Irwin in Homewood, Ill. Written in English. Convention for International Carriage by Air treaty doc. Principles of Accounting. This book covers the fundamentals of financial and managerial accounting.
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Ledger is the book that contains individual. Please Note: Item is standalone. Fundamentals of Management Accounting [H. Jhamb] on editionbooksly. This book describes in depth internal use of accounting information by management for decision making. It is a comprehensive coverage of all the basic concepts of management accounting to suit those either studying or managers involved in Author: H. Irrespective of the size and degree of automation of a business, information management is a key area and many organisations are known to have.
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Management Accounting 1. Note: Citations are based on reference standards. Links to Business New! Why It Matters New! These key features include: Stepwise approach to accounting cycle Presentation style designed around the way students learn New! Check Up Corner New! In the early chapters, the schema shows how the steps in the accounting cycle are interrelated.
Services earned D. Money borrowed from a bank 6. This is an account deducted to property, plant, and equipment. Land B. Depreciation Expense C. Accumulated Depreciation D. Liabilities 7. Freight In B. Sales Discount C. Sales Returns D. Accumulated Depreciation 8. A principal from notes receivable that is to be received within one year of the balance sheet date is reported as? Current Liabilities B. Noncurrent Liabilities C.
Current Assets D. Liabilities 9. Any portion of the notes receivable that is not due within one year of the balance sheet date is reported as? Noncurrent Assets 36 C. Liabilities Inventory can be classified as? Liabilities III. Identification: What major account is being referred to? Revenues earned by performing services to a client. Revenues earned as a result of sale of merchandise inventory. Materials or supplies which are being consumed in the production process or rendering of services.
These are assets which are held for sale in the ordinary course of business. Most Essential Learning Competencies: Discuss the five major accounts and prepare chart of accounts. Operating revenues and expenses can be categorized by business function such as producing, selling, administrative and financing. All companies have the same chart of accounts. There is a possibility that an account must have a subsidiary ledger.
Chart of accounts is a listing of accounts having balances in the general ledger. Accounts that are available for recording transactions should be in the chart of accounts. Liabilities account have sub-accounts. Chart of accounts is not subject for change. Income has no sub-accounts. You can use an account title which is NOT reflected in the chart of accounts. Identify the following terms as Debit or Credit.
Capital III. Formulating the Chart of Accounts: Prepare a chart of accounts based on the given format. Most Essential Learning Competencies: Discuss the five major accounts and prepare a chart of accounts. Enumerate the following on the space provided. Setting up of Chart of Accounts You need to make a chart of accounts based on the given format. Loss 2. Gain 3. Income 6. Expense 7. Equity 8. Accounts 9.
Real Nominal 3. Liabilities 4. Assets 7. Expense 8. Income 3. Income Test II. Nominal 2. Real 5. Gain 9. Account Revenue Test III.
False 2. True 4. False 5. True 6. False 7. True 8. False 9. False True Test II. C Test III. Income 2. Asset 44 5. Expense 5. False 3. True 7. False 8. Credit 2. Credit 3. Debit 4. Debit 5. Debit 6. Credit 7. Debit 8. Credit 9. Debit Credit Test II. Chart 2. Account 3. Accumulated Depreciation 5. Contra Account 6. Added 7. Two 8. Deferred Revenue 9. Liability Sample Answers Current Assets 1. Cash 2. Accounts Receivable 3. Prepaid Expense 4. Inventory 5. Supplies Noncurrent Assets 6.
Vehicles 7. Office Equipment 9. Land Building 8. Amounts owed by the customer for services performed or goods sold. Goods that have been sold to the customers. Debit Debit Debit Cost to construct or buy a building. Cost to buy a land. Cost to buy vehicle. Credit Amounts owed to other company for services performed or goods sold. Salaries that has not yet paid by the company. Company obtain fund by issuing bonds. Long-term debt that will not fall under bonds and mortgage payables.
Long-term debt of the business with a certain asset as security to it. Amount invested by the owner. Amount withdrawn by the owner. Temporary accounts being used at end of the accounting period. Define and know the use of a journal and a ledger, differentiate general journal from special journals, differentiate general ledger from subsidiary ledgers and know the types and use of special journals and subsidiary ledgers.
Learners illustrate general and special journal, and illustrate general and subsidiary ledgers. Learners post entries from general journal to ledger. Fill in the blanks with the word journal or ledger. Identify what books of accounts is being asked for. Journal used to record all business transactions not recorded in the special journals.
Journalizing all cash paid including cash purchases. Journalizing all purchases of merchandise on account. Journalizing all sales of merchandise on account. Grouping of all accounts of a company showing its respective outstanding balances.
Journalizing all cash received including cash sales. Identify the book of accounts being shown on the left of the table. True or False: Write T if the statement is true, if not write F.
Cash sales is recorded in the sales journal. Accounts are alphabetically arranged in the general ledger. The number of entries that maybe recorded on each ledger account is limited to The Sales Journal records all sales of goods and services on credit but not including sales for cash. The Cash Payment Journal records all purchases of goods whether in cash or credit. A schedule of Accounts Payable is arranged before all entries in a journal are journalized.
Posting refers to journals while journalizing refers to ledgers. Sales for cash are recorded in the Sales Journal. The manager wants to look at the total revenues of the business. An employee wants to check the purchase of an air conditioning unit. An accountant wants to look at the invoice of a laptop purchased 3 years ago. Ensures that double-entry bookkeeping system is observed when recording transactions. Assists in tracking the flow of expenses for the year. Provides adequate explanation for each entry.
Systematic record of transactions. This is where you can find the supporting evidences for each transaction. Provides information about the results of business operation. Draw a Venn Diagram to compare journal and ledger.
Using a pencil or ballpoint pen draw an example of a general journal and general ledger. Draw a general journal b. Draw a general ledger 53 II. Using Microsoft Excel or any worksheet in your cell phone or computer illustrate a: 1. Sales Journal 2. Purchases Journal 3. Cash Receipts Journal 4. Post the following transactions to the ledger and prepare the trial balance. Read the statements below and write the letter of your choice.
Sales Journal B. Cash Receipts Journal C. Purchases Journal D. Cash Payments Journal In what special journal do you record? The cash sales of a business? The purchases paid for in cash by the business? The sales made on account of a business? The purchases made on account by the business? Payment of accounts payable of a business? Initial invest of an owner? Receipt of payment from customers?
Payment of water and electricity? Payment of the salaries of your employees? Receipt of interest from the bank. Identify the errors reflected in the Cash Receipts Journal and encircle it with a red ballpen.
Write a short explanation of why it is wrong. Post the following transactions to the ledger and prepare the trial balance to check your work. Write your answers on a ledger. Ledger 2. Journal 3. Journal 4. Ledger 5. Journal 6. Journal Test II. General Journal 2. Cash Payments Journal 3. Accounts Payable Subsidiary Ledger 4. Purchases Journal 5. Sales Journal 6. General Ledger 7. Accounts Receivable Subsidiary Ledger 8.
Accounts Receivable Subsidiary Ledger 2. General Journal 4. Sales Journal 5. Accounts Payable Subsidiary Ledger 6. Cash Payments Journal 7. Cash Receipts Journal 8. False Test II. True 9. False 6. Cash Receipts Journal 2. Sales Journal 4. Cash Payments Journal Credit 6. Cash Receipts Journal 7. Cash Payments Journal 9. Cash Payments Journal In a Cash Receipts Journal when we receive cash it is from accounts receivable not from accounts payable. Sales Accounts should be credited not debited.
Transportation expense or any other expense is not part of cash receipts journal. Transportation expense should not affect sales. Payment from a customer should affect accounts receivable and not other accounts.
Criteria Concept Arrangement Content Presentation Descriptors 5 3 Each section of the diagram Each section of the diagram contains contains 3 facts easily identified. Reflects factual information that Contains no factual information and corresponds with the appropriate does not correspond to the section of the diagram. Clean, neat, and well organized Messy and unorganized. Not well put together. Challenging Activities Test I. Descriptors Criteria Knowledge Neatness 5 The drawing represents a clear illustration of what is being asked for and the details are complete.
The drawing has very minimal erasures and the drawing was done carefully. The drawing has many erasures and it was done with haste. Test II. Descriptors Criteria Knowledge 5 3 The student does not know how to use electronic spreadsheet and the drawing is not representative of what is being asked for.
The student has a clear understanding of what needs to be illustrated using electronic spreadsheet and the illustration represents what is being asked for. Identify the Rules of Debit and Credit. Analyze common business transactions using the Rules of Debit and Credit. Solve exercises analyzing the business transactions. Directions: Fill in the blanks. Directions: Indicate whether the accounts have a Debit or Credit balance.
Assets 2. Liabilities 3. Revenues 6. You invested cash in the business. Paid Taxes and Licenses. Bought supplies on cash. Bought Equipment on account. Increase supplies and decrease cash b. Increase supplies expense and decrease cash c. Decrease cash and increase accounts payable d. Decrease cash and increase capital Which of the following transactions does not include an increase to expense? Received and paid the phone bill b. Bought office supplies on account c. Received cash for services performed d.
During the year, assets increased by P,00 and liabilities increased by P20, What is the amount of the liabilities? If assets increased by P40, and liabilities decreased by P30, Repairs and Maintenance Expense 2.
Salaries and Wages Expense 3. Notes Payable 4. Notes Receivable 5. Service Vehicle 6. Mortgage Payable 7. Utilities Expense 8. Furniture and Fixtures 9. Communication Expense Office Equipment Prepaid Insurance Professional fees earned Representation Expense Salaries Payable Office Supplies Expense Office Supplies Accounts payable Cash Inventory Land Accumulated Depreciation Miscellaneous Expense Prepaid Rent Rent Expense Juan, Capital Insurance Expense Cash payment by the owner investment 2.
Payment for taxes and licenses expense 3. Repair and maintenance of office 4. Purchase of office supplies on account 6. Purchase of office supplies for cash 7. Payment of accounts payable 8. Provide services for cash 9. Purchase of equipment and furniture for cash Purchase of equipment and furniture giving a 30day promissory note Payment of salaries of employees Personal transaction like withdrawal of the owner Provide services on account Provide services for cash Collection of account from a customer Payment of utility bills Provide services receiving a 30day promissory note Payment for other expenses Rendered service receiving partial payment on cash and the remaining on account.
On May 1, , she contributed P70, as investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The account leadings are presented below. Transactions completed during the moth follow. Deposited P, in a bank account in the name of the business. Paid rent for the month, P24, Bought supplies for cash, P4, Paid salaries, P9, Received cash for storage services, P36, Received and paid the utility bill, P2, Paid Errol Umerez Graphics for advertising, P4, The bill was not previously recorded.
Paid for a one-year liability insurance policy, P8, Billed customers for storage services on account, P33, Received cash for storage services, P23, Modesto withdrew P12, for personal use. Required: 1. Record the transactions in columnar form, write plus and minus signs, and show the balance after each transaction to be sure the equation remains in balance. Write the proof of totals at the bottom to show that one side of the equations equals the other side.
During the month of October , the following transactions occurred. Record in the worksheet the transactions listed above.
During the month of December, the following transactions took place. Required: Record the transactions for the month of December using a financial transaction worksheet. Determine the balances of the T-account. Required: 1 Enter the Dec. Instructor Leemon L. It involves exchange of values. There are transactions within the organization like recognizing the used portion of supplies as expense, or with outside entities or persons like purchasing supplies either for cash or on account.
By relying on source documents, transactions and events can be analyzed as to how they will affect performance and financial position. Source documents identify and describe transactions and events entering the accounting process. These original written evidences contain information about the nature and the amounts of the transactions. Identify the transaction from source documents 2. Indicate the accounts — assets, liabilities, equity, income or expenses — affected by the transaction.
Ascertain whether each account is increased or decreased by the transaction. Using the rules of debit or credit, determine whether to debit or credit the account to record its increase or decrease. Analyzing business documents which serve as a basis of recording transactions.
Step 2 Journalizing. Recording business transactions in the journal to have chronological records of economic activities. Step 3 Posting. The information in the general journal is transferred to the General Ledger to create a record of classified accounts. Step 4 Preparation of Trial Balance. A trial balance is prepared to prove the equality of debits and credits in the general ledger.
Step 5 Adjusting entries. Making end of period adjustments before financial statements are prepared so that the income and expense in the income statement are reported at their correct amounts.
Step 6 Worksheet. Work sheet is prepared to facilitate the preparation of financial statements. The basic financial statements are prepared after making the necessary adjustments. Income Statement b. Balance Sheet c. Statement of Cash Flows d. Statement of Changes in Equity e. Notes to financial statement Step 8 Journalizing and posting closing entries. The objective of closing entry is to transfer the revenue, expense and drawing accounts to the capital account. It normally includes brief description of the nature of transaction, identification number or account number.
Presented below is the chart of accounts for the illustration. Kayayan, Capital W. It is called the book of original entry. A journal entry shows all the effects of a business transaction in terms of debits and credits.
Each transaction is initially recorded in a journal rather than directly in the ledger. The general journal is the simplest journal. Simple and Compound Entry In a simple entry, only two accounts are affected — one account is debited and the other account is credited.
However, some transactions require the use of more than two accounts. When three or more accounts are required in a journal entry, the entry is referred to as a compound entry.
Format Date: The year and month are not written for every written entry unless the year or month changes or a new page is needed. Account Titles and Explanation: The first line of an entry shows the account debited and the second line is the account credited.
The account credited is indented to the right. For each entry, a brief explanation is required enough to understand the nature of the transaction. Posting Reference: This column is filled up only when the entry is transferred to the next book of accounts, the ledger. Posting reference column is where the account number of each account is written. Debit: The debit amount for each account is entered in this column. Credit: The credit amount for each account is entered in this column.
May May 15 Rendered accounting services on account, P 30, May 15 Paid Meralco bills, P 3, May 15 Paid salaries for the period, P15, May 20 Collected P10, from customer. May 25 Paid telephone bill amounting to P 6, May 27 Mr. May 30 At the end of the month, physical count of the office supplies revealed that P 5, had been consumed. Kayayan, Capital 1 0 0 0 0 0 Initial investment of the owner 3 Office Supplies 2 0 0 0 0 Accounts Payable 2 0 0 0 0 Office supplies purchased on account.
Kayayan, Withdrawals 2 0 0 0 0 Cash 2 0 0 0 0 Withdrawal by the owner. Take note that the post reference of the general journal is not filled up yet in the process of recording. This will filled in the posting process. Although some firms may use various ledger to accumulate certain detailed information, all firms have a general ledger.
A general ledger is the reference book of the accounting system and is used to classify and summarize transactions, and to prepare data for basic financial statements. The steps are illustrated as follows: 1. Transfer the date of the transaction from the journal to the ledger. Transfer the page number from the journal to the journal reference.
Post the debit figure from the journal as a debit figure in the ledger and the credit figure from the ledger as a credit figure in the ledger. Enter the account number in the posting reference column of the journal once the figure has been posted to the ledger. Illustration: Account: Cash Account No. Kayayan, Capital Account No. In the discussion of basic accounting, T-accounts is often use rather than the actual ledger to facilitate the posting step in the accounting cycle.
It is prepared to verify the equality of debits and credits in the ledger at the end of each accounting period or at any time the postings are updated. Illustration: W. Kayayan, Capital , W. When totals are equal, the trial balance is in balance. It only proves the equality of debit and credit totals but not the following errors: 1. Failure to record or post a transaction. Recording the same transaction more than once. Recording an entry but with the same erroneous debit and credit amounts. Posting a part of a transaction correctly as a debit or credit but to the wrong account.
Failing to post part of a journal entry 2. Posting a debit as a credit, or vice versa. Incorrectly determining the balance of an account. Recording the balance of an account incorrectly in the trial balance.
Omitting an account from the trial balance. Incorrectly determining the totals of the two columns of the trial balance. Listing a debit balance of an account in the credit column. For the balance sheet, the date is written as: As of or just the date itself. Kayayan, Capital Beg. Kayayan withdrawals 20, W. Kayayan, Capital End. The normal balance of an account is on the a. Plus side b. Left side c. Debit side d. Credit side 2. When a T-account has several items on both sides, the balance of the account is written a.
On the side with the greatest number of items. On the side with the least number of items. On the side with the larger total. On the side with the similar total. A debit may signify a decrease in a. A liability account b.
A revenue account c. A liability and a revenue account d. An asset and a revenue account 4. A debit may result in a. An increase in an expense account b. An increase in an asset account c. A decrease in a liability account d.
A decrease in a revenue account 5. A purchase is recognized in the accounting records when a. Payment is made for the item purchased b. The purchase requisition is sent to the purchasing department c.
Title transfer from the seller to the buyer 6. Land c. Advertising Expense d. Revenues 7. Which of the following errors will not cause the debit and credit columns of a trial balance to be unequal? Only part of a journal entry was posted b. A debit was posted to an account as a credit c.
A journal entry was accidentally posted twice d. The trial balance was incorrectly summed. Which of the following errors will cause a trial balance to be out of balance?
The bookkeeper forgot to journalize a transaction b. The bookkeeper forgot to post a journal entry to the ledger. A journal entry was accidentally posted twice. A credit was posted to an account as a debit.
The general journal does not have a column titled a. Description b. Posting reference c. Account balance d. Date To find explanation for a transaction, one should look at the a. Journal b. Ledger c. Chart of accounts d. Trial balance An entry with more than one debit or credit is called a a. Double entry b. Compound entry c. Dual entry d. Multiple entry The term footing refers to the a. Addition of a column of figures b.
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