Accounting Fundamentals review 3q
13 important questions on Accounting Fundamentals review 3q
What is the diffrence between bookeeping and accounting?
Accounting is the process of recording financial transactions,
summarizing them, and then accurately reporting them.
Developed from the Accounting equation, What is a balance sheet?
examines the financial condition of a business, by reporting the
value of a company’s total assets, liabilities, and owners’
equity on a specified date.
Developed from the Accounting equation, What is a Income statement using Debits & credits?
time period, a business’s revenue from all its revenue
producing sources, the expenses required to generate those
revenues, and the resulting profits or losses (net income).
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How can you modify (record changes to) the Accounting Equation?
It is also possible to make changes (equal additions and subtractions) to only one side of the accounting equation.
Double-entry accounting (also called double-entry bookkeeping)
What are journal entry principals?
Each journal entry must consist of at least one debit entry and one credit entry.
The total of all debit entries in a transaction must always equal the total of all credit entries.
When the above principles are followed, the accounting equation will always be in balance. If the equation is not in balance, an error has been made in recording one or more journal entries and must be corrected.
What are T account and which are commonly used?
Two of the most important and frequently used T accounts are revenue and expense accounts (owners’ equity).
They are summarized, and closed out, at the end of each accounting period.
What are Common T Accounts, accounts receivable?
money owed to a business by others (such as customers) and thus is
considered to be one of that business’s asset accounts.
What are Common T Accounts, account payables?
money owed by the business to others (such as suppliers), and as a result, is considered to be one of that business’s liability accounts.
Why do (GAAP) Generally Accepted Accounting Principles excist?
Is Going concern principle
Time period principle
Cost principle
Matching principle
What is the (GAAP) The Time Period Principle?
A fiscal year consists of 12 consecutive months called the accounting period.
What is the (GAAP) The Cost Principle?
What is (GAAP) The Matching Principle?
How is accounting used in the Hospitality business cycle?
Raw materials & Labour
Finished products
Accounts receivables or cash
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