This document discusses what a worksheet is and how to prepare one. It begins by introducing the group members and then defines a worksheet as a multi-column sheet or spreadsheet where an accountant records information needed to prepare adjusting entries and financial statements. It describes the different types of worksheets - general, detailed, and audit - and provides details on how to prepare each type. Finally, it outlines the 8 steps to prepare a worksheet, including naming the business and date, drawing column headers, recording the unadjusted trial balance, adjustments, adjusted trial balance, income statement, retained earnings statement, and balance sheet.
Lecture 21 expenditure cycle part i - accounting information systesm james ...Habib Ullah Qamar
the expenditure cycle, the physical phase, financial phase, the purchases system, the cash disbursement system, conceptual revenue cycle, manual revenue cycle and computer based accounting information systems
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.
5.01 Meaning of an Account
5.02 Meaning of Debit and Credit
5.03 Classification of Accounts
5.04 Significance of Debit and credit in Accounts
5.05 Journal
5.05.01 Steps and Rules of Journalising
5.05.02 Totaling and Carry Forward.
5.05.03 Simple and Compound Journal Entries
5.06 Opening Entry
5.07 Sub-division of Journal
5.08 Ledger
5.08.01 Meaning
5.08.02 Form of a Ledger
5.08.03 Mechanics of Posting
5.08.04 Balancing of Ledger Accounts
Types of financial Statement means a Financial Statement contains 3 major statement. Here I described the types of financial Statements. It’s very important for every business. For more details https://www.accountingprime.com/
Lecture 21 expenditure cycle part i - accounting information systesm james ...Habib Ullah Qamar
the expenditure cycle, the physical phase, financial phase, the purchases system, the cash disbursement system, conceptual revenue cycle, manual revenue cycle and computer based accounting information systems
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.
5.01 Meaning of an Account
5.02 Meaning of Debit and Credit
5.03 Classification of Accounts
5.04 Significance of Debit and credit in Accounts
5.05 Journal
5.05.01 Steps and Rules of Journalising
5.05.02 Totaling and Carry Forward.
5.05.03 Simple and Compound Journal Entries
5.06 Opening Entry
5.07 Sub-division of Journal
5.08 Ledger
5.08.01 Meaning
5.08.02 Form of a Ledger
5.08.03 Mechanics of Posting
5.08.04 Balancing of Ledger Accounts
Types of financial Statement means a Financial Statement contains 3 major statement. Here I described the types of financial Statements. It’s very important for every business. For more details https://www.accountingprime.com/
Trial balance and rectification of errorsItisha Sharma
Trial balance and rectification of errors, Introduction- Specimen of a Trial Balance- Errors and their rectification – Rectification of errors Rectification of errors detected after the preparation of Trial Balance but before the preparation of Final Accounts- Effect of errors on Profit – Rectification of errors appearing after the preparation of Final Accounts
How does Ethics important for AccountingR.h. Himel
What do you understand about Ethics? How does Ethics important for Accounting? Draw a case study on Enron Scandal.What do you understand about Ethics? How does Ethics important for Accounting? Draw a case study on Enron Scandal.
Python is an interpreted, object-oriented, high-level programming language with dynamic semantics. Its high-level built in data structures, combined with dynamic typing and dynamic binding, make it very attractive for Rapid Application Development, as well as for use as a scripting or glue language to connect existing components together. Python's simple, easy to learn syntax emphasizes readability and therefore reduces the cost of program maintenance. Python supports modules and packages, which encourages program modularity and code reuse. The Python interpreter and the extensive standard library are available in source or binary form without charge for all major platforms, and can be freely distributed.
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Empowering the Data Analytics Ecosystem: A Laser Focus on Value
The data analytics ecosystem thrives when every component functions at its peak, unlocking the true potential of data. Here's a laser focus on key areas for an empowered ecosystem:
1. Democratize Access, Not Data:
Granular Access Controls: Provide users with self-service tools tailored to their specific needs, preventing data overload and misuse.
Data Catalogs: Implement robust data catalogs for easy discovery and understanding of available data sources.
2. Foster Collaboration with Clear Roles:
Data Mesh Architecture: Break down data silos by creating a distributed data ownership model with clear ownership and responsibilities.
Collaborative Workspaces: Utilize interactive platforms where data scientists, analysts, and domain experts can work seamlessly together.
3. Leverage Advanced Analytics Strategically:
AI-powered Automation: Automate repetitive tasks like data cleaning and feature engineering, freeing up data talent for higher-level analysis.
Right-Tool Selection: Strategically choose the most effective advanced analytics techniques (e.g., AI, ML) based on specific business problems.
4. Prioritize Data Quality with Automation:
Automated Data Validation: Implement automated data quality checks to identify and rectify errors at the source, minimizing downstream issues.
Data Lineage Tracking: Track the flow of data throughout the ecosystem, ensuring transparency and facilitating root cause analysis for errors.
5. Cultivate a Data-Driven Mindset:
Metrics-Driven Performance Management: Align KPIs and performance metrics with data-driven insights to ensure actionable decision making.
Data Storytelling Workshops: Equip stakeholders with the skills to translate complex data findings into compelling narratives that drive action.
Benefits of a Precise Ecosystem:
Sharpened Focus: Precise access and clear roles ensure everyone works with the most relevant data, maximizing efficiency.
Actionable Insights: Strategic analytics and automated quality checks lead to more reliable and actionable data insights.
Continuous Improvement: Data-driven performance management fosters a culture of learning and continuous improvement.
Sustainable Growth: Empowered by data, organizations can make informed decisions to drive sustainable growth and innovation.
By focusing on these precise actions, organizations can create an empowered data analytics ecosystem that delivers real value by driving data-driven decisions and maximizing the return on their data investment.
Data Centers - Striving Within A Narrow Range - Research Report - MCG - May 2...pchutichetpong
M Capital Group (“MCG”) expects to see demand and the changing evolution of supply, facilitated through institutional investment rotation out of offices and into work from home (“WFH”), while the ever-expanding need for data storage as global internet usage expands, with experts predicting 5.3 billion users by 2023. These market factors will be underpinned by technological changes, such as progressing cloud services and edge sites, allowing the industry to see strong expected annual growth of 13% over the next 4 years.
Whilst competitive headwinds remain, represented through the recent second bankruptcy filing of Sungard, which blames “COVID-19 and other macroeconomic trends including delayed customer spending decisions, insourcing and reductions in IT spending, energy inflation and reduction in demand for certain services”, the industry has seen key adjustments, where MCG believes that engineering cost management and technological innovation will be paramount to success.
MCG reports that the more favorable market conditions expected over the next few years, helped by the winding down of pandemic restrictions and a hybrid working environment will be driving market momentum forward. The continuous injection of capital by alternative investment firms, as well as the growing infrastructural investment from cloud service providers and social media companies, whose revenues are expected to grow over 3.6x larger by value in 2026, will likely help propel center provision and innovation. These factors paint a promising picture for the industry players that offset rising input costs and adapt to new technologies.
According to M Capital Group: “Specifically, the long-term cost-saving opportunities available from the rise of remote managing will likely aid value growth for the industry. Through margin optimization and further availability of capital for reinvestment, strong players will maintain their competitive foothold, while weaker players exit the market to balance supply and demand.”
2. Group Members:
• Md. Al Imran 162-15-7911
• Prithula Gupta 162-15-7699
• Md. Juyel Rana 162-15-8136
3. What is worksheet?
The worksheet is a multi-column
sheet or a computer spreadsheet
where accountant writes in brief
information necessary for
preparing adjusting entries and
financial statements.
5. General worksheet:
The general worksheet contains four to six pair of columns. Generally,
five pair columns or ten columns worksheet can serve the purpose of
general business. These five pair columns are:
• Trial balance
• Adjustment
• Adjusted trial balance
• Income statement
• Balance sheet
6. Detailed worksheet:
The detailed worksheet is prepared for containing more detailed
information over a general worksheet. Sometimes extra sheet containing
columns which are enclosed for explaining particular items. The matters
for which item-wise lists are to be prepared are:
• Accounts receivable and accounts payable lists
• Production expenditure lists
• Insurance premium lists
7. Audit worksheet:
Audit worksheet is used for preparing financial statements and lists for
various uses of business concerns. Audit worksheet is prepared in the
light of auditing of various items included in the worksheet. It is an aid to
audit the work of a business concern.
The main objective of the worksheet is to verify the accuracy of
accounting information before preparingfinancial statements. Columns
of the worksheet are drawn mainly as per necessity.
8. How to prepare worksheet?
There are 8 steps for preparing a worksheet. Those are given below:
• Name of business organization and preparation date.
• Drawing column and mentioning the head of the column.
• Unadjusted Trial Balance.
• Adjustment column.
• Adjusted trial balance column.
• Income statement column.
• Retained earnings statement.
• Balance sheet.
9. Steps 1: Name of business organization and
preparation date
At the beginning of worksheet the name of the organization for which
worksheet is prepared is to be written in the bold form and also the date
of preparation of worksheet is to be mentioned.
10. Step 2: Drawing column and mentioning the head of
the column
Drawing column titles are to be mentioned here.
For example, serial number in the first column, the title of accounts in the
second column and thereafter pair columns.
11. Step 3: Unadjusted Trial Balance
After the serial number and accounts title columns, in unadjusted trial
balance, pair column ledger accounts balances are posted straight to
check the agreement of trial balance.
This trial balance is called pre-closing trial balance as it is prepared with
the ledger balances before keeping accounts of adjustment items. Debit
and credit balances of ledger accounts are written in the debit and credit
columns of the trial balance respectively.
12. Step 4: Adjustment column
At the end of the accounting period, the items or transactions which have not
been accounted for are written in the debit and credit of adjustment columns.
At the time of making adjustments, if there does not exist any item in the trial
balance for debiting and crediting, these adjusting items are to be written below
the trial balance under appropriate head(s) in debit and credit columns of
adjustment.
To identify the adjusting items separate code number for each item be given in
debit and credit columns. Thereafter debit and credit columns of adjustments
are totaled for assuring their agreement.
13. Step 5: Adjusted trial balance column
Writing necessary adjustments in the adjustment column, the balance of every
account relating to adjustments is ascertained and thereafter all ledger account
balances including adjusted ledger balances are recorded in the debit and credit
columns of adjusted trial balance.
That is, unadjusted balances of trial balance are adjusted as per rules and these
are written down in the column of adjusted trial balance.
Writing all ledger balances – adjusted and unadjusted in adjusted trial balance
totals of debit and credit are ascertained to prove the arithmetical accuracy of
the ledger accounts.
14. Step 6: Income statement column
All periodical expenses and incomes of adjusted trial balance are written
in debit and credit column of income statement respectively.
The difference between total income and total expenses of the income
statement is called profit or loss. The profit/loss of income statement is
transferred to the balance sheet if the retained earnings statement is not
prepared.
15. Step 7: Retained earnings statement
In case of a joint stock company, retained earning column is kept in the
worksheet before balance sheet column.
Here previous year’s profit / loss if any and income/loss of income statement of
the worksheet are written in the credit money column and distribution of items
regarding distribution of profit such as, dividend paid, proposed dividend,
income tax paid, creation of fund are shown in the debit money column of
retained earnings statement.
The difference between the totals of debit and credit columns is transferred to
the balance sheet column of the worksheet.
16. Step 8: Balance sheet
All assets and liabilities of adjusted trial balance including the balance of income
statement are written in the debit and credit columns of the balance sheet of
worksheet i.e., assets are written in debit money column and liabilities, owners
equity are written in the credit money column.
Totals of debit and credit column of the balance sheet are equal.
The number of columns of worksheet and titles of columns depends on nature
and demand of the business concern.