1) The document discusses the accounting process and focuses on asset, liability, and equity accounts and how they are affected by double-entry accounting using debits and credits.
2) Asset accounts represent resources with future economic benefits, liability accounts represent obligations to pay in the future, and equity accounts represent the net assets owned by the business owners.
3) T-accounts are used as a teaching tool to track increases and decreases to accounts, and the accounting equation of Assets = Liabilities + Equity forms the basis for the rule that total debits must equal total credits.
Must Know Basic Accounting Terms in 2023 | Academy Tax4wealthAcademy Tax4wealth
To understand the basic accounting concept in 2023, you must be familiar with the fundamental accounting terms. You will learn nearly all of the fundamental definitions required when studying accounts from Academy Tax4wealth. Learn more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/basic-accounting-terms
Must Know Basic Accounting Terms in 2023 | Academy Tax4wealthAcademy Tax4wealth
To understand the basic accounting concept in 2023, you must be familiar with the fundamental accounting terms. You will learn nearly all of the fundamental definitions required when studying accounts from Academy Tax4wealth. Learn more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/basic-accounting-terms
Must Know Basic Accounting Terms in 2023 | Academy Tax4wealthAcademy Tax4wealth
To understand the basic accounting concept in 2023, you must be familiar with the fundamental accounting terms. You will learn nearly all of the fundamental definitions required when studying accounts from Academy Tax4wealth. Learn more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/basic-accounting-terms
Must Know Basic Accounting Terms in 2023 | Academy Tax4wealthAcademy Tax4wealth
To understand the basic accounting concept in 2023, you must be familiar with the fundamental accounting terms. You will learn nearly all of the fundamental definitions required when studying accounts from Academy Tax4wealth. Learn more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/basic-accounting-terms
What are the elements of financial statements.pdfsarikabangimatam
Financial accounting and tax accounting are branches of accounting concerned with summarizing, analyzing, and reporting the financial transactions of a business.
The final outcome of Financial Accountants & Tax Advisors in Chicago is related to the preparation of financial statements for users of accounting information.
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
New techno Nidhi company management systemweb softex
Websoftex is a .NET based centralized database online software for Nidhi Company Software with core banking operations such Fixed Deposit, Recurring Deposits, Daily Deposit Schemes, Loan to Customers, Monthly Income Schemes, Dividend declarations etc. Websoftex handles the Members details. Websoftex handles all Saving A/c, Current A/c, FD A/c, RD A/c, DDS A/c. Websoftex handles management of Cheque book, Pass book and Bond. Websoftex handles all kind of Loan operations, Printing Loan Ledger, Automatic Interest Calculations.
Introduction to Accounting
Theory base of Accounting
Recording of Transactions – I
Recording of Transactions – II
Bank Reconciliation Statement
Trial Balance and Rectification of errors
Depreciation, Provisions and Reserves
Bill of Exchange
Financial Statements -I
Financial Statements -II
Accounts from Incomplete Records
Application of Computers in Accounting
Computerised Accounting System
What are the elements of financial statements.pdfsarikabangimatam
Financial accounting and tax accounting are branches of accounting concerned with summarizing, analyzing, and reporting the financial transactions of a business.
The final outcome of Financial Accountants & Tax Advisors in Chicago is related to the preparation of financial statements for users of accounting information.
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
New techno Nidhi company management systemweb softex
Websoftex is a .NET based centralized database online software for Nidhi Company Software with core banking operations such Fixed Deposit, Recurring Deposits, Daily Deposit Schemes, Loan to Customers, Monthly Income Schemes, Dividend declarations etc. Websoftex handles the Members details. Websoftex handles all Saving A/c, Current A/c, FD A/c, RD A/c, DDS A/c. Websoftex handles management of Cheque book, Pass book and Bond. Websoftex handles all kind of Loan operations, Printing Loan Ledger, Automatic Interest Calculations.
Introduction to Accounting
Theory base of Accounting
Recording of Transactions – I
Recording of Transactions – II
Bank Reconciliation Statement
Trial Balance and Rectification of errors
Depreciation, Provisions and Reserves
Bill of Exchange
Financial Statements -I
Financial Statements -II
Accounts from Incomplete Records
Application of Computers in Accounting
Computerised Accounting System
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptx
Week 4.pptx
1. Week 4
THE ACCOUNTING PROCESS
THIS TEXT INCLUDES THE FOLLOWING CONTENT FROM INTRODUCTION TO
FINANCIAL ACCOUNTING BY H. DAUDERIS, D. ANNAND, T. JENSEN, AND LYRYX
LEARNING. VIEW THE ENTIRE TEXT FOR FREE AT
HTTPS://LYRYX.COM/INTRODUCTION-FINANCIAL-ACCOUNTING/
CONTENT: CHAPTER 2
By: Shabera Jacobs
2. Introduction
Chapter 2 looks more closely at asset, liability, and
equity accounts and how they are affected by double-
entry accounting, namely, debits and credits. The
transactions introduced in the prior class for Big Dog
Carworks Corp. are used to explain debit and credit
analysis.
3. Objectives
1.Describe asset, liability, and equity accounts,
identifying the effect of debits and credits on each.
2.Analyze transactions using double-entry
accounting.
4. Asset Accounts
Assets are resources that have future economic
benefits for the business. The primary purpose of
assets is that they be used in day-to-day operating
activities in order to generate revenue either directly
or indirectly. A separate account is established for
each asset. Examples of asset accounts are reviewed
below.
5. ASSETS
Cash has future purchasing power. Coins, currency, cheques, and bank account
balances are examples of cash.
Accounts receivable occur when products or services are sold on account or on
credit.
When a sale occurs on account or on credit, the customer has not paid cash but
promises to pay in the future.
Notes receivable are a promise to pay an amount on a specific future date plus a
predetermined amount of interest.
Office supplies are supplies to be used in the future. If the supplies are used
before the end of the accounting period, they are an expense instead of an
asset.
6. ASSETS Cont’d
Merchandise inventory are items to be sold in the future.
Prepaid insurance represents an amount paid in advance for insurance.
The prepaid insurance will be used in the future.
Prepaid rent represents an amount paid in advance for rent. The prepaid
rent will be used in the future.
Land cost must be in a separate account from any building that might be
on the land. Land is used over future periods.
Buildings indirectly help a business generate revenue over future
accounting periods since they provide space for day-to-day operating
activities.
7. Liability Accounts
A liability is an obligation to pay for an asset in the
future. The primary purpose of liabilities is to finance
investing activities that include the purchase of assets
like land, buildings, and equipment. Liabilities are
also used to finance operating activities involving, for
example, accounts payable, unearned revenues, and
wages payable. A separate account is created for
each liability. Examples of liability accounts are
reviewed below.
8. Liability Accounts Cont’d
Accounts payable are debts owed to creditors for goods purchased or services received as a
result of day-to-day operating activities. An example of a service received on credit might be a
plumber billing the business for a repair.
Wages payable are wages owed to employees for work performed.
Short-term notes payable are a debt owed to a bank or other creditor that is normally paid
within one year. Notes payable are different than accounts payable in that notes involve interest.
Long-term notes payable are a debt owed to a bank or other creditor that is normally paid
beyond one year. Like short-term notes, long-term notes involve interest.
Unearned revenues are payments received in advance of the product or service being provided.
In other words, the business owes a customer the product/service.
9. Equity Accounts
Equity represents the net assets owned by the owners of a business.
In a corporation, the owners are called shareholders. There are
different types of equity accounts: share capital, retained earnings,
dividends, revenues, and expenses. Share capital represents the
investments made by owners into the business and causes equity to
increase. Retained earnings is the sum of all net incomes earned
over the life of the corporation to date, less any dividends
distributed to shareholders over the same time period. Therefore,
the Retained Earnings account includes revenues, which cause
equity to increase, along with expenses and dividends, which cause
equity to decrease.
11. T-accounts
A simplified account, called a T-account, is often used
as a teaching/learning tool to show increases and
decreases in an account. It is called a T-account
because it resembles the letter T.
15. The Chart of Accounts
A business will create a list of accounts called a chart of
accounts where each account is assigned both a name and a
number. A common practice is to have the accounts
arranged in a manner that is compatible with the order of
their use in financial statements. For instance, Asset
accounts begin with the digit ‘1’, Liability accounts with the
digit ‘2’. Each business will have a unique chart of accounts
that corresponds to its specific needs. Big Dog Carworks
Corp. uses the following numbering system for its accounts:
16. Chart of Accounts Cont’d
Big Dog Carworks Corp. uses the following numbering system for its accounts:
17. Transaction Analysis Using Accounts
Transactions for Big Dog Carworks Corp will be used
to demonstrate double-entry accounting. Double-
entry accounting means each transaction is recorded
in at least two accounts where the total debits
ALWAYS equal the total credits. As a result of double-
entry accounting, the sum of all the debit balance
accounts in the ledger must equal the sum of all the
credit balance accounts.
18. The rule that debits = credits is rooted in
the accounting equation:
Assets = Liabilities + Equity
Increases are debits credits credits
Decreases are credits debits debits