3. The accounting equation does not have to be in balance to be correct. 4. A business that performs an activity for a fee is a service business. 5. The amount in an account is an account balance. 6. The capital account is a liability account. 7. Double lines below a column total mean that the totals have been verified as correct. 8. A withdrawal is an expense. 9. Cash is increased by expenses. ____ 10. Payments for advertising‚ equipment repairs‚ utilities‚ and rent are expense transactions.
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5. Act 1: 1st Entry; I am still in morn. My father’s death came as to a shock to me. The cause of his death is unknown‚ which leaves me curious as to what really happened. It has been one month since his death and my father’s brother; Claudius‚ is to be married to my mother. How can this be‚ after only one month? My father was a good man; loyal‚ trusting and good at heart. Does my mother realize? How can she already remarry‚ especially to her own brother? I don’t understand how they could already
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University Email: yklau@ntu.edu.sg Tel: 67905694 2-2 LO 2 Lecture Outline 1. Analyzing Business Transactions 2. Recording Process a. b. c. d. e. f. The Source Document The journal The accounts Debit and Credit rule Recording process illustrated Unadjusted trial balance 3. Adjusting entries a. b. c. d. Deferrals Accruals Accounting estimates Adjusted trial balance 4. Prepare financial statements and close books 2-3 Suggested Readings Compulsory
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Accounting is defined by the American Institute of Certified Public Accountants (AICPA) as "the art of recording‚ classifying‚ and summarizing in a significant manner and in terms of money‚ transactions and events which are‚ in part at least‚ of financial character‚ and interpreting the results thereof." Accounting is thousands of years old; the earliest accounting records‚ which date back more than 7‚000 years‚ were found in Mesopotamia (Assyrians). The people of that time relied on primitive accounting
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Introduction PRBA001 Accounting Principles The course introduces the basic concepts and principles of accounting with special emphasis given to the use and interpretations of financial accounting information. It also familiarises students with the basic techniques used in the preparation of financial statements On completion of the unit students should: be able to read‚ understand‚ interpret and discuss the commonly available financial statements produced by businesses. have gained an appreciation
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As I Lay Dying journal entries By: Roberto Boponti Cash My first impression of Cash was that he was a hardworking man. He spent most of the day working on the coffin for his mother. He seemed very selfless as he worked constantly on his mother’s coffin. Although the fact that he was building the coffin right outside his mothers window was somewhat disturbing to me. I would not want to watch a man build my coffin. To Cash this coffin was his last present to his dying mother and he wanted it to
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for Cash Purchase Supplies Via Payables Misc. Pay Rent Exercise Deliverables Deliverables are consolidated into one answer sheet at the end of this exercise. For this exercise you will need the following deliverables. In the System: Journal Entries On Paper: Document numbers for each step. Answers to the Questions You may be assigned additional deliverables. Be sure to check with your instructor! Page 2 of 17 For
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Goods Received Note‚ Books of Original Entry: In the course of business‚ source documents are created. The details on these source documents need to be summarized‚ as otherwise the business might forget to make some payments‚ ask for money owed or even accidentally pay for something twice. It is therefore imperative to keep records of source documents of transactions. Such records are made in “books of original entry”. The books of original entry also called a daybook are a descriptive and chronological
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A SHORT HISTORY OF ACCOUNTING AND BUSINESS The history of accounting is as old as civilization‚ among the most important professions in economic and cultural development. Accountants invented writing‚ developed money and banking‚ innovated the double entry bookkeeping system that fueled the Italian Renaissance‚ were needed by Industrial Revolution inventors and entrepreneurs for survival‚ helped develop the capital markets necessary for big business so essential for capitalism‚ turned into a profession
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LEARNING OUTCOMES Understand the history of accounting dating from prehistoric times to written record keeping. Identify the seven preconditions for the emergence of systematic book keeping. Know Luca Pacioll contributions in introducing double entry book keeping. Accounting is a tool‚ invented by humankind‚ to fulfill needs of society. Unlike the explorers of the past who discovered new lands‚ accounting cannot in any true sense be said to have been discovered‚ but must have been constructed
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