ACCOUNTING 1 FINAL EXAM Chapter 1 1. Which of the following best describes accounting? a. is an information system that provides reports to users regarding economic activities and condition of a business. b. is of no use by individuals outside of the business. c. records economic data but does not communicate the data to users according to any specific rules. d. is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements
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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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accounts summarize international transactions for a specific period‚ usually a year‚ and are prepared in a single currency‚ typically the domestic currency for the country concerned. Since the balance of payment is based upon system of double-entry book-keeping‚ the total debits must equal to total credits. This is because two aspects of each transaction recorded are equal in amount but appear on opposite sides of the balance of payments account. In this accounting sense‚ balances of payments
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educational material visit www.PlentyofeBooks.net Uploaded By Bhavesh Pamecha (samsexy98) 1 Lesson 1: Basics of Accounting Lesson Objectives On completion of this lesson‚ you will be able to understand Principles and concepts of Accounting Double Entry System of Accounting Financial Statements 1.1 Introduction Accounting is a process of identifying‚ recording‚ summarising and reporting economic information to decision makers in the form of financial statements. Financial statements will be
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Assignment 1: Personal Reflection Journal Entry Lacinda Adams Psychology of Adjustment‚ Strayer University Prof. Celeste H. Hill November 30‚ 2014 Personal Reflection Journal Entry Write a one to two (1-2) page paper in which you: 1.Reflect on how well you are: a.adjusting to your life in terms of subjective well-being‚ diversity‚ contexts‚ and / or thinking critically. b.balancing your priorities‚ specifically with home‚ work‚ school‚ recreation‚ and / or family. c.developing your
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business to choose the one best for their specific needs. Single Entry is a simple approach for small business with minimal transactions. This type of bookkeeping only maintains a record of cash disbursement‚ sales‚ purchases‚ and cash receipts. This shows a daily summary as well as monthly summary‚ and only effect one account. Double Entry bookkeeping is the standard and is used by most business‚ small and large. Using double entry bookkeeping introduces debit and credit into the equation. These
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was to hire Jarrard‚ a local accountant‚ to set up her bookkeeping system. Jarrard wrote up the store’s preopening financial transactions in journal form to serve as an example (Exhibit 1). Thompson agreed to write up the remainder of the store’s September financial transactions for Jarrard’s later review. Exhibit 1 General Journal |Entry Number |Account |Debit(amount) |Credit(amount) | |(1) |Cash
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production operatives Vic’s receivables ledger balances total $50‚000‚ which does not agree with his trade receivables control account. The following errors were found: (1) A credit note for $750 was not recorded in the receivables ledger (2) A contra entry of $2‚000 was entered in the control account but not in the receivables and payables ledgers. What should be the total of the balances on his receivables ledger after correcting the following errors? A B C D 3 $52‚750 $50‚000 $49‚250 $47‚250 Christa
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pre-conditions necessary for the development of double entry bookkeeping. Discuss each of these in the context of why Littleton felt they were essential. • Writing In the past‚ Many business owner had little education backgrounds. They had insufficient knowledge and had no idea why record keeping was important. Nowadays more and more businessmen are able to read and write and also the availability of paper make written records facilitate the adoption of double entry book keeping. • Arithmetic Roman
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Common stock 300‚000 Retained earnings 122‚375 Sales revenues 71 6‚935 \ .\ ’. L Total $1‚437‚790 Required: a. Set up T accounts with the balances given above. b. Journalize and post adjusting entries‚ adding other T accounts as necessary. c. Journalize and post closing entries. d. Prepare an income statement for the fiscal year and a fiscal year-end balance sheet. Cases Case 4-1 PC Depot* PC Depot was a retail store for personal computers and hand-held calculators‚ selling
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