Introduction to Book-keeping Fill in the blanks in the following sentences from the selection of terms given at the bottom of the page. 1 The recording of accounting data is known as . 2 A change in the position of a business‚ i.e. the transfer of value from one to another‚ is a . 3 A person to whom money is owed for goods is a . They have given the firm ___________. 4 A person who owes money to the firm is a . They are in ______ to the firm. 5 Resources supplied by the owner is called ____
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Sheet (b) Supplies on hand at the end of the year. Statement of Cash Flows (c) Cash received from issuing new bonds during the period. Balance Sheet (d) Total debts outstanding at the end of the period. Question 2 Use the basic accounting equation to answer these questions. (a) The liabilities of Cummings Company are $90‚000 and the stockholders’ equity is $230‚000. What is the amount of Cummings Company’s total assets? (b) The total assets of Haldeman Company are $170‚000 and its
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Long-Term Financial Needs Tad Mendez FIN 486 May 3‚ 2015 Cyndie Shadow Long-Term Financial Needs Determining long term financial needs can be important because they allow the finance section of an organization layout the future expenses for the next year. Pro forma balance sheets detail the projected funds required for the following year. There are also year-end ratios that must be calculated to determine the health of the organization. This financial report will also include how the numbers
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500. 8. Received cash from customers on account‚ $36‚200. 9. Determined that the cost of supplies on hand was $175 and $725 of supplies had been used during the month. 10. Paid dividends‚ $1‚000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions‚ (1) through (10)‚ in a column‚ and inserting at the right of each number the appropriate letter from the following list: a. Increase in an asset‚ decrease in another asset. b. Increase in
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by entering the amount by which each item is affected into the respective account. The process of recording transactions consists of • T-Accounts. The T-account‚ named for its shape‚ is a convenient way of representing an account on a piece of paper. The T‚ with the account name entered at the top‚ permits transaction information to be entered on either side of the vertical line. To record transactions‚ we must be able to record additions to as well as subtractions from accounts. This is easily
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is a mark of a world-class business. Student B says that proactive ethics is a mark of a world-class business. Which student is correct? A. Both B. Student A only C. Neither D. Student B only 3. Which of the following represents the basic accounting equation? A. Owners ’ Equity − Liabilities = Assets B. Liabilities = Assets + Owners ’ Equity C. Assets = Liabilities + Owners ’ Equity D. Assets + Liabilities = Owners ’ Equity 4. Nearly a week before Hurricane Katrina reached New Orleans‚ Wal-Mart
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Accounting Equation Paper NAME ACC/300 INSTRUCTOR DATE The basic accounting equation is: Assets = Liabilities + Stockholders’ Equity. When looking at the balance sheet one can assume that assets must balance out each transaction and balance the claims to the assets (Kimmel‚ 2010). A balance sheet provides Assets of the company first and foremost‚ then Liabilities and Stockholders’ Equity and last retained earnings. This shows the companies incoming money‚ outgoing payments‚ and the
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Definition Scavenger Hunt HSM/260 1. GAAP: Generally Accepted Accounting Principles. A collection of rules and procedures and conventions that are put together and defined as accepted accounting practice. This all includes the broad guidelines and the detailed procedures. http://wordnetweb.princeton.edu/perl/webwn?s=gaap 2. Basic Accounting Formula: Assets= Liabilities + Shareholders’ Equity. Assets: tangible and intangible assets of a business (cash‚ accounts receivable‚ inventory‚ fixed
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cmeasurement date). Because the accounting under Opinion 30 was based on the intended actions of management at a plan date‚ future operating losses and other future costs that did not meet the definition of liabilities were recognized as liabilities under that Opinion. The Board’s conceptual framework‚ which sets forth the definition of a liability‚ was developed subsequent to the issuance of Opinion 30. 111. Under Issue 94-3‚ future costs directly associated with the discontinuance (restructuring)
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investor must be familiar with what that industry average is to make an educated decision. Works Cited: Nobles‚ Tracie‚ Brenda Matisn‚ and Ella Mae Matsumura. "Accounting and the Business
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