University rules on plagiarism – it must be your own work. * Include your answer in sections provided * You can create more lines on the journal entry tables etc. by placing the cursor at the end of a row and pressing return. * Insert your name and Student ID in the footer. * You are NOT to submit a hard copy (online submission only). SCOTTY’S SURFBOARDS AN ACCOUNTING PRACTICE SET Journals General Journal | | | | Post. | | | Date | Account | Ref. | Debit | Credit
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(1) Uses of Accounting Information and the Financial Statements a. Accounting as an Information System i. Accounting is an information system that measures, processes, and communicates financial information about an economic entity. Accountants focus on the needs of decision makers. ii. External decision makers use financial accounting reports to evaluate how well a business has achieved its goals. These reports are called financial statements. iii. The primary external users of accounting information
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Debits and credits are the main part of the accounting system. They are the method used to record business transactions, and keep track of assets and liabilities. Anything that has a monetary value is recorded as a debit or credit, depending on the transaction taking place. In accounting, debits or credits are abbreviated as DR and CR respectively. Rules: Dr: increases asset and decreases liability and owners equity. Eg: if business buys a truck for business use then there in an increase in business
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make decisions Financial Reporting * Regulated by the Securities and Exchange Commission (SEC) * SEC does not make the actual rules but has final say * Rules developed by the Financial Accounting Standards Board (FASB) * Identifies areas that need to be fixed * Studies potential solutions * Circulates proposed rules for feedback * Recommends accounting procedures but SEC decides adoption * If adopted becomes part of Generally Accepted
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accounting practice. These include the standards, conventions, and rules that accountants follow in recording and summarizing and in the preparation of financial statements. 5. The ___________ ___________ ____________ Board establishes the rules for financial accounting. Financial Accounting Standard Board 6. What is the accounting equation? Accounting equation is the basic accounting foundation to show that debits are equal to credits. Assets = Liabilities + Owner’s equity 7. There are 4
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Main Street, Buffalo, New York 14203-1495 Phone: 800-724-2240 Designated Line of Credit # Designated Checking Account # This Automated Commercial Loan Sweep Agreement (the “Agreement”) is made as of the date set forth below by and between the Client and MANUFACTURERS AND TRADERS TRUST COMPANY (the “Bank”) and shall become effective as of the Effective Date described below. The Client has requested that the Bank debit eligible available balances from the Client’s checking account designated above
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All About Payment Cards Payment cards offer consumers more security, convenience, and control than any other payment method. The wide variety of cards available – including credit, debit and prepaid – offers enormous flexibility, as well. Payment cards give people the power to purchase items in stores, on the Internet, through mail-order catalogues and over the telephone. They save merchants time and money, enable them to attract and retain more customers, and help them grow their businesses. The
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Discussion 1I suspect that most of us can view and appreciate most sports such as baseball, football, and basketball. What if you were to view a Cricket World Cup game? If you didn't know the rules you probably would not have much fun. The same happens in business if you don't understand its language - Accounting. What rules impact a business' Accounting Information System? What types of compliance is required? Discussion 2 In this graded discussion, we will be examining the operation of the Accounting
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transactions occurred during the month of January: Jan 1. The owner contributed cash of $15,000 to start the business Jan 2. Paid $1,200 for rent for January Jan 3. A computer was purchased for $2,200 cash Jan 5. Office furniture was purchased on credit for $4,000 Jan 10. Cash of $500 was received for services performed Jan 22. Billed customers for services provided, $2,500 Jan 24. Paid for the office furniture purchased on Jan 5. Jan 30. Received cash of $2,500 from customers on account for the
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a- i) According to SCON 6 article 25, assets are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. Assets has three characteristics: it embodies a probable future benefit that involves a capacity or in combination with other assets, to contribute directly or indirectly to future net cash inflows, a particular entity can obtain the benefit and control others’ access to it and the transaction or other event giving rise to the
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