Ch.8 Accounting for a Merchandising Business: Sales and Cash Receipts
|
|
- Randall Hubbard
- 6 years ago
- Views:
Transcription
1 Ch.8 Accounting for a Merchandising Business: Sales and Cash Receipts Procedures and forms used in selling merchandise Credit sales Sales Journal Sales returns and allowances Sales discounts Posting procedure Cash sales Cash receipts journal and posting procedure Accounts Receivable ledger & Schedule of Accounts Receivable credit card sales* 1
2 Sales Activity Just as a merchandising business follows certain procedures to process and record purchases, they follow certain procedures to process and record sales Procedures used depend on the business s Type Size Terms of Payment Cash basis No credit is allowed Terms of sale are cash or net cash Credit period a certain period of time in which to make payment 2
3 Terms of Payment Revolving charge plan, in which customers pay Percentage of their account Finance charges on a monthly basis n/eom payment for goods must be made by the end of the month in which the credit purchase was made 3
4 Procedures for Credit Sales The process for a sale on credit starts in one of two ways Receipt of a purchase order from a customer Preparation of a sales order by one of the firm s salespersons A document prepared when an order is received from a customer that serves as an additional record of the sale and identifies the salesperson who handled the sale. 4
5 Distribution of Sales Invoice Copies Credit department approves sales order Billing department prepares sales invoice and copies of sales invoice 5
6 Procedures for Cash Sales Sales ticket or sales slip a commonly used form for cash sales Cash register tape a variation of the sales ticket 6
7 The Sales Account A revenue account used to record the price of merchandise sold to customers A temporary account with a normal credit balance 7
8 Recording Sales in General Journal Form Cash sales are recorded by o Debiting Cash o Crediting Sales + asset +revenue Credit sales are recorded by o Debiting Accounts Receivable o Crediting Sales + asset +revenue 8
9 Sales Journal A special journal used only to record credit sales of merchandise Has only one money column, entitled Accounts Receivable Debit and Sales Credit 9
10 The Accounts Receivable Ledger An account for each credit customer Normal debit balances A subsidiary ledger with a controlling account the Accounts Receivable account Posting from the Sales Journal to the Accounts Receivable Ledger Each sales journal entry is posted separately to the accounts receivable ledger. Posting is usually done on a daily basis. 10
11 Posting from the Sales Journal to the Accounts Receivable Ledger 11
12 Posting from the Sales Journal to the General Ledger At the end of the month The money column of the sales journal is totaled The total is posted twice, as a Debit to the Accounts Receivable account Credit to the Sales account 12
13 Posting from the Sales Journal to the General Ledger 13
14 Recording Sales Returns and Allowances A return results when a buyer returns part, or all, of a purchase to the seller. An allowance results when a buyer decides to keep damaged or defective goods, but at a reduction from the original price. On the books of the seller, a return or allowance is recorded as a reduction in sales revenue. Sales Returns and Allowances Account A contra revenue account Has a debit balance that is opposite to the credit balance of the Sales account 14 Contra
15 Credit Memorandum Indicates that the seller has decreased the customer s account and does not expect payment 15
16 Sales Discounts Account Used to record cash discounts granted to credit customers for prompt payment A contra revenue account with a normal debit balance 16
17 Cash Receipts Journal A special journal Where all transactions that increase the amount of cash are recorded Must contain a Cash Debit column Other columns may include Sales Discount Debit column Accounts Receivable Credit column Sales Credit column A General Credit column for making credits to accounts for which no special column is provided 17
18 The Cash Receipts Journal 18
19 Posting the Cash Receipts Journal Three types of postings made from the cash receipts journal 1. Amounts in Accounts Receivable Credit column posted separately to customers subsidiary ledger accounts 2. Amounts in General Credit column posted to the general ledger accounts identified in the Account Credited column 3. Special column totals posted to general ledger 19
20 Schedule of Accounts Receivable Prepared after all posting has been completed To check posting accuracy Lists all of the balances in the accounts receivable ledger Schedule s total compared with the balance of the Accounts Receivable controlling account in the general ledger 20
21 Schedule of Accounts Receivable The schedule total and the balance of the Accounts Receivable controlling account should agree. 21
22 Accounting for Sales Taxes Most state governments and some county and city governments level a tax on the retail price of goods and services sold to the end user. The tax is called a sales tax and is collected from customers by the seller and later paid to the appropriate tax official in the state government. Sales Tax Payable account Liability account Used to record sales taxes on retail purchases + asset + liability +revenue 22
23 Recording Sales Tax in a Sales Journal 23
24 Sales Returns Involving a Sales Tax If a customer returns merchandise on which a sales tax was charged, the amount of sales tax must be returned to the customer. + contra revenue - liability - asset 24
25 Credit Card Sales: Three Types Those issued by Banks (referred to as bank credit cards), such as VISA and MasterCard Private companies (referred to as nonbank credit cards) such as American Express and Diners Club Department stores and oil companies, such as Macy s and ExxonMobil 25
26 Recording Bank Credit Card Sales Recorded as cash sales because credit card receipts can be deposited in a bank immediately Discount (fee) that ranges from 3% to 7% deducted by bank The discount is recorded in an expense account entitled Credit Card Expense. Credit Card Expense is an expense account that is used to record discounts paid when receipts for credit card sales are deposited with the bank that issued the card. + asset + expense + revenue + liability 26
27 Recording Private Company Credit Card Sales An account entitled Accounts Receivable Credit Card is used to record the amount due from nonbank credit card sales. + asset + expense + revenue + liability 27
28 Review of Journals and Ledger 28
29 The Controlling Account/Subsidiary Ledger Relationship 29
30 Ch. 8 Appendix C: The Perpetual Inventory System The periodic inventory system vs. the perpetual inventory system Record merchandising transactions using the perpetual inventory system 30
31 Differences in a Periodic Inventory System and a Perpetual Inventory System Periodic Inventory System Merchandise purchased recorded in the Purchases account The cost of items unsold determined by a periodic inventory count, usually at the end of a month or year Perpetual Inventory System Accounting records maintained continuously 31 Records show the amount of inventory sold and on hand
32 Example Recording Purchases of Merchandise In a perpetual inventory system, the Merchandise Inventory account is increased when the inventory is purchased. Kathryn DeBice, owner of DeBice Home Products Company, purchases merchandise costing $800 on account on Jul. 15, 20XX. Kathryn records the following journal entry: 20XX Jul. 15 Merchandise Inventory 800 Accounts Payable
33 Recording Sales of Merchandise In a perpetual inventory system, two entries are required when merchandise is sold. The first entry records the sales price of the merchandise Debit either Cash or Accounts Receivable Credit Sales The second entry Debit the Cost of Goods Sold account Credit the Merchandise Inventory account 33
34 Example Recording Sales of Merchandise Assume on Jul. 21, 20XX, Kathryn sells the inventory purchased on July 15 for $1,200 on account. Kathryn records the following two entries: 20XX Jul. 21 Accounts Receivable 1,200 Sales 1,200 Jul. 21 Cost of Goods Sold 800 Merchandise Inventory
35 Recording Returns of Merchandise Sold Two entries are recorded when merchandise is returned by a customer. The first entry, selling price of the merchandise Debit the Sales Returns and Allowances account Credit either Cash or Accounts Receivable The second entry, cost of returned merchandise Debit Merchandise Inventory Credit Cost of Goods Sold 35
36 Example Recording Returns of Merchandise Sold On Jul. 24, a customer returns $1,200 of merchandise purchased on account. The cost of the merchandise to DeBice Home Products was $ XX Jul. 24 Sales Returns and Allowances 1,200 Accounts Receivable 1,200 Jul. 24 Merchandise Inventory 800 Cost of Goods Sold
37 Example Recording Returns of Merchandise Purchased When merchandise is returned Debit Cash or Accounts Payable Credit Merchandise Inventory On Jul. 8, 20XX, DeBice Home Products returned for credit merchandise with a sales price of $25. DeBice records the following journal entry: 20XX Jul. 8 Accounts Payable 25 Merchandise Inventory 25 37
38 Example Recording Freight on Incoming Merchandise Because freight increases the cost of merchandise Debit the Merchandise Inventory account Credit Accounts Payable On Jul. 28, 20XX, DeBice purchased merchandise costing $1,200 and incurred a freight charge of $190 which was added to the invoice. DeBice records the following journal entry: 20XX Jul. 28 Merchandise Inventory 1,390 Accounts Payable 1,390 38
39 Comparing the Periodic and Perpetual Inventory Systems Purchased $20,000 of merchandise on account; terms 2/10, n/30. 39
40 Comparing the Periodic and Perpetual Inventory Systems 20XX Jun. 20XX Jun. 40
41 Comparing the Periodic and Perpetual Inventory Systems 20XX Jun. 20XX Jun. 41
42 Comparing the Periodic and Perpetual Inventory Systems 20XX Jun. 20XX Jun. 42
43 Comparing the Periodic and Perpetual Inventory Systems 20XX Jun. 20XX Jun. 43
44 Comparing the Periodic and Perpetual Inventory Systems 20XX Jun. 20XX Jun. 44
45 Comparing the Periodic and Perpetual Inventory Systems 20XX Jun. 20XX Jun. 45
46 Comparing the Periodic and Perpetual Inventory Systems 20XX Jun. 20XX Jun. 46
47 The Merchandise Inventory Account Under a Perpetual Inventory System 47
48 Purchases Journal DeBice s purchases journal under a perpetual inventory system follows: The only money column needed includes a debit to Merchandise Inventory and a credit to Accounts Payable: 48
49 Cash Payments Journal DeBice s cash payments journal under a perpetual inventory system follows: Notice the cash payments journal includes a Merchandise Inventory Credit column: 49
50 Sales Journal DeBice s sales journal under a perpetual inventory system follows: Notice the sales journal includes a Cost of Goods Sold Debit and Merchandise Inventory Credit column: 50
51 Cash Receipts Journal DeBice s cash receipts journal under a perpetual inventory system follows. Notice the cash receipts journal includes a Cost of Goods Sold Debit and Merchandise Inventory Credit column: 51
MERCHANDISING OPERATIONS
MERCHANDISING OPERATIONS Key Topics to Know Merchandising Businesses The revenue account is Sales, not Fees Earned New expense account, Cost of Goods Sold (COGS), records the cost of merchandise inventory
More informationCh.7 Accounting for a Merchandising Business: Purchases and Cash Payments
Ch.7 Accounting for a Merchandising Business: Purchases and Cash Payments 1 Procedures and forms used in purchasing merchandise Record credit purchases in a general journal and a purchases journal, and
More informationAccounting for Merchandising Businesses
C H A P T E R 5 Accounting for Merchandising Businesses Corporate Financial Accounting 13e Warren Reeve Duchac human/istock/360/getty Images Operating Cycle The operating cycle is the process by which
More informationAccounting I Chapter 9 JOURNALIZING PURCHASES AND CASH PAYMENTS. Assign Students to Read Ch. 9 and complete the terms p. 234
Accounting I Chapter 9 JOURNALIZING PURCHASES AND CASH PAYMENTS Assign Students to Read Ch. 9 and complete the terms p. 234 (Students may hand-write them on handout or do on word processor) Discuss Section
More informationRent Revenue, Interest Revenue, Investment Income, Gains. Interest Expense, Losses
Chapter 5 Assigned Questions: 1, 4, 5, 7, 9, 11, 16, 17, 19, 20 1. The components of revenues and expenses differ as follows: Merchandising Revenue Sales Service Service Revenue, Fees Earned, Rent Revenue,
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 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 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 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 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 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 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 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 informationACCOUNTING I. 1. The cash account is used to summarize information about the amount of money the business has available.
ACCOUNTING I True/False Indicate whether the sentence or statement is true or false. 1. The cash account is used to summarize information about the amount of money the business has available. 2. The source
More informationACCOUNTING I Chapter 10 Reading Guide. 1. What are the two major activities of merchandising businesses?
Due: Name: Hour: ACCOUNTING I Chapter 10 Reading Guide Answer the following questions as you read Chapter 10, pages 268-288. 10-1 JOURNALIZING SALES ON ACCOUNT; USING A SALES JOURNAL 1. What are the two
More informationAccounting Glossary 1. an equation showing the relationship among assets, liabilities, and
Accounting Glossary 1 GLOSSARY A Account a record summarizing all the information pertaining to a single item in the accounting equation. (p. 10) Account balance the amount in an account. (p. 10) Account
More informationRecording Departmental Sales and Cash Receipts
Recording Departmental Sales and Cash Receipts Departmental Sales on Account and Sales Returns and Allowances MasterSport records all departmental sales on account in a Sales Journal. The Sales Journal
More informationECON 3A---FALL 2007 MIDTERM #2 ANSWER QUESTIONS #1-25 ON GREEN SCANTRON AND THE REST IN THE SPACE PROVIDED-PLEASE.
ECON 3A---FALL 2007 MIDTERM #2 Name: PERM #: ANSWER QUESTIONS #1-25 ON GREEN SCANTRON AND THE REST IN THE SPACE PROVIDED-PLEASE. 1. Gross profit equals the difference between A) net sales revenues and
More informationHeintz & Parry. 20 th Edition. College Accounting 10-1
Heintz & Parry 20 th Edition College Accounting 10-1 Chapter 11 Accounting for Purchases and Cash Payments 1 Define merchandise purchases transactions. Merchandise acquired for resale Must be items for
More informationChapter 7 Question Review 1
Chapter 7 Question Review 1 Chapter 7 Questions Multiple Choice 1. The entry to replenish a petty cash fund includes a credit to a. Petty Cash. b. Cash. c. Freight-In. d. Postage Expense. 2. A $300 petty
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 informationACCT1115. Review Package - Quiz 2. Fall 2013
ACCT1115 Review Package - Quiz 2 Fall 2013 Page 1 of 16 Part I Multiple Choice 1) A company has a $48,000 loan to be paid off over 24 months. Principal payments are $2,000 per month. The current and non-current
More informationFinancial Statements and Closing Entries for a Merchandising Business
Ch.10 Financial Statements and Closing Entries for a Merchandising Business o Prepare financial statements for a merchandising business o Journalize adjusting and closing entries for a merchandising business
More informationAccounting 1. Lesson Plan. Topic: Recording Sales and Cash Receipts Using Special Journals Unit: 4 Chapter 20
Accounting 1 Lesson Plan Name: Terry Wilhelmi Day/Date: Topic: Recording Sales and Cash Receipts Using Special Journals Unit: 4 Chapter 20 I. Objective(s): By the end of today s lesson, the student will
More informationSection A: Multiple-Choice Questions (2 marks each; Total 30 marks)
Name: Student ID: Section A: Multiple-Choice Questions (2 marks each; Total 30 marks) Choose the one best answer. 1. The accounting process involves all of the following except ( d ) a. identifying economic
More informationMerchandising Activities
COMPILED BY AL KHADASH Merchandising Activities Chapter 6 McGraw-Hill/Irwin Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Operating Cycle of a Merchandising Company Cash Accounts
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 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 informationAccounting Vocabulary
Accounting Vocabulary A. Accounting: planning, recording, analyzing and interpreting financial information. Accounting Equation: an equation showing the relationship among assets, liabilities, and owner
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 informationCHAPTER 5. Accounting for Merchandising Operations ASSIGNMENT CLASSIFICATION TABLE. Brief 1, 2, 3, , 3, 4, 5 1, 2, 4, 5, 10
CHAPTER 5 Accounting for Merchandising Operations ASSIGNMENT CLASSIFICATION TABLE Study Objectives 1. Describe the differences between service and merchandising companies. 2. Prepare entries for purchases
More informationSU 2.1 Accounts Receivable
Part 1 Study Unit 2 SU 2.1 Accounts Receivable Overview Recording receivables, which coincides with revenue recognition, is consistent with the accrual method of accounting. Current Receivables will be
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 informationJournalizing Sales and Cash Receipts Using Special Journals. Friday, February 25, :53:53 AM ET
Journalizing Sales and Cash Receipts Using Special Journals Customer A person or business to whom merchandise or services are sold. Sales Tax A tax on a sale of merchandise or services. Businesses must
More informationChapter 8 - REPORTING AND ANALYZING INVENTORY
Revised Summer 2018 Chapter 8 Review 1 Chapter 8 - REPORTING AND ANALYZING INVENTORY LO 1: Explain how companies recognize accounts receivable. RECEIVABLES Amounts due from individuals and companies that
More informationCOMSATS Institute of Information Technology Abbottabad
COMSATS Institute of Information Technology Abbottabad Department of Management Sciences Terminal Section A: Spring 2017 Class: BBA 2 Date: 21-07-2017 Subject: Accounting I Instructor: Zaheer Swati Time
More informationHow to Journalize using Data Entry
Steps Essential to Success 1. Print a copy of the Problem you intend to complete. To do so, go to the software log-in page and click on Download Student Manual button, click on the Problem to open it.
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 informationChapter 6: Reporting and Interpreting Sales Revenue, Receivables and Cash
Chapter 6: Reporting and Interpreting Sales Revenue, Receivables and Cash A. Recognition of Revenue for Merchandising Companies FOB Shipping Point: title switch at shipping point Once you get it to a point
More informationMock Test 4 For DECEMBER 2016 The Institute of Chartered Accountants of India ABHIMANYYU AGARRWAL
Mock Test 4 For DECEMBER 2016 The Institute of Chartered Accountants of India ABHIMANYYU AGARRWAL CA - CPT Marks 60 Time 1 hrs. Every correct answer carries +1 mark each and 0.25 mark will be deducted
More informationACCOUNTING 201. PRACTICE MIDTERM - (Covering Chapters 1-5)
Problem - I Multiple Choice (20 points) ACCOUNTING 201 PRACTICE MIDTERM - (Covering Chapters 1-5) 1. A private organization which establishes broad accounting principles as well as specific accounting
More informationPractice Multiple Choice Questions
FINAL EXAM REVIEW The comprehensive final exam consists of 50 questions, approximately 2/3 of which are from chapters 10 through 12. The remaining questions are from chapters 1 through 9. The questions
More informationAccounting with MYOB Accounting Plus v18. Chapter Four Accounts Payable
Accounting with MYOB Accounting Plus v18 Chapter Four Accounts Payable Recording a Purchase Important Points A Purchase is obtaining goods for re-sale. Purchases are obtained from Suppliers. Amounts owed
More informationBUSA PRACTICAL ACCOUNTING I/II Entiat High School
BUSA 102 - PRACTICAL ACCOUNTING I/II Student Entiat High School 2010-2011 Cycle 1 1 Define and identify asset, liability, and owner s equity accounts. 1.1 2 Define a fiscal period and a fiscal year. 1.1
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 informationTHE UNITED REPUBLIC OF TANZANIA NATIONAL EXAMINATIONS COUNCIL CERTIFICATE OF SECONDARY EDUCATION EXAMINATION. Instructions
THE UNITED REPUBLIC OF TANZANIA NATIONAL EXAMINATIONS COUNCIL CERTIFICATE OF SECONDARY EDUCATION EXAMINATION 062 BOOK KEEPING (For Both School and Private Candidates) Time: 3 Hours Friday, 12 th October
More informationCONTROL ACCOUNTS. The debtors control and creditors control accounts facilitates accounting control over the debtors and creditors accounts.
CONTROL ACCOUNTS SPECIFIC OUTCOMES Post to the general ledger, debtors ledger and creditors ledger from the subsidiary books and balance ledger accounts where necessary. Reconcile the control accounts
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 informationAuditing and Assurance Services, 15e
Auditing and Assurance Services, 15e (Arens) Chapter 14 Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions Learning Objective 14-1 1) Which of the following
More informationCOMSATS Institute of Information Technology Abbottabad
COMSATS Institute of Information Technology Abbottabad Department of Management Sciences Terminal Section A: Spring 2017 Class: BBA 2 Date: 21-07-2017 Subject: Accounting I Instructor: Zaheer Swati Time
More informationTalking Accounting Definitions
Talking Accounting Definitions Introduction to Accounting week 1 Accounting The information system that measures business activities, processes that information into reports, and communicates the result
More informationMultiple choice question 51 A small neighborhood barber shop that is operated by its owner would likely be organized as a Proprietorship.
FINAL EXAM Financial accounting Multiple choice question 92 The best definition of assets is the Resources belonging to a company that have future benefit to the company. Collections of resources belonging
More information2013 年 会计学原理 期中考试 1 / 6
2013 年 会计学原理 期中考试 Part I True or False (0.5 mark each, 21 marks in total) 1. The primary objective of financial accounting is to provide general purpose financial statements to help external users analyze
More informationa. True b. False a. True b. False a. True b. False a. True b. False a. True b. False a. True b. False a. True b. False a. True b.
2005 SLC Accounting II Page 1 Indicate whether the sentence or statement is True or False. Mark A if True or B if False. 1. Most companies have a code of conduct that they distribute and/or communicate
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 informationTrial Balance. Format of Trial Balance. The under mention points may be noted for preparing a trial balance.
Trial Balance All the businessmen after completion of posting from journal or subsidiary books to the ledger want to verify the accuracy of the posting. For this purpose, our statement is prepared wherein
More informationACC100 Introduction to Accounting
ACC100 Introduction to Accounting Week 5 Adjusting Entries and the Trial Balance Chapter 4 Adjusting entries Study Group Australia Pty Limited, SGA1286-F2/10/12 2 Learning Outcomes On completion of this
More informationFINANCIAL ACCOUNTING PRINCIPLES (BAT4M) FINAL EXAMINATION
Canadian International Matriculation Programme Sunway College FINANCIAL ACCOUNTING PRINCIPLES (BAT4M) FINAL EXAMINATION Date : 6 June 2017 Time Length Lecturer : 8:30 a.m. 10:30 a.m. : 2 hours : Ms Rehnu
More information$100,000; and Medicare tax rate, 1.5% on all earnings. What is the gross pay for the employee?
Final Exam Review 1. Accumulated Depreciation a. is used to show the amount of cost expiration of intangibles b. is the same as Depreciation Expense c. is a contra asset account d. is used to show the
More informationCP:
Adeng Pustikaningsih, M.Si. Dosen Jurusan Pendidikan Akuntansi Fakultas Ekonomi Universitas Negeri Yogyakarta CP: 08 222 180 1695 Email : adengpustikaningsih@uny.ac.id 1 2 6 Accounting for Merchandising
More informationCONTRA COSTA COUNTY Office of the County Administrator ADMINISTRATIVE BULLETIN SUBJECT: CASH RECEIVING, SAFEGUARDING AND DEPOSITING
Number: 205.1 Date: February 20, 2008 Section: Budget & Fiscal CONTRA COSTA COUNTY Office of the County Administrator ADMINISTRATIVE BULLETIN SUBJECT: CASH RECEIVING, SAFEGUARDING AND DEPOSITING This bulletin
More informationName: Class: Date: 1 MULTIPLE CHOICE 4-2
1 MULTIPLE CHOICE 4-2 I certify that I am taking this examination alone and am not receiving any help with it except through the use of my textbook and notes. I have not been given any of the questions
More information4/9/2012. Recording Transactions. Learning Objectives (LO) LO 1 Double-Entry System. LO 1 Double-Entry System. LO 1 Double-Entry System
4/9/212 Recording Transactions CHAPTER 3 Learning Objectives (LO) After studying this chapter, you should be able to 1. Use double-entry accounting 2. Describe the five steps in the recording process 3.
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 informationMANAGEMENT 2100Y - MIDTERM EXAM SPRING 2013
MANAGEMENT 2100Y - MIDTERM EXAM SPRING 2013 INSTRUCTOR: Steven Dyer STUDENT: INSTRUCTIONS: 1. Programmable calculators are not allowed in this exam. 2. Check that there are 15 pages (including the title
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 informationSENECA HIGH SCHOOL CURRICULUM MAP BUSINESS/COMPUTER EDUCATION ACCOUNTING II
UNIT 1 Accounting for Sales and Cash Receipts How do merchandising businesses keep track of what is sold and how much money is collected? How does this benefit the consumer? Accounting for a Merchandising
More informationFINANCIAL ACCOUNTING PRINCIPLES (BAT4M) FINAL EXAMINATION
Canadian International Matriculation Programme Sunway College FINANCIAL ACCOUNTING PRINCIPLES (BAT4M) FINAL EXAMINATION Date : 8 December 2015 Time Length Lecturer : 8:30 a.m. 10:30 a.m. : 2 hours : Ms
More informationAccounting for Merchandising Businesses
Accounting for Merchandising Businesses LearningObjective1 Distinguish between the activities and financial statements of service and merchandising businesses. Nature of Merchandising Businesses Service
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 informationLESSON Preparing an Income Statement. CENTURY 21 ACCOUNTING Thomson/South-Western
Preparing an Income Statement 2 Uses of Financial Statements Financial statements provide the source of information needed by owners and managers to make decisions on the future activity of a business
More informationSOLUTIONS Learning Goal 8
Learning Goal 8: Prepare Closing Entries S1 Learning Goal 8 Multiple Choice 1. d 2. a 3. b 4. d Because the dividends account is closed directly into the retained earnings account, not into income summary.
More informationPROFESSOR S CLASS NOTES FOR UNIT 14 COB 241 Sections 13, 14, 15 Class on November 5, 2018
PROFESSOR S CLASS NOTES FOR UNIT 14 COB 241 Sections 13, 14, 15 Class on November 5, 2018 Accounts Receivable Accounts Receivable are amounts which the company has a legal right to collect from customers.
More informationCertificate in Accounting (IAS) Level 3
Pearson LCCI Certificate in Accounting (IAS) Level 3 Friday 6 June 2014 Time: 3 hours Paper Reference ASE3902 You will need: An answer book Instructions Do not open this examination paper until you are
More informationGrade 12 Accounting Review & Practice Questions
Grade 12 Accounting Review & Practice Questions Chapter 1 Review Questions Chapter 1 Theory: Do m/c Page 30 31 #1 10 Chapter 1 Practice: o BE1 1 o BE1 5 o BE1 6 o BE1 11 o BE1 15 Exercises o E1 4 o E1
More informationB.COM I ACCOUNTING REGULAR/ PRIVATE. S.Hussain
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net
More informationFUNDAMENTAL ACCOUNTING (01)
14 Pages Contestant Number Time Rank FUNDAMENTAL ACCOUNTING (01) Regional - 2007 Multiple Choice (30 @ 3 points each) Account Identification (15 @ 3 points each) Production Portion Problem 1: Financial
More informationACC100 Introduction to Accounting
ACC100 Introduction to Accounting Week 4 Recording Transactions Chapter 3 - Recording Transactions Study Group Australia Pty Limited, SGA1286-F2/10/12 2 Learning Outcomes On completion of this week s study,
More informationSuggested Basic Accounting Procedures for National Scout Organizations
Suggested Basic Accounting Procedures for National Scout Organizations 1 World Scout Bureau Asia-Pacific Region P.O. Box 4050, MCPO 1280 Makati City, Philippines Tel: (63 2) 817 1675/818 0984 Email: asia-pacific@scout.org
More information9 Payments, and Banking Procedures. Cash Receipts, Cash
9-1 McGraw-Hill 2007 The McGraw-Hill Companies, Inc. All rights reserved. Chapter Cash Receipts, Cash 9 Payments, and Banking Procedures Section 1: Cash Receipts Section Objectives 1. Record cash receipts
More informationFin621 Online Quizzes & Papers GURU
1.If the inventory shrinkage at the end of the year is overstated by $7,500, the error will cause an: A.. understatement of net income for the year by $7,500 B.. understatement of cost of merchandise sold
More informationSeminar on Bookkeeping Basics
Seminar on Bookkeeping Basics (Handout) Our materials are copyright AccountingCoach, LLC and are for personal use by the original purchaser only. We do not allow our materials to be reproduced or distributed
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 informationA GUIDE TO DOUBLE ENTRY BOOKKEEPING
A GUIDE TO DOUBLE ENTRY BOOKKEEPING BY MATT DAVIES, ASTON BUSINESS SCHOOL PROJECT LEAD FOR THE FINANCIAL EDUCATION FOR FUTURE ENTREPRENEURS (FEFE) PROJECT A Guide to Double Entry Bookkeeping: Objectives
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 informationSupplemental Instruction Handouts Financial Accounting Review of Chapters 5, 6, 7 and Appendix II
Supplemental Instruction Handouts Financial Accounting Review of Chapters 5, 6, 7 and Appendix II 1. The following transactions were recorded by Carmen s Antique Shop for the month of June. June 1 st purchased
More informationOptional Self Study Questions Solutions
Optional Self Study Questions Solutions This material is provided as an additional resource in addition to workshop and tutorial questions. These are optional. Problem 1 Recording transactions in general
More informationWAYNESBORO AREA SCHOOL DISTRICT ADVANCED ACCOUNTING
COURSE NAME: Advanced UNIT: Departmentalized (4 Chapters plus a simulation project) NO. OF DAYS: 60 KEY LEARNING(S): Recording Departmental Purchases, Cash Payments, Sales, and Cash Receipts; Calculating
More informationCh.2 A Review of the Accounting Cycle
Ch.2 A Review of the Accounting Cycle 1. Basic steps in the accounting process (accounting cycle) 2. Analyze transactions and make and post journal entries 3. Make adjusting entries, produce financial
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 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 IX SECTION IX-ASB ASSOCIATED STUDENT BODY FUND (ASB)
CHAPTER IX SECTION IX-ASB ASSOCIATED STUDENT BODY FUND (ASB) Special Revenue Funds -- to account for the proceeds of specific revenue sources (other than expendable trust or for major capital projects)
More informationZacks Bike Hut. Transactions For June Level II. 1 st Web-Based Edition
Zacks Bike Hut Level II 1 st Web-Based Edition Transactions For June 10-16 Page 1 Heads Up: In this module you will be required to (1) write-off an account receivable using the allowance method, (2) record
More informationReceivable and Sales C AT EDRÁTICO U PR R I O P I EDRAS S EG. S EM
Receivable and Sales E DWIN R ENÁN MALDONADO C AT EDRÁTICO U PR R I O P I EDRAS S EG. S EM. 2 017-18 Textbook: Financial Accounting, Spiceland This presentation contains information, in addition to the
More informationASSOCIATED STUDENT BODY FUND (ASB)
The modified accrual basis of accounting is to be used in measuring financial position and operating results unless the district had less than 1,000 full-time equivalent students the previous fiscal year
More informationChapter 2 Review of the Accounting Process
Chapter 2 Review of the Accounting Process QUESTIONS FOR REVIEW OF KEY TOPICS Question 2 1 External events involve an exchange transaction between the company and a separate economic entity. For every
More informationCh.4 The Accounting Cycle for a Service Business (cont )
Ch.4 The Accounting Cycle for a Service Business (cont ) Adjusting entries using T-accounts Work with a Worksheet for a service business Prepare Financial Statements Journalizing and posting adjusting
More informationAdjustments and Internal Controls
Question 1: How do accounting systems differ depending on the size of a business? Answer 1: In a smaller business, the accounting system evolves through time as the business grows. However, in larger and
More informationCh.6 Internal Control and Accounting for Cash
Ch.6 Internal Control and Accounting for Cash Internal control and its objectives Understand cash and internal control procedures related to cash Accounting for petty cash Combined Journal Prepare a bank
More informationXI ACCOUNTING REGULAR / PRIVATE. S.Hussain
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net
More information