Double Entry bookkeeping: Comes from two sides of an equation:
PROPERTY= OWNERSHIPAccounting Values or Elements
A. Assets: defined as the economic resources which are owned by a business and are expected to benefit future operations.
B.Liabilities: debts or financial obligations of the business to its creditors and refer to the claims of creditors and refer to claims of creditors against the assets of the business.
C.Owner’s Equity-Known as the right or claims of the owner over the assets of the business.
Analyzing business transactions using T-Accounts
Account: an accounting device used in summarizing the changes in the assets, liabilities and owner’s equity account caused by business transactions and events.
Ledger: Means group of accounts: it refers also to the book where the accounts are kept.
T-Accounts: This consists of two lines, one vertical and one horizontal, and resembles the letter T. The title of the account is written on the horizontal, ( Top) line. Increases and decreases in the account are entered on the different sides of the vertical line.
Name of the Account Account No.
Left Side Right Side
Debit Side Credit Side
Value Received Equals Value Parted with
What is the accounting equation? read more on:
What is the basic accounting equation read more on:
Assets: Defined as the economic resources which are owned by a business and are expected to benefit future operations.
What is your asset? read more on:
Assets as the first element of accounting equation.
Classification of Assets
Current Assets: This includes cash and other assets which can easily be converted into cash, sold, or consumed during normal business operation.
Plant or fixed assets: a non-current asset that is more or less permanent in nature, not for sale and exclusively for business use only and has physical existence.
Current Asset Accounts Include:
1.Cash
2.Accounts Receivable
3.Inventory
4.Notes receivable
5.Interests receivable
6.Allowance for bad debts
7.Merchandise Inventory
8.Prepaid Expenses
9.Supplies on hand
Fixed Asset Accounts Include:
1.Land
2.Building
3.Equipment
4.Delivery Equipment
5.Accumulated depreciation
6.Tools
a. Asset- Land is an asset, it is considered as fixed asset because land is invested for long-term use and it cannot be converted to quickly into cash.
answer:
kumonikasyon yun lamang sa tagalog pero sa ingles hindi ko alam kung ano ang nandyan
Double Entry bookkeeping: Comes from two sides of an equation:
PROPERTY= OWNERSHIPAccounting Values or ElementsA. Assets: defined as the economic resources which are owned by a business and are expected to benefit future operations.
B.Liabilities: debts or financial obligations of the business to its creditors and refer to the claims of creditors and refer to claims of creditors against the assets of the business.
C.Owner’s Equity-Known as the right or claims of the owner over the assets of the business.
Analyzing business transactions using T-AccountsAccount: an accounting device used in summarizing the changes in the assets, liabilities and owner’s equity account caused by business transactions and events.
Ledger: Means group of accounts: it refers also to the book where the accounts are kept.
T-Accounts: This consists of two lines, one vertical and one horizontal, and resembles the letter T. The title of the account is written on the horizontal, ( Top) line. Increases and decreases in the account are entered on the different sides of the vertical line.
Name of the Account Account No.
Left Side Right Side
Debit Side Credit Side
Value Received Equals Value Parted with
What is the accounting equation? read more on:
What is the basic accounting equation read more on:
Assets: Defined as the economic resources which are owned by a business and are expected to benefit future operations.
What is your asset? read more on:
Assets as the first element of accounting equation.
Classification of Assets
Current Assets: This includes cash and other assets which can easily be converted into cash, sold, or consumed during normal business operation.
Plant or fixed assets: a non-current asset that is more or less permanent in nature, not for sale and exclusively for business use only and has physical existence.
Current Asset Accounts Include:
1.Cash
2.Accounts Receivable
3.Inventory
4.Notes receivable
5.Interests receivable
6.Allowance for bad debts
7.Merchandise Inventory
8.Prepaid Expenses
9.Supplies on hand
Fixed Asset Accounts Include:
1.Land
2.Building
3.Equipment
4.Delivery Equipment
5.Accumulated depreciation
6.Tools
a. Asset- Land is an asset, it is considered as fixed asset because land is invested for long-term use and it cannot be converted to quickly into cash.
Simballion
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