for marketing activities‚ profit reinvestment‚ research and development‚ and company growth all stem from the work of accountants Book-keeping Bookkeeping involves the recording‚ storing and retrieving of financial transactions for a company‚ nonprofit organization‚ individual‚ etc. Common financial transactions and tasks that are involved in bookkeeping include: Billing for goods sold or services provided to clients. Recording receipts from customers. Verifying and recording invoices from suppliers
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Valenzuela National High School Third Periodical Examination Technology and Livelihood Education - Basic Bookkeeping and Accounting S.Y. 2011 – 2012 I. Multiple Choice: Directions: Read and analyze the questions carefully and write the letter of the correct answer on your answer sheet. 1. What columnar sheet of paper is used to summarize information needed to prepare the financial statements of the business? a. General Journal c.Trial Balance b. General Ledger d. Worksheet
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102:’ Part 1 Rnancial Accounting Problem 4-4; The account balances in the ledger of the Dindorf Company on January 3 1 (the end of its fiscal year)‚ before adjustments‚ were as follows: Debit Balances Cash and equivalents $ 119‚115 Accounts receivable 162‚500 Merchandise inventory 700‚680 Store equipment 21 5‚000 15‚475 Supplies inventory 38‚250 Prepaid insurance Selling expense 24‚900 105‚750 Sales salaries Miscellaneous general expenses 31‚000 6‚220 Sales discounts Interest expense 9‚300 Social
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University Fall 2013 ACCT 2200 30 MINUTE QUIZ-CH.1/CH.2 True/False Circle the correct answer T 1. Accounting is the information system that identifies‚ records‚ and communicates the economic events of an organization to interested users. True T 2. Bookkeeping deals with the record-keeping process and is only one aspect of accounting. True T 3. 4. 5. 6. 7. 8. False Collection of an accounts receivable will increase both cash and accounts receivable. True F False The economic entity assumption
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Chapter 2 Recording Business Transactions Review Questions 1. The three categories of the accounting equation are assets‚ liabilities‚ and equity. Assets include Cash‚ Accounts Receivable‚ Notes Receivable‚ Prepaid Expenses‚ Land‚ Building‚ Equipment‚ Furniture‚ and Fixtures. Liabilities include Accounts Payable‚ Notes Payable‚ Accrued Liability‚ and Unearned Revenue. Equity includes Owner’s Capital‚ Owner’s Withdrawals‚ Revenue‚ and Expenses. 2. Companies need a way to organize their
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MGT101 - FINANCIAL ACCOUNTING – I Lesson No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 TOPICS Basic Concepts of Accounting ………………………………………... Record Keeping and Some Basic Concepts…………………………… Systems of Accounting and Some Basic Terminologies ………………. Single and Double Entry Record Keeping …………………………….. Classification of Account ……………………………………………... Flow of Transactions ………………………………………………..... Basic Books of Accounts
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Associate Level Material Appendix B Debits and Credits Consider the information presented in PhxKlips™ Debits and Credits. Pay particular attention to the meaning of debits and credits and their effects on accounts. Then follow the instructions below. 1. Write a response to the following questions: In what two ways is the word debit defined in Debits and Credits? ------------------------------------------------- ------------------------------------------------- Debits are defined
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INTRODUCTION: An Organization often needs a way to keep score when conducting business operations. Accounting usually fits this need because it allows create to companies financial reports that can be compared with other companies or an industry standard. Business owners and managers also use accounting to review the efficiency of operations. This information may help owners and managers make business decisions and improve the company’s profitability. Accounting is basically defined as the process
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Student Number : 31829139 Name : Soomaya Gaffoor Module code : SDACTOM Assignment 02 Unique Assignment Number : 306231 Table of Contents Question 1 Question 2 Question 3 Bibliography Page 1 2 3 3 Student Number: 31829139‚ Course: SDACTOM‚ Assignment 02 Question 1 Explain the criteria and elements for formulating criterion-directed behavioural outcomes (Mager) as explained in the study guide. Behavioural (criterion-directed) outcomes are specific. They indicate what learners must be able to do
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1. GAAP | The rules of how to set up and report financial information‚ including the formulas and format | 2. Basic accounting formula | * The difference between assets and liabilities equals the total net assets. (na=a-l) | 3. Transaction‚ * t-account * | Any activity that causes an increase in assets‚ anything credit or debit that is recorded | 4. General ledger * | * Record of all financial transactions | 5. Debit | * All entries on left side of a t account;
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