...UNIVERSITY OF EDUCATION, WINNEBA (COLLEGE OF TECHNOLGY EDUCATION, KUMASI) IMPROVING THE PERFORMANCE OF SECOND YEAR ACCOUNTING STUDENTS’ IN DOUBLE ENTRY PRINCIPLES THROUGH PARTICIPATORY METHODS OF TEACHING AND LEARNING: USING POPE JOHN SENIOR HIGH SCHOOL AND MINOR SEMINARY, KOFOFIDUA AS A CASE STUDY URIAH- ACQUAH PANFORD JUNE, 2015 IMPROVING THE PERFORMANCE OF SECOND YEAR ACCOUNTING STUDENTS’ IN DOUBLE ENTRY PRINCIPLES THROUGH PARTICIPATORY METHODS OF TEACHING AND LEARNING: USING POPE JOHN SENIOR HIGH SCHOOL AND MINOR SEMINARY KOFOFIDUA, AS A CASE STUDY BY URIAH- ACQUAH PANFORD (4121010023) A PROJECT REPORT PRESENTED TO THE DEPARTMENT OF ACCOUNTING STUDIES EDUCATION, AT THEUNIVERSITY OF EDUCATION, WINNEBA IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THEAWARD OF BACHELOR OF SCIENCE EDUCATION DEGEE IN ACCOUNTING STUDIES JUNE, 2015 ACKNOWLEDGEMENT I wish to express my heartfelt appreciation to Mr. Frank Yao Gbadago, a lecturer ine department of Accounting Studies Education of the University of Education, Winneba, Kumasi Campus for his guidance and directions in writing this action research report. To Mr. Imoro Musah Daniel, what would...
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...Accounting is a formalised information system of recording economic events in the company that helps to obtain, process and present information as well as supports decision-making. Main reasons why it is necessary for the company to keep accounting records is to identify how much profit or loss the business has made, how much money the firm owe to someone else and how wealthy they company is. Nevertheless, the fundamental objective of accounting is to provide information for decision-making. Double-entry system Accountant to record the dual effects of each transaction uses double-entry system. As every transaction affects two items it is necessary to show these effects when recording each transaction. This stage is known as bookkeeping and the process is called double entry. Particular method follows the rule of accounting equation and maintains that every debit has a corresponding credit entry. Source documents Source documents are the original evidences in which all the information about business transactions are documented. The examples of this kind of documents are listed below. • • • • Sales invoices Cash receipts Credit notes Deposit slip Original books of entry All data from the source documents is recorded in the prime or original books of entry. 1 Books of prime enter are the journals in which we first record transactions. There are separate records for each kind of transaction that can be find below. • • • • • • ...
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...ASSIGNMENT BRIEF EDEXCEL BTEC L3 Extended a Diploma in Business Unit 8 ACCOUNTING SYSTEMS (Task A) P1 In this assignment I am going to identify and explain the various documents that a business needs to prepare and used in its day to day activities and transactions. In first place, the price quotation is a document that an organisation submits to one or more potential clients enquiring for the price of a product or service. Typically, the price quotation presents the list of prices customarily used when the requesting organisation's requirements are more complex. Therefore, we identify this document as a formal statement of promise, submitted usually in response to a request for quotation by potential supplier, to supply the goods or services required by a buyer, at specified prices, and within a specified period. A quotation may also contain terms of sale and payment, and warranties. If the case of the requesting organisation does not wish to accept the price quotation of a certain good or service, it may decline it or request a new price quote as the quotation is the formal quote from the seller to the buyer for a quantity of goods, at a specific price, to be delivered at a specific time. The quotation is provided within the context of a validity time frame, and purchase orders placed during the quotations validity are accepted for delivery at the price stated. Therefore, we can define the price quotation as a proposal to the buyer from the seller...
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...e. Journalize the Transactions f. Post to Ledger Accounts g. Prepare a Unadjusted Trial Balance h. Journalize and Post Adjusting Entries i. Prepare an Adjusted Trial Balance j. Prepare Financial Statement k. Journalize and Post Closing Entries l. Post-Closing Trial Balance m. Optional Reversing Entries IV. Conclusion While not having an accounting cycle for the business can possibility hurt the company, following the accounting process and steps will help with the accounting procedure. Many organizations will have accounting established to process all the business revenues and expenses. To have a successful business people follow the accounting actions of identify, record and communicate the daily transactions of the company. After the actions are completed then the company will go through the process of the accounting cycle. There is a ten step accounting cycle that business owners can go threw to show the revenues and expenses. Collect data, analyze the transactions, record transaction to journal, post from journal to ledger, prepare unadjusted trial balance, record adjusting entries to ledger, prepare adjusted trial balance, prepare financial statement, close temporary accounts, and lastly post-closing trial balance. Accounting in Action Accounting is a system that businesses use for all of the revenue transactions and for all of the expenses made in the business. Accounting process is not only use in private...
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...Over the last 500 years, the double-entry system of accounting has provided the accounting profession with a reliable and accurate way of tracking the economic events of companies. However, with the implementation of computer-based accounting systems over the last few decades, event based accounting has gained popularity. The theory behind event based accounting is that each business transaction can be broken down into one, or a combination of three types of events: economic, business, and information. An economic event is one in which the quantity of resources change, such as selling an item or purchasing a service. Events like receiving an invoice from a supplier, or sending out a purchase order to a vendor are examples of business events. They are necessary to the company even though they are not the monetary or physical transactions for goods or services. Tasks like creating reports and inputting new customers are considered information events. Information events provide the necessary data for the economic or business events that transpire. The double-entry system of accounting focuses on taking those separate events and aggregating them into journal entries. By aggregating them, a great deal of the total information of the event is left out. Under an event based accounting system each event is recorded with as much of the information as possible, and then stored in tables of data that allow the user to recall and compile this information into usable reports. This...
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...instruction that must not be overlooked. A text box prompts you to type-in an important piece of information. Each student or group will be assigned a unique three digit identifier. This identifier is used in all exercises to uniquely identify your data. Whenever you see ### in these exercises, replace it with your identifier. Always work with your data. Business Process Overview The financial accounting process allows GBI to pay vendors for services or materials acquired. This process can be used to pay for liabilities that GBI has incurred due to normal operations. This exercise is about paying off liabilities within the accounting statements. Chapter 04 Save Reset Print Chapter 03: Financial Accounting Exercise 03-02 Exercise 04-02 Exercise Prerequisites Chapter 04: ProcurementFinancial Accounting Master Data-SCC Exercise 3-1 Process Exercise 04-02: Basic Procurement Process Exercise Single Company Code Workflow Invest in GBI View Account Balances Purchase Supplies 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...
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...Notes FIA Paper FA1 Recording Financial Transactions theexpgroup.com ExPress Notes FIA FA1 Recording Financial Transactions Contents About ExPress Notes 1. Business transactions and documentation 7 2. Financial statements and their elements 12 3. Double entry bookkeeping: the debits and credits 18 4. Cash and bank 21 5. Sales and credit transactions 24 6. Purchases and credit transactions 29 7. Payroll 32 8. Page | 2 3 Control accounts and initial trial balance 34 © 2011 The ExP Group. Individuals may reproduce this material if it is for their own private study use only. Reproduction by any means for any other purpose is prohibited. These course materials are for educational purposes only and so are necessarily simplified and summarised. Always obtain expert advice on any specific issue. Refer to our full terms and conditions of use. No liability for damage arising from use of these notes will be accepted by the ExP Group. ExPress Notes FIA FA1 Recording Financial Transactions START About ExPress Notes We are very pleased that you have downloaded a copy of our ExPress notes for this paper. We expect that you are keen to get on with the job in hand, so we will keep the introduction brief. First, we would like to draw your attention to the terms and conditions of usage. It’s a condition of printing these notes that you agree to the terms and conditions of usage. These...
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...completing the accounting cycle. They are as follows: “(1) Transactions are analyzed and recorded in the journal. (2) Transactions are posted to the ledger. (3) An unadjusted trial balance is prepared. (4) Adjustment data are assembled and analyzed. (5) An optional end-of-period spreadsheet is prepared. (6) Adjusting entries are journalized and posted to the ledger. (7) An adjusted trial balance is prepared. (8) Financial statements are prepared. (9) Closing entries and journalized and posted to the leger. (10) A post-closing trial balance is prepared.” (Warren, Reeve, & Duchac (2012) pg. 162) The accounting cycle begins with analyzing and recording transactions. The bookkeeper, for example, would review the invoices, purchase orders, bank statements, etc. After the transactions have been analyzed they are now ready to be posted to the journal using the double-entry accounting system. The double-entry accounting system means that the transactions are recorded in at least two or more accounts so that the debits and credits equal. After the transactions are recorded in the journal they are now ready to be posted to the ledger. A ledger is a book which contains the businesses individual accounts in it. Posting is simply transferring the data from the journal to the proper accounts in the ledger. To verify all the debits and credits equal after posting, an unadjusted trial balance is prepared. This is a list of all...
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...The Accounting Cycle and Accrual Accounting Concepts Accounting Information System | Journal, Ledger Accounts, and Trial Balance | Cash-Basis Versus Accrual-Basis Accounting | Accrual Accounting Concepts | Adjusting Entries, Adjusted Trial Balance, and Closing | Self-Assessment After learning about the income statement and the balance sheet in Chapters 1 and 2, we are now being introduced to the accounting cycle and certain underlying accounting concepts that influence the contents of those two financial statements. | | Accounting Information System | | Just what, exactly, is the accounting information system? Is it a room full of computers and papers? Not necessarily. The accounting information system consists of data, papers to support the data, machines to process the data, and most importantly, people to report the resulting information to those who make decisions based on such information. Every organization that is engaged in transactions needs an accounting information system. This brings us to an important term used in accounting—a transaction! But what, exactly, is a transaction? Identifying Business Transactions A transaction is any event that involves an exchange or consumption of resources. A transaction could take place between a company and external parties (e.g., purchase of raw materials from suppliers or sale of merchandise to customers), or within a company itself (e.g., a company uses supplies that were purchased at a previous date and were...
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...tabular form is more efficient than using journals and ledgers. 4. An account is often referred to as a T-account because of the way it is constructed. 5. A debit to an account indicates an increase in that account. 6. If a revenue account is credited, the revenue account is increased. 7. The normal balance of all accounts is a debit. 8. Debit and credit can be interpreted to mean increase and decrease, respectively. 9. The double-entry system of accounting refers to the placement of a double line at the end of a column of figures. 10. A credit balance in a liability account indicates that an error in recording has occurred. 11. The dividends account is a subdivision of the retained earnings account and appears as an expense on the income statement. 12. Revenues are a subdivision of retained earnings. 13. Under the double-entry system, revenues must always equal expenses. 14. Transactions are entered in the ledger first and then they are analyzed in terms of their effect on the accounts. 15. Business documents can provide evidence that a transaction has occurred. 16. Each transaction must be analyzed in terms of its effect on the accounts before it can...
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...terminology. Explain double-entry rules. Explain how transactions affect the accounting equation. Identify the steps in the accounting cycle and the steps in the recording process. Explain the reasons for and prepare adjusting entries. Explain how the type of ownership structure affects the financial statements. Prepare closing entries and consider other matters relating to the closing process. Prepare a 10-column work sheet and financial statements. After studying Appendix 3A, you should be able to: Identify adjusting entries that may be reversed. THE ACCOUNTING INFORMATION SYSTEM The Accounting Information System Basic Terminology Event: The cause of changes of assets, liabilities, and equity Transaction: A transfer or exchange between two or more entities or parties Account: Where transactions are recorded - A separate account is used for each asset, liability, revenue, expense, gain, loss and capital (owner’s equity) Permanent accounts (or “real” accounts) * Asset, liability, and equity accounts * Appear on the balance sheet * Permanent accounts are not closed at year end Temporary accounts (or “nominal” accounts) * Revenue, expense, and dividend accounts * Revenue and expenses are on the income statement; dividends are on the statement of changes in shareholders equity. * Temporary accounts are closed at year end Journalizing and Posting * A Journal is a book of original entry for all transactions ...
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...МІНІСТЕРСТВО ОСВІТИ ТА НАУКИ, МОЛОДІ ТА СПОРТУ УКРАЇНИ ХАРКІВСЬКИЙ НАЦІОНАЛЬНИЙ ЕКОНОМІЧНИЙ УНІВЕРСИТЕТ Кафедра іноземних мов “ Цілі та принципи бухгалтерського обліку ” ВИКОНАЛА: ПЕРЕВІРИЛА: Харків 2012 MINISTRY OF EDUCATION AND SCIENCE, YOUNG PEOPLE AND SPORT OF UKRAINE KHARKIV NATIONAL UNIVERSITY OF ECONOMICS Department of Foreign Languages “Purpose and Principles of Accounting” “Accounting and audit” Faculty (2-2) Supervisor: Kharkiv 2012 Accountancy Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally...
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...because it is a system to record , analyse and summarize of financial transaction ( http://www.cliffsnotes.com/study_guide/Introduction-to-Accounting.topicArticleId-21081,articleId-21001.html). Accounting is a transaction of selling and buying . After that organise these information presenting it for decision-making. Accounting is important to record all of the business transaction easy for the owner to know whether they are financially successful and to know how much they owed and how much they owned.(Frank Wood & Alan Sangster ,2008,Business Accounting 1 eleventh edition, pg4) Summary Accounting is a process where the user identify, measure and communicate the economic information to perform decision and judgement. Bookkeeping is required in accounting to record data . There are two equation used in accounting which is accounting equation (assets equal to liabilities plus equity) and profit determination equation (profit equal to revenue minus expenses). Double entry system is used inside the book keeping. T-account is a shape use when doing double entry system. It divided into left-hand side called “debit” and right-hand side called “credit” . Besides that , there are four types of business activities which are retail ,wholesale, manufacturing and service industry. Company , partnership and sole proprietorship are the three modes of business ownership .Inside the accounting cycle there are seven books of prime entry which are...
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...not ensure that all transactions were entered or entered in the proper accounts. At Huffman Trucking we have decided to integrate an automated accounting information system (AIS) using internal controls to ensure the correct data and information reach the right departments in a timely manner. We will explore the importunateness of the AIS internal control and how they are different from a non-automated system. Integration of the automated AIS When it comes to the trial balance, companies can find at the end of the accounting cycle the trial balance has many errors. We would like to introduce the trial balance that is completely automated and could alert the company if any errors were to occur at any given time. We should have a system set up to remind the accounting department to check the trial balance for errors on a weekly basis. As stated by Netmba.com (2007), “The more often the trial balance is calculated during the accounting cycle, the easier it is to isolate any errors; more frequent trial balance calculation narrow the time frame in which the error might have occurred, resulting in few transactions through which to search,” (¶ 6). This allows time to check for any missed transactions as well. The accountant in charge could take a look at transactions for the week and then could make any necessary entries, ones that were left out or to correct the erroneous ones. To do this we must first set up perimeters to remind the accountant to check the preliminary trial balance...
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... Student Answer: Horizontal mergers involve two firms operating in the same kind of business...i.e...The merger between Hospital A and Hospital B is considered to be a horizonal mergers. Both have the same service or product. Vertical mergers A merger between two companies producing different goods or services for one specific finished product..i.e..Laboratory services and Radiology services...these two have different services or products thus it considered a vertical mergers. (Essentials of Health Care Finance, 7th Edition. Jones & Bartlett Publishers p. 443). 3. Question : (TCO 1) Describe the Outpatient Code Editor. Student Answer: A software package developed to review each HCPCS code to ensure accurate coding of claim data. An Intergrated Outpatient Code Editor will...
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