EXAMPLES OF ACCOUNTS FALLING UNDER EACH ACCOUNTING EQUATION ELEMENT: Current Assets Cash - A current asset account which includes currency‚ coins‚ checking accounts‚ and undeposited checks received from customers. The amounts must be unrestricted. (Restricted cash should be recorded in a different account.) Petty Cash Fund - A current asset account that represents an amount of cash for making small disbursements for postage due‚ supplies‚ etc. Notes Receivable - An asset representing the
Premium Generally Accepted Accounting Principles Balance sheet
(Also known as "T" Account and Account) Having passed the double or journal entries‚ the next step is to post these double or journal entries into Ledger accounts. Ledger account or an account is simply the classification of double entries which we have made in General Journal or any other journal. In an account we bring together all similar entries in one place. For example a company has purchased goods on 4th and 7th January‚ we would put both entries in purchases account because of their similar
Premium Accounts receivable Debt Double-entry bookkeeping system
Ali is buying the cars with the intention of selling them on‚ this would be seen as trading. This should be applied for Ali’s circumstances. Length of ownership If the asset(s) are purchased and resold within a short period of time‚ courts are more likely to consider it trade as in Wisdom V Chamberlin (1968). As Ali buys the vehicles and resells them within a short period of time‚ it would be considered trade under this badge. This should be applied. Frequency of Transactions If a transaction
Premium Value added tax
in the individual accounts in ledgers. 4. Create preliminary trial balance 5. Adjusting entries 6. Create adjusted trial balance of the accounts 7. Combine sums in various accounts 8. Close books for current month Permanent accounts are also known as real accounts. These are accounts that do not close at the end of the accounting year. The permanent accounts are all of the balance sheet accounts (asset accounts‚ liability accounts‚ owner’s equity accounts) except for the owner’s
Premium Balance sheet Income statement Generally Accepted Accounting Principles
management to record‚ plan and control activities to aid decision-making process | Accounting process | Follows a full process of recording‚ classifying‚ and summarising for the purpose of analysis and interpretation of the financial information | Cost accounts are not preserved under Management Accounting but analyses necessary data from financial statements and cost ledgers. | Legal/rules | Drafted according to GAAP - General Accepted Accounting Procedure. | Drafted according to management suitability
Premium Decision making Management Planning
a ACCOUNTS SCHOOL BASED ASSESSMENT PROJECT ST GEORGES COLLEGE 2010 Chevaughn Barrant who previously worked for Shady Spring Developers was made redundant and received $1‚500‚000 as his redundancy payment which he used to open his own sole trader business known as C.J’s Computer and Accessories where he trades in computers and parts. He decided to operate the business for two months August 1‚ 2010 to September 30‚ 2010 and the transactions are as follows: 2010 Aug 1 Started business
Premium Balance sheet Income statement
was buzzing with the news. 2. Analyze the underlying assumptions that the authors of the ad seem to make about the consumers that this advertisement targets. Determine how the ad is using these perceived assumptions to evoke a consumer response. In my many years of graphic design and advertising experience‚ I have learned that sometimes less is more. For this particular business they pride themselves on being different‚ taking different approaches but staying modest at the same time. Being part
Premium Culture Consumer protection Marketing
CXC CSEC Principles of Accounts Exam Guide Section 1: Introduction to Principles of Accounts SPECIFIC OBJECTIVES The students should be able to: CONTENT 1. Explain the concept of accounting; concept of “Accounting” and “Principles of Accounting” 2. State the purpose of accounting; Accounting as a business practice – the purpose of Accounting. 3. Identify the users of accounting information; Internal and external users Accounting information and their needs 4. Outline
Premium Corporation Limited liability company Business
Principles of Accounts School-Based Assessment On Blanna’s Fashion Boutique Submitted by : Anna Kay Blake Registration number: 1000290074 Submitted To: The Donald Quarrie High School School code: 100029 Territory: Jamaica This project is submitted in partial fulfillment of the requirements for certification in Principles of Accounts by the Caribbean Examinations Council
Premium 1979 1980 1970
Reflective Account – Poster Presentation. This reflective account is regarding my involvement within a group to produce an academic poster presentation. My feeling when we were initially told we had to do a presentation was; please no! and my heart immediately sank! This was one main worry I had when I was accepted into university but I knew I had to overcome this fear. A few sessions ago‚ we all decide which groups were going to work together. I was pleased with who I was working with as we
Free High school College Secondary education