Organizational Structures & Journaling Notes. 1. List the 3 types of business ownership. a. Sole proprietorship
|
|
- Dale Hamilton
- 5 years ago
- Views:
Transcription
1 Organizational Structures & Journaling Notes 1. List the 3 types of business ownership. a. Sole proprietorship b. Partnership c. Corporation 2. How does the ownership differ between each type of ownership? a. Sole proprietorship one owner b. Partnership 2 or more owners c. Corporation owned by number of people (shareholders) 3. List at least 1 advantage and 1 disadvantage of each type of ownership. a. Sole Proprietorship i. advantage -- your own boss ii. disadvantage unlimited liability
2 b. Partnership i. Advantage easy to start, sources of capital easier ii. Disadvantage more than 1 boss, share profits c. Corporation i. Advantage increase sources of capital, owners liable up to amount of their investment ii. Disadvantage difficult to start, owners do not have control 4. If a partner makes a bad decision, what is the responsibility of the other partner(s)? a. All partners are equally responsible 5. Who is a shareholder? a. Owners of a corporation by buying stock of the corporation
3 6. What is a franchise? Give an example. a. Written contract granting permission to sell someone else s product or service in a prescribed manner, over a certain period of time, and in a specified territory. b. Barnes & Noble, Blockbuster, Zaxby s 7. What is a cooperative? Give an example. a. An organization owned and operated by its members for the purpose of saving money on the purchase of certain goods and services. b. Farmers Rural Electric Cooperative 8. What is a non-profit organization? a. A business that focuses on providing a service rather than making a profit.
4 9. What is e-commerce? a. Electronic commerce is the buying and selling of goods over the internet 10. What are some advantages and disadvantages of e-commerce? a. Advantages: 24/7, saves business money to advertise online verse printing, customers around the world b. Privacy, security of website and transactions 11. List the 8 steps in the accounting cycle. a. Transactions are analyzed b. Record in general journal c. Transactions are posted to the ledger
5 d. A trail balance is prepared, adjustments made e. Financial statements are prepared f. Adjusting entries are journalized and posted to ledger g. Closing entries are journalized and posted to ledger h. A post-closing trail balance is prepared 12. What is the next step after we have analyzed transactions? a. To record them in the general journal 13. How are transactions recorded in the general journal? a. By date order
6 b. Debit recorded first c. Credit recorded next and indented d. Record the source of information: source documents e. Memo or notation 14. After transactions are posted to the general journal, what is the next step? a. Posting the journal entries to their individual general ledgers 15. What is posting? a. Copying of exact dates and debit/credit dollar amounts from the journal to ledgers 16. What are steps to posting transaction from general journal to general ledgers? a. Find the general ledger account that matches the journal entry account name
7 b. Record the date, post reference, and amount in appropriate columns of the ledger c. Update the balance for the ledger in the balance column d. Record the account number in the post reference column of the general journal to prove the posting is complete Record each transaction onto the General Journal, then post to General Ledgers: 17. Owner, Martha Collins, invested cash $2,000.00, R1 (Cash debit, O.E. credit) 18. Paid cash for supplies, $350.00, C2 (Supplies debit, Cash credit) 19. Paid cash for prepaid insurance, $270.00, C3 (Prepaid Insurance debit, Cash credit)
8 20. Bought supplies on account, Office Supply Company, $450.00, M1 (Supplies debit, A/P-Office Supply Co. credit) 21. Sold services on account to Susan Jones, $275.00, S1 (A/R-Susan Jones debit, Sales credit) 22. Receives cash from sales, $775.00, R2 (Cash debit, Sales credit) 23. Paid cash for rent expense, $ , C4 (Rent Expense debit, Cash credit) 24. Received payment from Susan Jones, $150.00, R3 (Cash debit, A/R-Susan Jones credit) 25. Paid cash on account to Office Supply Company, $450.00, C5 (A/P-Office Supply Co. debit, Cash credit) 26. Received cash on sales, $875.00, R4 (Cash debit, Sales credit) 27. Owner, Martha Collins, withdrew cash for personal use, $500.00, M2 (O.E. Martha Collins, Drawing debit, Cash credit)
9 28. Paid cash for advertising, $475.00, C6 (Advertising Expense debit, Cash credit) 29. Received cash from sales, $1,254.00, R5 (Cash debit, Sales credit) 30. Paid cash for utilities, $125.00, C7 (Utilities Expense debit, Cash credit) 31. Received payment on account, Susan Jones, $125.00, R6 (Cash debit, A/R-Susan Jones credit)
Chapter 4: Posting from a General Journal to a General Ledger
Chapter 4: Posting from a General Journal to a General Ledger Goals of Chapter 4: Define accounting terms related to posting form a general journal to a general ledger Identify accounting concepts and
More informationChapter Outline Notes. Transactions That Affect Revenue, Expenses, and Withdrawals
Chapter Outline Notes Transactions That Affect Revenue, Expenses, and Withdrawals Section 1: Relationship of Revenue, Expenses, and Withdrawals to Owner s Equity The revenue, expense, and owner s withdrawals
More informationAccounting for. Sole Proprietorship. 1 Identify the differences in equity accounts between a corporation and a sole proprietorship.
appendix F Accounting for Sole Proprietorships study objectives After studying this appendix, you should be able to: 1 Identify the differences in equity accounts between a corporation and a sole proprietorship.
More informationName: Date: Period: Standard 2: Students will list and identify characteristics of the three basic accounting equation elements.
Name: Date: Period: Accounting I State Test Review Standard 2: Students will list and identify characteristics of the three basic accounting equation elements. (Chapter 1) 1. Write the accounting equation.
More informationAccounting Basics Introduction To Financial Accounting
Accounting Basics Introduction To Financial Accounting ILLUSTRATION 1-5 BASIC ACCOUNTING EQUATION The Basic Accounting Equation Assets = Liabilities + Owner s Equity ASSETS AS A BUILDING BLOCK Assets are
More informationCENTURY 21 ACCOUNTING, 9e General Journal Chapter Objectives
CENTURY 21 ACCOUNTING, 9e General Journal Chapter Objectives Chapter 1 Starting A Proprietorship: Changes that Affect the Accounting Equation After studying Chapter 1, you will be able to: 1. Define accounting
More informationChapter 4. Posting to a General Ledger
Chapter 4 Posting to a General Ledger Introduction In the last chapter we journalized transactions. Now we have to post these entries to their own accounts so they can be analyzed if needed. 4-1 Terms
More informationLearning Objectives. LO1 Journalize and post closing entries for a service business organized as a proprietorship.
Learning Objectives LO1 Journalize and post closing entries for a service business organized as a proprietorship. Lesson 8-1 Need for Permanent and Temporary Accounts Accounts used to accumulate information
More informationChapter 4: Completing the Accounting Cycle
1 Chapter 4 Completing the Accounting cycle Chapter 4: Completing the Accounting Cycle Learning Objective 1 Describe the financial statements of a proprietorship and explain how they interrelate. Financial
More informationChapter 3 Question Review 1
Chapter 3 Question Review 1 Chapter 3 Questions Multiple Choice 1. If services are rendered on account, then a. assets will decrease. b. liabilities will increase. c. stockholders equity will increase.
More informationWeek 5, Chap 4 Part 1
Slide 1 Week 5, Chap 4 Part 1 The General Journal and the General Ledger Instructor: Michael Booth Slide 2 The General Journal and the General Ledger The General Journal Section Objectives 1. Record transactions
More information> DO IT! Chapter 2 The Recording Process. Recording Business Activities D-7
Chapter 2 The Recording Process Normal Balances Kate Browne has just rented space in a shopping mall. In this space, she will open a hair salon to be called Hair It Is. A friend has advised Kate to set
More informationFUNDAMENTAL ACCOUNTING (100) Secondary
Page 1 of 11 Contestant Number: Time: Rank: FUNDAMENTAL ACCOUNTING (100) Secondary REGIONAL 2016 CONCEPT KNOWLEDGE: True/False (20 @ 2 points each) Multiple Choice (25 @ 2 points each) APPLICATION KNOWLEDGE:
More informationThe General Journal and the General Ledger
chapter College Accounting The General Journal and the General Ledger 11 th Edition 3 1 Learning Objectives After you have completed this chapter, you will be able to do the following: 3 2 The General
More informationChapter 2 Analyzing Transactions
1 Chapter 2 Analyzing Transactions Chapter 2 Analyzing Transactions From Chapter 1: The Accounting Equation Assets = Liabilities + Owner's Equity Assets = Liabilities + Capital Drawing + Revenues - Expenses
More informationAccounting Principles
Accounting Principles Second Canadian Edition Weygandt Kieso Kimmel Trenholm Prepared by: Carole Bowman, Sheridan College CHAPTER 2 THE RECORDING PROCESS THE ACCOUNT An account is an individual accounting
More informationAccount Form. Used to summarize in one place all the changes to a single account A separate form for each account. Sample of a blank account form
Learning Objectives LO1 Construct a chart of accounts for a service business organized as a proprietorship. LO2 Demonstrate correct principles for numbering accounts. LO3 Apply file maintenance principles
More informationChapter 2 Analyzing Transactions
1 Chapter 2 Analyzing Transactions Chapter 2 Analyzing Transactions From Chapter 1: The Accounting Equation Assets = Liabilities + Owner's Equity Assets = Liabilities + Capital Drawing + Revenues - Expenses
More informationSECOND REVISED REINFORCEMENT ACTIVITY 1. Name Date Class. PART A, p. 147
Bst-acta--.qxd 0//0 : PM Page Name Date Class PART A, p. An Accounting Cycle for a Proprietorship: Journalizing and Posting Transactions.,.,. TITLE DOC. NO. JOURNAL PAGE GENERAL SALES CASH 0 0 0 0 Reinforcement
More informationPosting from a General Journal to a General Ledger. Tuesday, October 26, :48:47 PM ET
Posting from a General Journal to a General Ledger Account Form Based on the T account (Debit and Credit sides). Transaction Date and Journal page number. Balance-Ruled Account Form A form that has columns
More informationChapter 8. Recording Adjusting and Closing Entries
Chapter 8 Recording Adjusting and Closing Entries Adjusting Entries Adjusting Entries - journal entries recorded to update general ledger accounts at the end of a fiscal period (Supplies & Prepaid Insurance).
More informationThe McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin
1-1 2012 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 4 1 The Accounting Cycle Step 1 Analyze and transactions classify transactions Step 2 Journalize the transactions data about
More informationBUSS 1030 ACCOUNTING, BUSINESS AND SOCIETY NOTES
WEEK 1 BUSS 1030 ACCOUNTING, BUSINESS AND SOCIETY NOTES Accounting information system measuring business activity, processes data into reports and communicates results to decision makers (ethics important
More informationDEBITS AND CREDITS: ANALYZING AND RECORDING BUSINESS TRANSACTIONS
DEBITS AND CREDITS: ANALYZING AND RECORDING BUSINESS TRANSACTIONS 2-1 Chapter 2 Learning Objectives 1. Setting up and organizing a chart of accounts. 2. Recording transactions in T accounts according to
More informationLESSON Posting to an Accounts Payable Ledger. CENTURY 21 ACCOUNTING Thomson/South-Western
LESSON - Posting to an Accounts Payable Ledger 2 Posting to an Accounts Payable Ledger There are two (2) major differences between the posting learned in this chapter (corporation) and the posting learned
More informationAccounting Principles (203) Dr. Mishari Alfraih
1. Which of the following will cause owner's equity to increase? A. Expenses B. Owner s drawings D. loss 2. XYZ Co. provided the following information about its balance sheet: Cash K.D. 1,000 Account receivable
More informationBusiness Ownership and Operations
Chapter 6 Business Ownership and Operations Section 6.1 Types of Business Ownership Read to Learn Describe the advantages and disadvantages of the three major forms of business organizations. Describe
More informationCentury 21 Accounting, 9e Multicolumn Journal Chapter Outlines
Century 21 Accounting, 9e Multicolumn Journal Chapter Outlines PART 1 Chapter 1 ACCOUNTING FOR A SERVICE BUSINESS ORGANIZED AS A PROPRIETORSHIP Starting A Proprietorship: Changes that Affect the Accounting
More informationChapter 4: Completing the Accounting Cycle. Learning Objective 2 Prepare financial statements from adjusted account balances.
1 Chapter 4 Completing the Accounting Cycle Chapter 4: Completing the Accounting Cycle Learning Objective 2 Prepare financial statements from adjusted account balances. From chapter 3 NetSolutions Adjusted
More information2/10/2009. The accounting ACCOUNTING TRANSACTIONS AND EVENTS. Analysing transactions. Chapter 2
Chapter 2 The accounting information system PowerPoint presentation by Anne Abraham University of Wollongong 2009 John Wiley & Sons Australia, Ltd ACCOUNTING TRANSACTIONS AND EVENTS Transactions are external
More informationChapter 6: Worksheets for a Service Business
Chapter 6: Worksheets for a Service Business Goals of Chapter 6: Define accounting terms related to a worksheet for a service business organized as a proprietorship Identify accounting concepts and practices
More informationCHAPTER4. The Recording Process. PreviewofCHAPTER4. Using a Worksheet. Steps in Preparing a Worksheet
CHAPTER4 The Recording Process 4-1 4-2 PreviewofCHAPTER4 Using a Worksheet Steps in Preparing a Worksheet Multiple-column form used in preparing financial statements. Not a permanent accounting record.
More informationChapter 9 Recording Adjusting and Closing Entries
Chapter 9 Recording Adjusting and Closing Entries Fiscal Period Length of time for which a business reports and summarizes financial information Concept: Accounting Period Cycle: reporting changes in financial
More informationDebit and Credit Rules Module 2 part I. T- Accounts Assets = Liabilities + OE. T- Accounts: Basic Patterns A = L + OE
Debit and Credit Rules Module 2 part I Introducing T accounts Examining Account Patterns: the Increase and Decreases What s the Mystery? Debits and Credits 9/5/2005 Dr. Kathy Wigal 1 T- Accounts Assets
More informationThe General Journal and the General Ledger Instructor: Michael Booth
Week 5, Chap 4 The General Journal and the General Ledger Instructor: Michael Booth McGraw-Hill 2007 The McGraw-Hill Companies, Inc. All rights reserved. The General Journal and the General Ledger The
More informationThe General Journal and the General Ledger Instructor: Michael Booth
Week 5, Chap 4 The General Journal and the General Ledger Instructor: Michael Booth McGraw-Hill 2007 The McGraw-Hill Companies, Inc. All rights reserved. The General Journal and the General Ledger The
More informationAccounting I. Lesson Plan. Name: Terry Wilhelmi Day/Date: Topic: Journalizing Purchases and Cash Payments Unit: 3 Chapter 11
Accounting I Lesson Plan Name: Terry Wilhelmi Day/Date: Topic: Journalizing Purchases and Payments Unit: 3 Chapter 11 I. Objective(s): By the end of today s lesson, the student will be able to: define
More informationIntroduction Cengage Learning. All Rights Reserved.
Introduction How would you obtain a balance for any account recorded in the journal? How do you keep track of cash received and spent? Name different ways you can pay with cash. What types of accounts
More informationWeek 4/5, Chap 4. The General Journal and the General Ledger. Instructor: Michael Booth
Week 4/5, Chap 4 The General Journal and the General Ledger Instructor: Michael Booth Complete the trial balance 1. Enter the trial balance heading showing the company name, report title, and closing date
More informationDebits and Credits CHAPTER
chapter-3.qxd 3//0 3:48 PM Page 45 3 CHAPTER Debits and Credits As you learned in the last chapter, accountants use the accounting equation to analyze a firm s transactions and determine the effects of
More informationLearning Objectives. LO1 Prepare the heading of a work sheet. LO2 Prepare the trial balance section of a work sheet.
Learning Objectives LO1 Prepare the heading of a work sheet. LO2 Prepare the trial balance section of a work sheet. Lesson 6-1 Consistent Reporting The accounting concept Consistent Reporting is applied
More informationChapter 2 Recording Business Transactions
Horngren's Accounting, The Financial Chapters 11th Edition Solutions Manual Miller-Nobles Solutions Manual, Answer key, Instructor's resource Manual, Try It Solutions, Working Papers Solutions are include.
More informationAccounting COURSE SYLLABUS Course Description: Course Objectives:
Accounting COURSE SYLLABUS Course Description: The objective of this class is to introduce Accounting and the Accounting equation. The students will be able to Analyze Business source documents, Journalize
More informationThe General Journal Definitions: Journal: Journalizing:
The General Journal Definitions: Journal: a book in which the accounting entries for all transactions are recorded first, before they are recorded in the ledger accounts. Journalizing: process of recording
More informationManagement & Principles of Accounting Date: 08/11/2017 Recording transactions in the journal book and in the ledger book
Management & Principles of Accounting Date: 08/11/2017 Recording transactions in the journal book and in the ledger book Patrizia Tettamanzi Sophie Goodman Source: Kimmel/Weygandt/Kieso Financial Accounting
More informationA Business Simulation
A Business Simulation This simulation covers the transactions completed by Rico Sanchez, Disc Jockey, a service business organized as a proprietorship. Rico Sanchez, the owner, began his disc jockey business
More informationACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION
ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION page 97. Source documents are checked, and transactions are analyzed.. Transactions are recorded in journals. 5. Journal entries
More informationFundamentals of Accounting Resources
Contents Figure 1 - The Profit and Loss statement example... 2 Figure 2 - Balance sheet example... 3 Figure 3 - Example of a Balance Sheet... 4 Figure 4 - Example of a Profit & Loss Sheet... 5 Figure 5-10
More informationAnnie s Animal Care Practice with Adjusting Entries
Overview One of your friends, Annie, owns a local animal kennel called Annie s Animal Care. Refer to the Chart of Accounts and Business Transactions listed below and then complete the Journal and Ledger
More informationChapter 8: Business Organizations Section 2
Chapter 8: Business Organizations Section 2 Objectives 1. Compare and contrast different types of partnerships. 2. Analyze the advantages of partnerships. 3. Analyze the disadvantages of partnerships.
More informationAnalyzing Transactions
Question 1: What is the relationship between a transaction, a journal, a ledger, and a chart of accounts? A transaction is the record used to reflect the activity of a business. These transactions are
More informationFUNDAMENTAL ACCOUNTING (100) Secondary
Page 1 of 12 FUNDAMENTAL ACCOUNTING (100) Secondary REGIONAL 2015 Multiple Choice & Short Answer Section: Contestant Number: Time: Rank: Multiple Choice (25 @ 2 points each) Account Classification (10
More informationThe General Ledger. The 4 th step of the accounting cycle is to post to the ledger.
The General Ledger 4 Post to the ledger The 4 th step of the accounting cycle is to post to the ledger. The General Ledger is a book containing a separate page for each business account. The General Ledger
More informationRECORDING TRANSACTIONS
RECORDING TRANSACTIONS Instructions: 1. Use page 1 of the general journal. Journalize the following transactions completed during September of the current year. September 1 September 2 No. 1. Received
More informationLESSON 8-1. Recording Adjusting Entries. CENTURY 21 ACCOUNTING Thomson/South-Western
LESSON 8-1 Recording Adjusting Entries 2 TERM REVIEW page 205 Adjusting Entries journal entries recorded to update general ledger accounts at the end of a fiscal period Adjustments must be journalized
More informationACCOUNTING STATE COMPETENCY TEST REVIEW
ACCOUNTING STATE COMPETENCY TEST REVIEW Source Documents Documents that are analyzed to determine what happened in a transaction Memorandum a note written by the company when there is no other source document
More informationDE ANZA COLLEGE ACCOUNTING 1A EXTRA CREDIT ASSIGNMENT. (Manual Case, and Working Papers) Scott Osborne, CPA
DE ANZA COLLEGE ACCOUNTING 1A EXTRA CREDIT ASSIGNMENT (Manual Case, and Working Papers) by Scott Osborne, CPA 1 EXPLANATION OF EXTRA CREDIT ASSIGNMENT The extra credit assignment consists of a manual accounting
More informationa) Post-closing trial balance c) Income statement d) Statement of retained earnings
Note: The formatting of financial statements is important. They follow Generally Accepted Accounting Principles (GAAP), which creates a uniformity of financial statements for analyzing. This allows for
More informationHUM 211: Principles of Accounting Lecture 03: The Recording Process
Chapter 2 HUM 211: Principles of Accounting Lecture 03: The Recording Process Masud Jahan Department of Science and Humanities Military Institute of Science and Technology 2011 Learning Objective To identify
More informationAnalyzing the Accounting Equation
Learning Objectives LO1 Show the relationship between the accounting equation and a T account. LO2 Identify the debit and credit side, the increase and decrease side, and the balance side of various accounts.
More informationAccounting Fundamentals: Journals
Directions: Fill in the blanks. 1. Journals Are a form for recording transactions in chronological order journal entries include the transaction amounts, which accounts are affected and how the accounts
More informationChapter 2 The Accounting Information System
Financial Accounting Making the Connection 1st Edition by Spiceland Chapter 2 The Accounting Information System REVIEW QUESTIONS Question 2-1 External transactions are transactions between the company
More informationFUNDAMENTAL ACCOUNTING (100) Secondary
Page 1 of 12 FUNDAMENTAL ACCOUNTING (100) Secondary REGIONAL 2015 Multiple Choice & Short Answer Section: Contestant Number: Time: Rank: Multiple Choice (25 @ 2 points each) Account Classification (10
More informationAccountings Summary OUTLINE
Accountings Summary OUTLINE 1. Accounting and Business Environment 2. Recording Business Transaction 3. The Adjusting Process 4. Completing the Accounting Cycle 5. Merchandising Operations 6. Accounting
More informationBixby Public Schools Essential Elements Grade: 10-12
Course: Accounting Essential Elements Grade: 10-12 Weeks 1-6 Chapter 1 describes how a proprietorship is started & the transactions that occur when the business is organized. The accounting equation is
More informationPadasalai.Net s Quarterly Exam Model Question Paper. Time Allowed : 2:30 hours Maximum Marks : 90 XII-Accountancy
Padasalai.Net s Quarterly Exam Model Question Paper Time Allowed : 2:30 hours Maximum Marks : 90 XII-Accountancy I. CHOOSE THE CRECT ANSWER 20 X 1 =20 1. Pick the odd one out. a) Outstanding salary b)
More informationCurriculum Document for Business Education
Curriculum Document for Business Education Course Title: Accounting I Learner Objective #1: Students will learn the accounting equation and how business activities change the accounting equation. Identify
More informationThe McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin
1-1 2012 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 8 1 Chapter Accounting for Purchases and Accounts Payable 8 Section 1: Merchandise Purchases Section Objectives 1. Record
More informationLESSON 2-1. Departmental Sales on Account and Sales Returns and Allowances. CENTURY 21 ACCOUNTING 2009 South-Western, Cengage Learning
LESSON 2-1 Departmental Sales on Account and Sales Returns and Allowances 2 Departmental Sales on Account Sales on account are recorded by department in order to help management make decisions Sales on
More informationLESSON Journalizing Purchases Using a Purchases Journal
LESSON 9-1 - Journalizing Purchases Using a Purchases Journal Service business vs. merchandising business Service business sells services for a fee nail salon, attorney Merchandising business purchases
More informationRecord Transactions in the Journal. Copy (post) to the Ledger. Prepare the Trial Balance
Explain accounts, journals, and ledgers as they relate to recording transactions and describe common accounts Chapter 2 Record Transactions in the Journal 2 Basic summary device Detailed record of increases
More informationFUNDAMENTAL ACCOUNTING (01) Regional 2013
Page 1 of 11 Contestant Number Time Rank FUNDAMENTAL ACCOUNTING (01) Secondary Regional 2013 Multiple Choice Account Identification Problem 1 Journalizing Problem 2 Income Statement Problem 3 Closing Entries
More informationAccounting 1A Class Notes Chapter 2 Analyzing Transactions. Chart of Accounts 1. Assets. Liabilities. 3. Owners Equity. Revenue. 5.
Chart of Accounts 1. Assets 2. Liabilities 3. Owners Equity 4. Revenue 5. Expense T- ACCOUNTS Title, Debit on the Left and Credit on the right Foot both sides (if more than one entry) Balance on the side
More informationIntermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield. Slide 3-2
3-1 C H A P T E R 3 THE ACCOUNTING INFORMATION SYSTEM Intermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield 3-2 Learning Objectives 1. Understand basic accounting terminology. 2. Explain double-entry
More informationTHE ACCOUNTING INFORMATION SYSTEM
Study Objectives THE ACCOUNTING INFORMATION SYSTEM 1. Analyze the effect of business transactions on the basic accounting equation. 2. Explain what an account is and how it helps in the recording process.
More informationPROBLEM 3-2B. (a) J1 Date Account Titles Ref. Debit Credit May 31 Insurance Expense Prepaid Insurance...
PROBLEM 3-2B (a) J1 Date Account Titles Ref. Debit Credit May 31 Insurance Expense... 722 190 Prepaid Insurance... ($2,280 X 1/12) 130 190 31 Supplies Expense... Supplies ($2,200 $)... 631 126 1,450 1,450
More informationACCOUNTING SEMESTER 1. Final Exam Review
ACCOUNTING SEMESTER 1 Final Exam Review 1 ACCOUNTING SEMESTER 1 30 T & F 70 MC Questions with pictures 5-Worksheet 6-Journals 3-Cash Payment Journal 2 CHAPTER 1 What is the accounting equation? Assets=Liabilities
More informationCHAPTER 2 THE RECORDING PROCESS CHAPTER LEARNING OBJECTIVES
CHAPTER 2 THE RECORDING PROCESS CHAPTER LEARNING OBJECTIVES 1. Explain what an account is and how it helps in the recording process. An account is a record of increases and decreases in specific asset,
More informationRECORDING BUSINESS TRANSACTIONS
2 RECORDING BUSINESS TRANSACTIONS CONNECTING CHAPTER 2 LEARNING OBJECTIVE Define and use key accounting terms What are the key terms used when recording transactions? The Accounting Cycle, page 60 Chart
More informationCHAPTER 2 THE RECORDING PROCESS SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM S TAXONOMY. Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT
CHAPTER 2 THE RECORDING PROCESS sg st SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements 1. 1 K 9. 2 K 17. 3 K 25.
More informationAccounting 1. Lesson Plan. Topic: Distributing Dividends and Preparing a Work Sheet for a Unit: 4 Chapter 26 Corporation
Accounting 1 Lesson Plan Name: Terry Wilhelmi Day/Date: Topic: Distributing Dividends and Preparing a Work Sheet for a Unit: 4 Chapter 26 Corporation I. Objective(s): By the end of today s lesson, the
More informationChapter 2--Analyzing Transactions
Chapter 2--Analyzing Transactions Student: 1. Accounts are records of increases and decreases in individual financial statement items. 2. A chart of accounts is a listing of accounts that make up the journal.
More informationChapter 4. The Accounting Cycle Adjusting Entries Closing Process Net Profit Margin Ratio
Chapter 4 The Accounting Cycle Adjusting Entries Closing Process Net Profit Margin Ratio The Accounting Cycle Accounting cycle process Records individual transactions Produces the four basic financial
More informationLesson 4. Lesson 4. Cash. Beg. Balance End. Balance. 30 Liability. Accounting Cycle Part Stephen's Sweet Shop Trial Balance
Lesson 4 Financial Accounting (Information useful to investors and creditors.) The primary tool for investors and creditors are the financial statements to be prepared in accordance with generally accepted
More informationLearning Objective. LO1 Prepare an income statement for a merchandising business organized as a corporation.
Learning Objective LO1 Prepare an income statement for a merchandising business organized as a corporation. Lesson 16-1 Uses of Financial Statements LO1 A corporation prepares an income statement and a
More informationFinancial Accounting
Drawings Assets expenses Capital Income Liabilities - Drawings - Capital - Assets - Income - Expenses - Liabilities Dt (Increases) Cr (Increases) Cr (decreases) Dt (decreases) Financial Accounting Financial
More informationWeek four. Debit (Dr) side. Lectures Page 1. Monday, 22 August 2016
Week four Monday, 22 August 1:22 PM What is a general ledger? General ledger- summary of each account A general ledger contains all the assets, liabilities and equity accounts, Collection of all the individual
More informationPrinciples of Accounting II
Principles of Accounting II Lecture 1 Adjusting the Accounts Basic Accounting Equation What the business owns = What the business owes Assets = Liabilities (owed to creditors)+ Owners Equity (residual
More informationTotal Test Questions: 57 Levels: Grades Units of Credit:.50
DESCRIPTION Students will develop advanced skills that build upon those acquired in Accounting I. Students continue applying concepts of double-entry accounting systems related to merchandising businesses.
More informationAssessment Schedule 2017 Accounting: Prepare financial information for an entity that operates accounting subsystems (91176)
NCEA Level 2 Accounting (91176) 2017 page 1 of 7 Assessment Schedule 2017 Accounting: Prepare financial information for an entity that operates accounting subsystems (91176) Marking Instructions applied
More informationTechnical Note: Reconciling the AP Past-Due Aging Report and Accounts Payable GL Account Balance
Article # 1152 Technical Note: Reconciling the AP Past-Due Aging Report and Accounts Payable GL Account Balance Difficulty Level: Intermediate Level AccountMate User Version(s) Affected: AccountMate 6/6.5
More informationAccounting Cycle Review Problem. Michelle Clark. Accounting 1110 Section 401. Fall 2014
Accounting Cycle Review Problem Michelle Clark Accounting 1110 Section 401 Fall 2014 General Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Record Transactions, Adjusting Entries, Closing Entries
More informationThe Accounting Cycle, 1 thru 6: Par One Disc Golf
The Accounting Cycle, 1 thru 6: Par One Disc Golf SECTION I. ACCOUNTING CYCLE STEPS 1 THRU 4 Par One Disc Golf (PODG) was opened on March 1, 2015 by Brian Jones. The following selected events and transactions
More informationDistrict > Basic > Business Education > Accounting I ( ) (District) > Juett, David
Granite School District I (52.0312) (District) District > Basic > Business Education > I (52.0312) (District) > Juett, David Unit Essential Questions Content s Vocabulary Formative & Understanding (Week
More informationChapter 2: The Balance Sheet
TRUE/FALSE 1. A transaction is an exchange or event that directly affects the assets, liabilities, or stockholders' equity of a company. Answer: True Difficulty: 1 Easy LO: 02-01 Topic: Transactions and
More informationAccounting Principles
Accounting Principles Second Canadian Edition Weygandt Kieso Kimmel Trenholm Prepared by: Carole Bowman, Sheridan College CHAPTER 4 COMPLETION OF THE ACCOUNTING CYCLE WORK SHEET A work sheet is a multiple-column
More informationChart of Accounts. Chart of Accounts
Chart of Accounts A company s Chart of Accounts is a list of all Asset, Liability, Equity, Revenue, and Expense accounts included in the company s General Ledger. The number of accounts included in the
More informationCompleting the Accounting Cycle
4 Completing the Accounting Cycle 4-1 Closing the Books At the end of the accounting period, the company gets the accounts ready for the next period. Very similar to what happens at AHS at the end of a
More informationFUNDAMENTAL ACCOUNTING (01)
13 Pages Contestant Number Time Rank FUNDAMENTAL ACCOUNTING (01) Regional 2009 Multiple Choice (30 @ 2 points each) Account Identification (39 @ 1 point each) Production Portion Problem 1: Journalizing
More informationBusiness Background Management is responsible for preparing...
Business Background Management is responsible for preparing... Financial Statements High Quality = Relevance + Reliability... Are useful to investors and creditors. Business Background Revenues are recorded
More information