The document discusses the key differences between single entry and double entry accounting systems. It notes that the single entry system only records one aspect of transactions, making it difficult to know total purchases and sales or get an accurate picture of finances. The double entry system is described as more reliable because it records both debit and credit aspects of transactions across real and nominal ledger accounts. This allows for the preparation of financial statements like a trial balance, balance sheet, and income and expenditure accounts to assess the financial position of a business. The document then provides examples of journal entries recorded in the double entry system.
Single entry system of accounting is on of the easiest methods of preparing financial statements. This presentation discuss the various aspects of Single Entry System of Accounting
MEANING OF COMPANY
Company is a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability. It is a juristic person having a separate legal entity distinct from the members who constitute it, capable of rights and duties of its own and endowed with the potential of perpetual succession. The Companies Act, 1956, states that 'company' includes company formed and registered under the Act or an existing company i.e. a company formed or registered under any of the previous company laws.
It is the system in which both the aspects i.e. debit as well as credit are recorded in the books of accounts .It records transactions relating to all the accounts i.e. personal, real and nominal.
Single entry system of accounting is on of the easiest methods of preparing financial statements. This presentation discuss the various aspects of Single Entry System of Accounting
MEANING OF COMPANY
Company is a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability. It is a juristic person having a separate legal entity distinct from the members who constitute it, capable of rights and duties of its own and endowed with the potential of perpetual succession. The Companies Act, 1956, states that 'company' includes company formed and registered under the Act or an existing company i.e. a company formed or registered under any of the previous company laws.
It is the system in which both the aspects i.e. debit as well as credit are recorded in the books of accounts .It records transactions relating to all the accounts i.e. personal, real and nominal.
This presentation talks about Meaning, of accounting, distinction between book keeping and accounting, Branches of accounting, Objectives of accounting, Uses and users of accounting information, Advantages of Accounting, Is accounting a science or an art, double entry system of financial accounting, limitations of financial accounting, important terms, journal entry, accounting concepts and conventions
Objectives of the study :
1. To study the meaning, definition, and advantages of computerized accounting.
2. To study the comparison between Manual Accounting & Computerized Accounting System.
3. To know the accounting software Tally, itโs features and different versions.
4. To study the preparation of vouchers, steps, selections, types, altering, deleting of vouchers.
5. To understand the feeding of data and generation of report.
This presentation talks about Meaning, of accounting, distinction between book keeping and accounting, Branches of accounting, Objectives of accounting, Uses and users of accounting information, Advantages of Accounting, Is accounting a science or an art, double entry system of financial accounting, limitations of financial accounting, important terms, journal entry, accounting concepts and conventions
Objectives of the study :
1. To study the meaning, definition, and advantages of computerized accounting.
2. To study the comparison between Manual Accounting & Computerized Accounting System.
3. To know the accounting software Tally, itโs features and different versions.
4. To study the preparation of vouchers, steps, selections, types, altering, deleting of vouchers.
5. To understand the feeding of data and generation of report.
It is the financial accounting project all basis transactions end to closing trial balance of an accounting cycle is provided.
it is a project of a software house.
Course material for An introduction to keeping financial records in business for small and medium sized enterprises organised by the Lagos hub of the Global Shapers with support from Abraaj for small and medium enterprises in Lagos NIgeria held in June 2016
Accounting for Not for Profit OrganisationsPreksha Mehta
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In this presentation, you will find notes , accounting treatment and practical questions on the unit Financial Statements of not for profit organisations.
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12:14 AM (CDT)
Privacy Statement Terms and Conditions Contact Us
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Unit 2 - Individual Project
Assignment Details
Assignment Description
The SCQ Corporation manufactures specialty medical tools ranging from $10,000 to$15,000 per unit. The tools are used in hospitals, clinics, and the home hospitality
market. SCQ Corporation has contracted with YOUCPA to assist in creating its cash flow statement. In the past, its income statement and balance sheet have been
prepared by the internal accountant.
Itย wouldย likeย youย toย assistย inย preparingย theย cashย flowsย usingย bothย theย directย andย indirectย method.ย Salesย andย balanceย sheetย informationย forย theย yearsย 2009โ2010ย areย below:
Balance Sheet
SCQ Corporation
For period ending 12/31/2010
Assets 2010 2009Liabilities 2010 2009
Cash 150 100
Account receivable 600 400Accounts payable 400 300
Inventory 750 500Accrued taxes payable 200 100
Current assets 1,500 1,000Current liabilities 600 400
Land 50 50
Equipment 1,300 1,200Note payable 330 300
Less: Acc. depreciation 700 600Deferred taxes 35 20
Net fixed assets 600 600Equity:
Total fixed assets 650 650Common stock 640 500
Paid-in capital 80 80
Retain earnings 465 350
Total equity 1,185 930
Total assets 2,150 1,650Total equity and liabilities 2,150 1,650
Income Statement
SCQ Corporation
For period ending 12/31/ 2010
Items 20102009
Revenue 1,000 900
Cost of goods sold 400 350
Gross profit 600 550
Wages expense 110 100
Interest expense 50 40
Depreciation expense 100 90
Insurance expense 50 50
Other misc. expenses 90 80
Total expenses 400 360
Operating income 200 190
Taxes:
Deferred taxes 15 20
Taxes expense 70 67
Net income after taxes 115 103
Additions to retains earnings 115 103
The information below can be used to complete the direct method of cash flow:
Cash flows from operating activities 2010
Cash receipts
Received from sales of goods 930
Paid for inventory 400
Paid for employees 110
Paid for interest 50
Paid for taxes 70
Paid for other expenses 320
Cash paid for equipment 100
Cash received for common stock 120
Cash received from note payable 30
Assignment Guidelines:
A. Indirect method cash flow/cash flow statement:
a. What is the operational cash flow?
b. What is the investing cash flow?
c. What is the financing cash flow?
B. Direct method cash flow:
a. What is the operational cash flow?
b. What is the investing cash flow?
c. What is the financing cash flow?
C. What are the differences in the cash flow concepts and procedures between the direct and indirect methods?
Please submit your assignment.
Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric.
For assistance with your assignment, please use your text, Web resources, and all course materials.
Reading Assignment
Schroeder, Clark & ...
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As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your companyโs legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, weโll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
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This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
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It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
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A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
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As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
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Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
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What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.