ADJUSTING ENTRIES BY MELANIE.KELLY7 ACCOUNTING In accounting there is many different things that you need to know, the one that we are going to go over today is adjusting entries. Adjusting entries are to ensure that revenue and expenses are properly recorded under accrual basis. Adjusting journal entries are made in the general ledger to record revenues that have not been earned or recorded and expenses that have been made
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Accounting or accountancy is the measurement, processing and communication of financial information about economic entities.[1][2] The modern field was established by the Italian mathematician Luca Pacioli in 1494.[3] Accounting, which has been called the "language of business",[4] measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators.[5] Practitioners of accounting are known as
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Accounting Equation Paper k Accounting Equation Paper Assets that are financed by borrowing money and assets that are bought with money of the company shareholder can be demonstrated in the accounting equation. In a company, assets are owned by the company. Liabilities are the debts and obligations of the company, also liabilities characterize claims of creditors on the assets of a company. Stockholders’ equity shows the entitlements of owners on the assets of the company. The equity is divided
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difference in financial accounting and managerial accounting. What is account first and foremost accounting is an information system that reports on the economic activities and financial condition of a business or other organization. Financial accounting and managerial accounting plays different roles in society. This essay is also written to inform the readers of the financial statements used in accounting and what impact each statement has on the accounting process. Accounting provides information
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Cammayo, Precious Dannica Basic Accounting Saturday 10:30-1:30pm “Happy Washing” Business opens Dec. 1, 2014 Dec. 1 Cash ₱100,000 Ligaya, Capital ₱100,000 Dec. 2 Delivery van ₱60,000 Cash ₱30,000 Accounts Payable ₱30,000 Dec. 3 Washing machine ₱22,000 Cash ₱22,000 Dec. 3 Cleaning supplies ₱10,000 Accounts payable ₱10,000 Dec. 5 Prepaid insurance ₱6,000 Cash ₱6,000 Dec.5 Prepaid rent ₱3,000 Cash ₱3,000 Dec.12 Cleaning supplies ₱3,000 Accounts receivable
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CALIFORNIA STATE POLYTECHNIC UNIVERSITY, POMONA ACC 311 Intermediate Accounting I SPRING 2016 PROFESSOR: Dr. Hassan Hefzi OFFICE: 164-2085 OFFICE HOURS: 12:30 - 2:00 MW PHONE: (909) 869-2385 And by appointment E-mail: hhefzi@cpp.edu (I do not respond to e-mails on weekends) Text and other Materials: 1. Intermediate Accounting, Spiceland, Sepe and Nelson, 8th Ed., McGraw-Hill, 2016. 2. The Wall Street Journal, or the Journal of Accountancy. 3. FASB, Concept Statements
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Name: Melissa Morgan Course: Managerial Accounting * Exercises (E) * Chapter 3 – 3.12, and 3.16 3.12 ROI analysis using the Dupont model a. Firm D has a net income of $66, 640, sales of $2, 380, 000 and average total assets of $680, 000. Calculate the firm’s margin, turnover and ROI. ROI = Margin x Turnover ROI = net income/sales x sales/average total assets ROI = $66, 640/$2, 380, 000 x $2, 380, 000/($680, 000 ROI = 2.8% X 3.5 ROI = 9.8% Firm’s margin = 2.8% Turnover
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Acct 3511 Chapter 8 Concepts – Inventory & Cost of Goods Sold Professor Marco J. Malandra, CPA 1. State 4 characteristics of Inventory & Cost of Goods Sold (CGS)? Is Inventory initially capitalized or expensed? What concept determines when it’s expensed? Inventory: 1) Asset (current) 2) Balance Sheet 3) real 4) debit NAB CGS: 1) Expense 2) Income Statement 3) nominal 4) debit NAB Matching: Any expenses associated with revenue
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STUDY MATERIAL Integrated Professional Competence Course PAPER : 1 ACCOUNTING VOLUME – I BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA This study material has been prepared by the faculty of the Board of Studies. The objective of the study material is to provide teaching material to the students to enable them to obtain knowledge and skills in the subject. Students should also supplement their study by reference to the recommended text books. In case students need
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CHAPTER ONE 1.0 INTRODUCTION Accounting software packages have become common place for many organizations in recording business transactions, preparing financial statements and analyzing operations. Accounting software has freed accountants from the manual recording and presentation of financial data. By using accounting software, financial transactions would be recorded more quickly and accurately at a relatively low cost. Moreover, accounting software packages increased overall operational effectiveness
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