ITFT- Accounting
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This document outlines the basic bookkeeping process and provides examples. It discusses the three types of accounts - personal, real, and nominal accounts - and the rules for debiting and crediting each type. The bookkeeping process involves recording transactions in books of prime entry, posting to the general ledger, preparing a trial balance, and then finalizing the financial statements with a trading and profit & loss account and a balance sheet. Step-by-step examples are provided of journal entries for various business transactions and the resulting ledger accounts, trial balance, profit and loss statement, and balance sheet.
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1.
(Multiple Choice)
Wilshire Equipment Company sold merchandise on credit.
No discounts were offered.
The proper journal entry to record this sale would be:
A.
Debit Sales, and Credit Accounts Receivable.
B.
Debit Cash, and Credit Accounts Receivable.
C.
Debit Accounts Receivable, and Credit Sales.
D.
Debit Accounts Receivable, and Credit Purchases (or Inventory).
E.
None of these.
2.
(Multiple Choice)
Using the gross method of recording sales, what sales price should be recorded when an item with an $1,100 list price is sold with a 15% trade discount?
The sales invoice includes the terms 2/10, n/30?
A.
$935.
B.
$1,078.
C.
$1,100.
D.
$916.30.
E.
None of these.
3.
(Multiple Choice)
Merchandise is sold on account on January 16, terms 2/10, n/30, and recorded by debiting Accounts Receivable and crediting Sales for $2,000.
If payment occurs on January 21, the journal entry would include a credit to:
A.
Accounts Receivable for $1,960.
B.
Accounts Receivable for $2,000.
C.
Sales Discounts for $40.
D.
Cash for $1,960.
E.
None of these.
4.
(Multiple Choice)
Sperry Company had beginning inventory of $80,000, purchased merchandise during the period for $140,000, and had ending inventory of $95,000.
How much was goods available for sale?
A.
$125,000.
B.
$155,000.
C.
$175,000.
D.
$315,000.
E.
None of these.
5.
(Multiple Choice)
A typical internal accounting control feature would be:
A.
managerial authorization of refunds.
B.
prenumbered documents.
C.
requiring two signatures on checks..
D.
All of the above.
E.
None of these.
6.
(Essay)
Mathew Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $400,000; beginning inventory, $250,000; ending inventory, $275,000; operating expenses, $95,000; freight-in, $5,000; sales discounts, $20,000; purchases discounts, $15,000; sales returns & allowances, $120,000; and purchases returns & allowances, $45,000.
The data are complete and provide the basis for preparation of an income statement.
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7.
(Essay)
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Selling expenses, $12;000
Cost of goods sold, $46,000
Interest expense, $3,000
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8.
(Essay)
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Administrative expenses, $22,000
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Cost of goods sold, $46,000
Interest expense, $3,000
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9.
(Multiple Choice)
The inventory classification on a retailer's balance sheet may include:
A.
raw materials.
B.
work in process.
C.
ready goods.
D.
All of the above.
E.
None of these.
10.
(Multiple Choice)
Inventory accounts are classified in which section of the bal.
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Journal is the book of original entry that records business transactions chronologically with brief descriptions. It uses double-entry accounting with equal debit and credit entries. Transactions are then posted from the journal to individual accounts in the general ledger to update account balances. An opening entry is made to transfer balances from the previous accounting period.
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1.
(Multiple Choice)
Wilshire Equipment Company sold merchandise on credit.
No discounts were offered.
The proper journal entry to record this sale would be:
A.
Debit Sales, and Credit Accounts Receivable.
B.
Debit Cash, and Credit Accounts Receivable.
C.
Debit Accounts Receivable, and Credit Sales.
D.
Debit Accounts Receivable, and Credit Purchases (or Inventory).
E.
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2.
(Multiple Choice)
Using the gross method of recording sales, what sales price should be recorded when an item with an $1,100 list price is sold with a 15% trade discount?
The sales invoice includes the terms 2/10, n/30?
A.
$935.
B.
$1,078.
C.
$1,100.
D.
$916.30.
E.
None of these.
3.
(Multiple Choice)
Merchandise is sold on account on January 16, terms 2/10, n/30, and recorded by debiting Accounts Receivable and crediting Sales for $2,000.
If payment occurs on January 21, the journal entry would include a credit to:
A.
Accounts Receivable for $1,960.
B.
Accounts Receivable for $2,000.
C.
Sales Discounts for $40.
D.
Cash for $1,960.
E.
None of these.
4.
(Multiple Choice)
Sperry Company had beginning inventory of $80,000, purchased merchandise during the period for $140,000, and had ending inventory of $95,000.
How much was goods available for sale?
A.
$125,000.
B.
$155,000.
C.
$175,000.
D.
$315,000.
E.
None of these.
5.
(Multiple Choice)
A typical internal accounting control feature would be:
A.
managerial authorization of refunds.
B.
prenumbered documents.
C.
requiring two signatures on checks..
D.
All of the above.
E.
None of these.
6.
(Essay)
Mathew Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $400,000; beginning inventory, $250,000; ending inventory, $275,000; operating expenses, $95,000; freight-in, $5,000; sales discounts, $20,000; purchases discounts, $15,000; sales returns & allowances, $120,000; and purchases returns & allowances, $45,000.
The data are complete and provide the basis for preparation of an income statement.
How much is cost of goods sold?
7.
(Essay)
Given below are account balances for Clayton Company:
Gross sales, $100,000
Sales returns and allowances, $8,000
Selling expenses, $12;000
Cost of goods sold, $46,000
Interest expense, $3,000
How much is the gross profit margin?
8.
(Essay)
Given below are account balances for Aoki Company:
Net sales, $100,000
Administrative expenses, $22,000
Selling expenses, $12;000
Cost of goods sold, $46,000
Interest expense, $3,000
How much is the net profit margin?
9.
(Multiple Choice)
The inventory classification on a retailer's balance sheet may include:
A.
raw materials.
B.
work in process.
C.
ready goods.
D.
All of the above.
E.
None of these.
10.
(Multiple Choice)
Inventory accounts are classified in which section of the bal.
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This document provides an overview of a sole proprietorship business called 'Avonto' that sells chicken, chips, and other foods. It includes sections describing the business, accounting procedures, sample transactions from May 2014, journals, ledgers, financial statements including a trial balance, income statement, and balance sheet. While the business faced some challenges with customers and storage, it was overall successful based on the $2,700 profit earned over the period.
Journal
Journal is the book of original entry that records business transactions chronologically with brief descriptions. It uses double-entry accounting with equal debit and credit entries. Transactions are then posted from the journal to individual accounts in the general ledger to update account balances. An opening entry is made to transfer balances from the previous accounting period.
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Meaning
Features
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Advantage
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Illustration
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Internet resources for natural science
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Contiguity Of Various Message Forms - Rupam Chandra.pptx
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KHUSWANT SINGH.pptx ALL YOU NEED TO KNOW ABOUT KHUSHWANT SINGH
INDIA`S OWN LITERARY GENIUS MR.KHUSHWANT SINGH WAS TRULY A VERY BRAVE SOUL AND WAS AWARDED WITH THE MAGIC OF WORDS BY GOD.
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ITFT- Accounting
- 3. Transaction • There are two aspects of a transaction: Transaction Debit credit (Dr.) (Cr.)
- 4. Types of accounts • There are three types of A/C’s personal real nominal individuals assets income & exp.
- 5. Rules of classification of Dr./Cr. personal a/c: Dr. the receiver Cr. The giver Real a/c: Dr. what comes in Cr. What goes out Nominal a/c: Dr. all expenses & losses Cr. All incomes & gains
- 6. Book keeping process 1 Transactions are classified and a voucher is passed with Dr. & Cr. Heads. 2 The voucher is recorded in the books of prime entry. (cash book, pur. Book, sales book, journal) 3 posting into genral ledger. 4 trial balance 5 Trading & profit & loss a/c. (all the nominal a/c’s are taken in P&l a/c) 6 balance sheet ( all the real and personal a/c’s are taken in B/S)
- 7. Example: journal 1. Cash introduced by x as capital Cash a/c Dr. 20000 To capital a/c 20000 ( being cash introduced) 2. Purchased goods worth 15000 out of which 5000 was paid to x as cash & remaining 10000 on credit. Purchases a/c Dr. 15000 To cash a/c 5000 To Mr. x a/c 10000 ( being goods purchased)
- 8. 3. Sold goods purchased for a sum of 19000. out of which 4000 was received as cash & 15000 sale were given on credit. Cash a/c Dr. 4000 Y a/c Dr. 15000 To sales 19000 ( being goods sold) 4. Paid rent of shop 2000. Rent a/c Dr. 2000 To cash a/c 2000 (being rent paid)
- 9. 5. Purchase furniture worth Rs. 3000 Furniture a/c Dr. 3000 To cash 3000 (Being furniture purchased)
- 10. Ledger a/c’s Cash a/c To capital a/c 20000 By purchases a/c 5000 To sales a/c 4000 By rent a/c 2000 By furniture a/c 3000 By balance c/d 14000 24000 24000
- 11. To balance c/d 20000 By cash 20000 20000 20000 Purchase a/c To cash 5000 By balance c/d 15000 To x 10000 15000 15000 Sales a/c By cash 4000 capital a/c To balance c/d 19000 By y 15000 19000 19000
- 12. Mr. x To balance c/d 10000 By purchases 10000 10000 10000 Mr. y To sales 15000 By balance c/d 15000 15000 15000 Rent a/c To cash 2000 By balance C/d 2000 2000 2000 Furniture a/c To cash 3000 By balance c/d 3000 3000 3000
- 13. Trial balance Trial balance Dr. Cr. Cash a/c 14000 Capital a/c 20000 Purchases a/c 15000 Sales a/c 19000 Mr. x a/c 10000 Mr. y a/c 15000 Rent a/c 2000 Furniture a/c 3000 49000 49000
- 14. Profit and loss a/c P&l a/c To purchases 15000 By sales 19000 To rent 2000 To profit (transfer to capital a/c) 2000 19000 19000
- 15. Balance sheet B/S liabilities assets Capital a/c 20000 Cash a/c 14000 + profit 2000 22000 Mr. y (debtor) 15000 Mr. x (creditor) 10000 furniture 3000 32000 32000