Individual Assignment - Accounting Equation Paper Dennis R Ware ACC/300 October 1, 2012 Kimberly McMillon Individual Assignment - Accounting Equation Paper From the largest corporation all the way down to the mom and pop store, every business transaction will have an effect on a company’s financial position. According to Investopedia.com, the financial position of a company is measured by the following three things: assets, liabilities, and owner’s equity. The assets are what the company
Words: 408 - Pages: 2
Accounting Equation Essay ACC/300 Lucinda Degarmo November 30, 2015 Professor Brandy Havens The accounting equation is a simple formula used to measure a company’s financial position. There are three elements that make up an accounting equation; Assets, Liabilities, Equity. There are two types of accounting equations, one for a sole proprietorship and one for a corporation. The accounting equation used for the sole proprietorship is as follows: Assets = Liabilities + Owner’s Equity
Words: 447 - Pages: 2
Accounting Equation ACC/300 October 6, 2014 Accounting Equation From the smallest sole proprietorship to the largest corporation, all transactions in a business setting will have an effect on a company’s monetary status. The monetary status of a business is defined by three things: liabilities, assets and owner’s equity. The liabilities are debts or obligations to other people and assets are property or funds owned by the company. The owner’s equity is the total assets of a company minus
Words: 417 - Pages: 2
Accounting Equation Paper ACC 300 University of Phoenix Accounting Equation Paper No matter how big or small a company is, the business will have some sort of financial transaction coming in or out that will affect the company’s financial standing. In any company, the accountant or accounting department plays a crucial role in ensuring the company succeeds. The main role of accounting is to analyze records and keep track of all financial transactions. The resources that make up a company’s
Words: 426 - Pages: 2
The Accounting Equation Sevara Smith ACC/300 February 11, 2013 Rena Ballot The Accounting Equation The basic accounting equation is, assets are equal to liabilities plus stockholders equity. The assets in the equation are the resources owned by a company such as cash, inventory, fixed assets, and accounts receivable. The liabilities are the debits and obligations of the business, the amounts owed to creditors. The stockholders’ equity is the claim the owners have to assets. The stockholders’
Words: 492 - Pages: 2
Accounting Equation Paper Shannon Straight ACC/300 April 20, 2015 Kimberly McMillon Accounting Equation Paper “One type of accounting report is a balance sheet, which is based on the accounting equation: Assets = Liabilities + Owners’ Equity. The balance sheet — also called a statement of financial condition — is a “Where do we stand at the end of the period?” type of report. The header of a balance sheet lists the date that it was prepared (The Essentials of Accounting Basics).” The equation
Words: 449 - Pages: 2
following is the correct general journal entry to record depreciation expense for the 20X2 fiscal year? A) Depreciation Exp. 4,000 Acc. Depreciation 4,000 B) Acc. Depreciation 4,000 Depreciation Exp. 4,000 C) Depreciation Exp. 8,000 Acc. Depreciation 8,000 D) Acc. Depreciation 8,000 Depreciation Exp. 8,000 4. On November 1, 20X2, Jackson Company paid $2,400 in advance for an insurance policy
Words: 3002 - Pages: 13
gross margin fell below 30%. The company is using simple cost accounting system that cannot provide correct analyses of the company’s profit structure. With this system direct material and labor costs are standard prices. Overheads are charged as 300% of the direct labor cost and is applied to the total costs pool. The system the company is using is inappropriate and leads to wrong assumptions in terms of profitability and price decisions, as well as ineffective cost management. The company
Words: 739 - Pages: 3
A Project On FINANCIAL ANALYSIS Of AMBUJA CEMENTS LTD. Submitted By: Darpan Gupta Dhruv Chaudhary 2010BB50012 2010BB50015 Indian Institute of Technology, Delhi April 2013 Acknowledgement We would sincerely like to thank Mr. Sanjay Gupta, Head (marketing and
Words: 1550 - Pages: 7
ACTG 2010 Group Assignment Shabih Rizvi – 214218978 Nicole Triumbari- 214218978 | General Journal | Page 1 | Date | Particulars | P.R. | Debit | Credit | November 2016 | 4 | Dr. Accounts Receivable | 102 | 100.00 | | | | Cr. Teaching Revenue | 301 | | 100.00 | | | Earned the revenue for October class | | | | | | | | | | | 8 | Dr. Cash | 101 | 250.00 | |
Words: 1507 - Pages: 7
