
d. When bank accounts are reconciled
12. Which is true about time in accounting?
a. Current liabilities are debts payable within 2 years.
b. Balance sheets reflect a company’s financial position at a certain point in time.
c. The time value of money is a finance concept, not relevant in accounting.
d. Accounts receivable are more easily collected as time passes.
13. When a company purchases property, plant, and equipment, how is it reflected on the
This document provides an overview of the brief exercises, exercises, problems, and critical thinking cases in Chapter 3 of the textbook. It includes:
- Descriptions of 15 brief exercises that involve journalizing transactions, preparing trial balances, and understanding the accounting cycle and financial statements.
- Descriptions of 10 exercises that require analyzing transactions, applying accounting principles like revenue recognition, and preparing trial balances.
- Descriptions of 8 problems sets A and B that require journalizing transactions and understanding the accounting equation.
- Descriptions of 4 critical thinking cases involving topics like revenue recognition, measuring income, whistleblowing, and analyzing revenue sources.
Rules to prepare the Trial balance.pdfdyamagar2016
A trial balance is a list of debit and credit balances from ledger accounts that is prepared at the end of an accounting period to check that total debits equal total credits. It is prepared by extracting the ending balances of all accounts from the ledger. If the trial balance balances, then the accounting equation is in balance and the financial records are arithmetically accurate. However, if it does not balance, errors need to be found and corrected before final accounts can be prepared.
The document provides an overview of exercises, problems, cases, and internet assignments from Chapter 3 of an accounting textbook. It lists 13 exercises that cover key accounting concepts like the accounting cycle, journal entries, financial statements, and accounting principles. It also describes 5 problems, 2 cases, 1 business week assignment, and 1 internet assignment. The problems require students to record transactions and analyze their impact. The cases focus on revenue recognition and income measurement. The assignments reinforce concepts and require outside research.
The document summarizes key aspects of the accounting process discussed in chapter 2, including:
1) It introduces the basic accounting equation for assets, liabilities, and equity.
2) It discusses the accounting cycle of journalizing transactions, posting to accounts, preparing an adjusted trial balance and financial statements.
3) It provides an example of 12 transactions recorded for a new business and the resulting unadjusted and adjusted trial balances.
4) It explains the purpose of adjusting entries, the accrual basis of accounting, and how temporary and permanent accounts are treated.
The document summarizes key aspects of the accounting process discussed in Chapter 2, including the accounting equation, accounting cycle, adjusting and closing entries, and key financial statements. It provides an example of 12 transactions for a clothing company to illustrate recording of journal entries, preparation of an unadjusted trial balance, adjusting entries, and an adjusted trial balance. It also discusses the use of worksheets, subsidiary ledgers, and special journals to facilitate the accounting process.
The document provides an overview of the accounting cycle and key concepts in financial accounting. It discusses [1] what accounts are and how they are used to record business transactions, [2] the basic steps in the recording process including journalizing, posting to ledgers, and preparing a trial balance, and [3] key adjusting entries related to deferrals like prepaid expenses and unearned revenues, and accruals like accrued revenues and accrued expenses. The purpose is to explain the fundamentals of recording and reporting financial information according to generally accepted accounting principles.
The document discusses trial balance, which is a statement that lists the debit and credit balances of ledger accounts to test the arithmetical accuracy of accounting books. A trial balance has certain features, such as being prepared on a specific date and including all ledger accounts. It also discusses the purpose of a trial balance, which is to test accuracy, provide a summary of ledger account balances, and serve as the basis for preparing final financial statements. The document outlines different methods for preparing a trial balance and provides examples of common account adjustments that are made, such as for closing stock, depreciation, outstanding expenses, and prepaid expenses.
This powerpoint presentation is created by Gyanbikash.com for the students of class nine to ten from their accounting NCTB textbook for multimedia class.
This document provides documentation on finance interface processes between the bluQube and RMS systems at Kingston University. It describes several interfaces including deposit receipts, deposit refunds, and headed tenancy. For deposit refunds, it outlines a two stage process where data is first imported from RMS into bluQube, then validated and processed to generate refunds. The interfaces are run on a regular basis and various validation steps are described to ensure accuracy.
This document provides an overview of completing the accounting cycle, including closing entries, post-closing trial balances, and liquidity measures. It discusses how closing entries prepare accounts for the next period by clearing temporary account balances. A post-closing trial balance verifies that debit and credit totals are equal and that only permanent accounts have balances. Key liquidity measures like current ratio and working capital are then calculated using data from the adjusted trial balance to assess a company's short-term financial health and ability to meet obligations.
The document discusses various accounting concepts like journal, ledger, trial balance and subsidiary books. It provides definitions and explanations of these concepts along with examples. The key points are:
1. A journal records transactions with debit and credit entries. The ledger organizes journal entries into individual accounts to track balances.
2. A trial balance lists account balances to check the equality of total debits and credits, assisting with error detection and financial statement preparation.
3. Subsidiary books record specific transaction types like purchases, sales, returns to track details, while the journal and ledger summarize activity.
Cost & Management Accounting Model Paper Theory Answers.docxParikshitPareek8
This document contains model answers to questions about cost and management accounting. It discusses key topics like the definition of accounting, branches of accounting such as financial accounting and management accounting, and accounting concepts like the accounting equation. It also covers cost accounting topics such as cost elements, standard costing, budgeting and variance analysis. The document provides concise yet comprehensive responses to questions across various modules related to accounting fundamentals, financial statements, ratio analysis, and cost and management accounting principles.
Accounting - Lesson 4 : Transactions That Affect Assets Liabilities, and O...Elearningpower
This course covers the complete accounting cycle and is designed for those
who are interested in working in the areas of bookkeeping, clerical
accounting, finance or general office work or are looking to review their
accounting knowledge.Our accounting course teaches principles of
accounting, which are consistent across the globe. Even though there may
be minor differences in accounting principles in different countries, the core
accounting principles are the same.
A ledger is a book containing accounts that records all business transactions. It allows the transfer of transactions from journals into separate accounts. The document discusses key aspects of ledgers including components like date, amount, particulars; examples of common ledger accounts; the T-format used; and the process of posting journal entries to ledger accounts. It also covers the meaning of debit and credit balances, preparation of trial balances to check the accuracy of accounts, and common types of accounting errors.
Similar to College Accounting A Career Approach 13th Edition Scott Solutions Manual (20)
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.
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
Thinking of getting a dog? Be aware that breeds like Pit Bulls, Rottweilers, and German Shepherds can be loyal and dangerous. Proper training and socialization are crucial to preventing aggressive behaviors. Ensure safety by understanding their needs and always supervising interactions. Stay safe, and enjoy your furry friends!
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
Physiology and chemistry of skin and pigmentation, hairs, scalp, lips and nail, Cleansing cream, Lotions, Face powders, Face packs, Lipsticks, Bath products, soaps and baby product,
Preparation and standardization of the following : Tonic, Bleaches, Dentifrices and Mouth washes & Tooth Pastes, Cosmetics for Nails.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
How to Add Chatter in the odoo 17 ERP ModuleCeline George
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Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
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College Accounting A Career Approach 13th Edition Scott Solutions Manual
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