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Administrative Studies
ADMS 2500
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Module 1-2-3 Owed: under obligation to pay. Questions regarding Slide 91 Slide 105 Slide 107 Cash goes up with owner’s equity Accounts receivable goes up with owner’s equity. Loss owner’s equity goes down and if cash then cash if goods then from the prepaid advertising whatever expense it is. Net income – revenue?. Paradigm. Slide 77 Slide 88 we will charge 1/3 of the expense. Rent Expense Debit Prepaid Rent Credit Cash Credit Stakeholders: Focus on investors and creditors, predicting future cash flows. To find financial statements, Assets= liabilities + owner’s equation. Moduel 14(supplementary), Module 4: Computer do only post, trial balance, trial balance and financial statements over accounting cycle it could be monthly , yearly. Etc. Trial balance: Total number of debits should equal trial balance. T – Accounts: Assets and expenses Increases and decreases rest apart from that all decreases and increases in T- Account. Assets= Owner’s Equity. Corporation is a limited company. Two different types of assets. Current assets and fixed assets. Inventory is Capital asset. Within one Account Cash , there are fixed accounts for cash. For example 1.1 , 1.2 , 1.3 , 1.4 , 1.5. Subsidiary ledger, for each supplier . Total of subsidiary ledger should equal to control account. Sales Synonym Revenue (Both are same). Account for each product. * Adjusting entries either accrual or deferrals. Accrual: Advance from cash flow, whenever you want to recognize revenue or expense. Deferrals: when you get the money now or spend the money now but the revenue or expense would be recognized in the future period. Accrued Revenue: Accrued Expense: Cash paid now but expense would be recognized in the future for example prepaid rent paid for the next month. • Wages payable account will be made separately. • If the company had not yet invoiced for services rendered an adjusting entry would be required Dr Accounts receivable $7,500 Cr Service Fees $7,500 Depreciation: Land , equipment, automobile, machine. Straight Line Depreciation: Period Expense = (Original Cost – Residual value) / ( Number of periods) Residual value also called salvaged value. Accumulated Depreciation: Contra Account: its an account with abnormal balance with other balances because its related. Keeping records of accumulated costs and depreciated costs. Financial statements are to be done in a specific order. “Articulation of statements” Revenues Less : Expenses = Net Income. Owner’s Equity Equation. Opening Balance Additional Investment (Drawings) Net Income Different types of revenues and income. Income statements : Condensed and detailed. / Financial statements can be longer than 53 lines 8 15 letter page and should contain 7 characteristics in module 14 part 1 and 2. Cash Flow Statement. Analysis of cash ledger account or organized to provide more meaning. We received cash: 3 ways cash coming in: Selling products Financing Activities Selling part of company, assets, building, 3 ways Cash going out: Paying back creditors Paying dividends Buy new capital assets. Accounting System: • Things happen to be predetermined rules (GAAP). • Things are helping each other to achieve a goal. • Decision usefulness, help creditors to make better decision. Meta Globally then breaking into pieces. Principle of decomposition Getting more specific. 7 characteristics of financial statements: Reliability: Less errors. IFRA ,, Canadian rules follow these accounting rules now. 4 Canada professions are there 1.medicine 2. law 3. accounting 4. divinity. Nifty Principle of internal control A company should hire only personal . Control Question important: wheather its control or preventive Preventive Detective CASE ANALYSIS • MISSING DATA  ASSUMPTIONS • IRRELEVANT DATA • NARRATIVE • REQUIRED NEBULOUS / MISSING • QUESTIONS • EXE
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