ACCT 2000 Lecture : Acct 2000 Notes 2 6 14

20 views5 pages

azuremammoth471

15 Mar 2019

School

Department

Course

Professor

For unlimited access to Class Notes, a Class+ subscription is required.

Document Summary

Analyze the effect of business transactions on the basic. Explain what an account is and how it helps in the recording. Define debits and credits and how they are used to record. Identify the basic steps in the recording process. Explain what a journal is and how it helps in the recording. Explain what a ledger is and how it helps in the recording accounting equation. process. transactions. process. process. Explain what posting is and how it helps in the recording process. The accounting information system is a system of: Transactions are economic events that require recording in the __financial statements____. Assets, liabilities, or stockholders" equity items change as a result of some economic event. There is a _dual__ effect on the accounting equation. Accounting transactions: on october 1, cash of ,000 is invested in sierra corporation by investors in exchange for ,000 of common stock.

Related Questions

Please answer in your own words.

1) List the basic steps in the recording process

2) Whatâs a journal and how does it contribute in the recording process

3) Whatâs a ledger and how does it help in the recording process

4) Whatâs a simple entry?

5) Whatâs a compound entry?

6) What is the normal balance for the assets, ownerâs drawings and expenses accounts

7) What is the normal balance for the liabilities, ownerâs capital and revenues accounts

Cooking with QuickBooks Discussion

Part 1:

Benefits of QuickBooks Software

Who knew how much work it could be to run a restaurant?! You are doing well in your new business and have done a wonderful job exploring the accounting equation, chart of accounts, and recording transactions. Previously, you did some research to find out what QuickBooks is and how it might be helpful in recording business transactions. You will do a bit more research on QuickBooks here to find out what it is capable of, beyond just recording business transactions. Explain to your classmates how QuickBooks might be able to help you with the trial balance and financial statements.

Part 2:

Pay the Cooks

By now, your fictitious restaurant has been up and running for a short time. Hopefully your customers are all going home with a full stomach and a plan to return again soon! You have already looked at how QuickBooks might help you begin to record your business transactions. Explain the five basic steps of transaction analysis. After explaining the steps, walk through the steps for the following transaction: You paid your kitchen cooks $500 in cash for their first week of work.

Case Study 04:

Geeta Rani is the treasurer of a local gymnastics club. As treasurer she is required to identify invoices for payment, prepare the cheque and in conjunction with the president sign the cheques, mail the cheque and update customer accounts.

Required:

a) Explain the weaknesses in the Accounting Information System that are not protecting Geeta in carrying out her duties.

b) The process of reviewing the recording procedures for an Accounting Information system should include three areas. What are they?

c) Define explanatory notes. Why companies need to prepare them?

d) Explain the key principles and practices of budgetary control and implications for

accounting systems.

e) Explain the key features of financial legislation relating to taxable transactions and

reporting requirements.

ACCT 2000 Lecture : Acct 2000 Notes 2 6 14

Document Summary

Get access

Related Documents

ACCT 2000 Chapter : Chapter 3

ACCT 2000 Chapter : ACCT 2001 Chapter 3 Class Notes 1

ACCT 2000 Chapter : Ch 3 Acct

Related Questions