trial balance A trial balance is a list with two columns‚ which are debit and credit. It is important to every company that they need to check the errors that maybe made during enter the transactions into general accounts. If the principles of the double entry have been correctly applied to the recording of transactions in ledger accounts‚ the total of debit balances will equal to the total of credit balances. So the total of the debit column should be equal to the total of credit column in the trial
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1. (TCO A‚ B‚ C) External users want answers to all of the following questions except: (Points : 3) Is the company earning satisfactory income? Will the company be able to pay its debts as they come due? Did the company use a budget to plan its expenses? How does the company compare in profitability with competitors? | 2. (TCO C) Debt securities sold to investors that must be repaid at a particular date some years in the future are called: (Points : 3) accounts
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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 …………………………………………….. Introduction to Financial Statements …………………………………
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All incoming freshman students will complete a double-entry journal for each book read over the summer. The journal gives the student the opportunity to interact with and to comment on the text. The readings must include one fiction and one non-fiction titles. During the first few weeks of school‚ these journals will be used to help students prepare for class discussion and an in-class writing assessment. Directions for completing the double-entry journal‚ the grading rubric for that journal and
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the double entry-accounting system. During this step you have to read the description of the transaction carefully and determine whether an asset‚ liability‚ owner’s equity‚ revenue‚ expense‚ or drawing account is affected. For each account that is affected by the transaction you have to determine if the account increases or decreases. You will decide if it will be recorded as a debit or credit. Once you have made your decision you will record the transaction in a journal entry.
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History Of Accounting Marion Clarisse Bonoan Ms. Champion BAF 3M According to the dictionary the word accounting means‚ the process or work of keeping financial accounts. However‚ how did accounting started? Was it just by a simple merchant or entrepreneur who needed a good and stable way to keep track of all his earnings? Or was it by an old mathematician studying ways to calculate how a business would be successful and just so happen to come across such a process? The history of
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........ 10 Adding a New Expense Entry ......................................................................................................... 10 Updating/Deleting an Expense Entry ............................................................................................ 12 Pie/Bar Chart of Expenses ............................................................................................................. 12 Automatic generation of Recurring Expense Entries ................................
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Financial Accounting (FIN-611) VU LESSON # 1 ACCOUNTING FOR INCOMPLETE RECORDS 1. Introduction This topic is also known as Single Entry System of Accounting. In this chapter we will learn how an accountant prepares financial statements of those organizations which are not keeping up proper double entry book keeping system of accounting. From accounting system stand point‚ business organizations can be classified into three broad categories: 1.1 Small scale business entities These consist of very
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CHAPTER 1: ACCOUNTING AND THE BUSINESS ENVIRONMENT Objective 1 - Use accounting vocabulary. Accounting is a system that measures business activities‚ processes that information into reports‚ and communicates the results to decision-makers. There are many users of accounting information. Individuals use accounting information to make decisions about purchases and investments and to manage their bank accounts. Businesses use accounting information to set goals for their businesses and to evaluate
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the account names and account numbers of the business. A ledger‚ though‚ provides more detail. It includes the increases and decreases of each account for a specific period and the balance of each account at a specific point in time. 4. With a double-entry you need to record the dual effects of each transaction. Every transaction affects at least two accounts. 5. A T-account is a shortened form of each account in the ledger. The debit is on the left side‚ credit on the right side‚ and the account
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