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; increase in assets or decrease in liabilities | 6. Credit | * All entries on right side of a t account; increase in assets | 7. Account balance | * The total of a t account once all the credits and debits have been calculated | 8. Trial balance | *
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Home Download material Contact us Privacy policy Link to us Useful links Advertise -------------------------------------------------------------------------------- Home » Introduction to Accounting » Accounting Concepts -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Accounting Concepts: The term ’concepts’
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5 Business Entity Concept- The business and the businessman are two different and distinct entities. I.e. that the firm and the partners‚ the company and the shareholders‚ the owners and the organization have their own distinct identities. All accounting is done from the perspective of the business. The accountant regards owners‚ creditors‚ suppliers‚ customers as parties transacting with the business. All transactions are viewed from the point of view of the business. Money Measurement
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costTuscon The had and termsof 2110‚ $14‚322. $21‚000 credit period. inventory system. Assume bothbuyer seller a perpetual that and use discount (Omit the "$" sign in your l(a)Prepare entriesthat the buyershouldrecordfor the purchase. response.) General Journal Merchandise inventory payable lAccounts Debit l‚:J l Credit | 21‚000 *****-**r*i i {"?1‚oqa (Omitthe "$" sign in your record the cashpayment. for 1(b)Prepare entries that the buyershould response.) General Journal *- Debit Credit
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Accounting Cycle Paper Acc 421 Date Accounting Cycle Paper Accounting is a financial information system designed to record‚ classify‚ report‚ and interpret financial data. The accrual concepts states that accounting income is measured by matching the expenses incurred in a given accounting period with the revenues earned in that period. The accounting cycle is 6 steps. The accounting cycle is a logical series of steps that accountants follow to keep necessary accounting records
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Introduction Accounting is a finance support system that * Records transactions. * Classifies transactions and events. * Expresses transactions in monetary terms. * Helps to monitor the financial performance and condition of Business. * Helps to evaluate the business. * Helps to establish controls for the business. Accounting helps to arrive at the financial position of an organization at any point of time. The organization’s financial status‚ as on a particular date
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publicize a concert - expense h. A long-term loan owed to Citizens Bank -liability i. The albums‚ tapes‚ and CDs held for sale to customers –assets Normal balance for: liability = credit revenue = credit asset = debit expense = debit 2. Basic journal entries The following transactions pertain to the Jennifer Royall Company: General Journal Date Accounts Debits Credit May 1 Cash $25‚000 Land $15‚000 Investment $40‚000 Invested cash and land into business May 5 Revenue
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limitations or weaknesses. FALSE 8. In an automated system‚ the entering of data and transferring of information is done by following the same steps as in a manual system. TRUE 9. Adjusting entries are often made because some business events are not recorded as they occur. TRUE 10. Adjusting entries are recorded in the general journal but are not posted to the accounts in the general ledger. FALSE 11. Adjusting entries are not necessary if the trial balance debit and credit
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provides the services‚ the law firm may settle the revenue when their first general advice service is made. 3. Cruise None of the $260‚000 was revenue to Raymond’s in 2006 since the service would not be rendered until January 23‚ 2007. Journal entries should be made in 2006 when Raymond’s sold all available space on the ship for $260‚000: Cash(+A) $260‚000 Unearned revenue(+L) $260‚000 Revenue would be booked once the service is rendered.
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For solo and small firm lawyers‚ handling finances can be a daunting task. Think about it. You just started your own firm. You have few‚ if any‚ clients‚ and you are using your savings and credit cards to finance the business. Sure‚ you may‚ like me‚ have an accountant who handles your taxes‚ but because accountants and other financial professionals charge for their time‚ just as we do‚ you tend to do anything you can to avoid incurring that expense until tax season rolls around. You could hire a
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