been journalized and posted, all temporary accounts in the ledger should have zero balances. 11. Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure. 12. Closing the dividends account to Retained Earnings is not necessary if net income is greater than dividends during the period. 13. The dividends account is a permanent account whose balance is carried forward to the next accounting period. 14. Closing entries
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Accounting Procedures 6) The four primary financial statements are A. the general ledger, the working trial balance, the general journal and the balance sheet B. the balance sheet, the working trial balance, the income statement and the statement of cash flows C. the cash account, the statement of stockholder’s equity, the year-end worksheet, and the balance sheet D. the balance sheet, the income statement, the statement of stockholder’s equity and the statement of
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|[pic] |Syllabus | | |Axia College/School of Business | | |XACC/280 Version 2 | |
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income/loss. Past net income provides info for predicting future net income. Net income is needed to determine the ending balance in retained earnings. RE: stmt. shows amts and causes of changes in RE during the period. Time period is the same as that covered by the income stmt. Users can evaluate dividend payment practices. Ending balance in RE is needed in preparing the balance sheet. BS: Reports assets and claims to assets at a specific point in time. Assets=Liab+SE. Lists assets first, followed
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information in the form of general-purpose financial statements. In other words, the sole purpose of recording transactions and keeping track of expenses and revenues is turn this data into meaning financial information by presenting it in the form of a balance sheet, income statement, statement of owner's equity, and statement of cash flows. The accounting cycle is a set of steps that are repeated in the same order every period. The culmination of these steps is the preparation of financial statements
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Classification A Current Liability Current Asset Plant Asset—Contra Plant Asset—Contra Operating Expense Current Asset—Contra Operating Expense Financial Statement Balance Sheet Balance Sheet Balance Sheet Balance Sheet Income Statement Balance Sheet Income Statement Income Statement Balance Sheet Balance Sheet Normal Balance Credit Debit Credit Credit Debit Credit Debit Debit Credit Debit Debit Credit Debit Debit Debit Debit Debit Credit Debit Credit Debit Debit Credit Debit (1) Debit Credit
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important in the sense that it enables a business house to maintain complete and orderly prepared records of economic events by way of preparing books while facilitating the information for various purposes. Furthermore it helps to ascertain the net results in terms of profit or loss (Income Statement) and providing the information about financial position of the business (Balance Sheet) to the owners of a business relating to what the entity owns in the form of assets and what it owes in the form of liabilities
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Question 1 3 out of 3 points Correct Radio Moscow Industries purchased supplies for $1,000. They paid $400 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $600. Which of the following would be the correct way to complete the recording of the transaction? Answer Selected Answer: Credit an asset account for $400. Correct Answer: Credit an asset account
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backgrounds, goals and objectives. Hands on experience of creating and implementing treasure and project finance reporting, loan agreement and payment collection policies monitoring, monitoring and bank accounts analysis, calculation of net cash, cash balance reporting, scheduling of subordinated loans, associated to financial strength of, companies, maintain cash, debt, and interest schedules, maintain online access to all bank accounts keep track of associated, service agreements, archive all project
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ACCOUNTING Evolution: Accounting can be traced back to the evolution of the number system itself. It has been there in one form or the other, since the human beings started exchanging things. In ancient times the “kings” or “monarchs” used to maintain “treasury records”. They used to keep records of the incomes and expenses to the treasury. However, the real beginning can be traced to the reference to double entry system in the book published about 500 years ago. It was the great Italian Mathematician
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