For further query you can Contact Us :
Login | New Register
Rules of Debits and Credits
Are the following possibilities conceivable in an entry involving only one debit and one credit? Please explain your response for each item. Provide five or six correct responses:
Increase a liability and increase an expense.
Increase an asset and decrease a liability.
Increase revenue and decrease an expense.
Decrease an asset and increase another asset.
Decrease an asset and increase a liability.
Decrease revenue and decrease an asset.
Decrease a liability and increase revenue.
Steps in Accounting Cycle
Which steps in the accounting cycle are performed throughout the accounting cycle?
Which of the steps in the accounting cycle are performed only at the end of the accounting period?
Examples of Debits and Credits
Introduction to the Accounting Cycle
Describe the steps in recording and posting the effects of a business transaction and provide some examples of source documents used in these steps.
Define debit and credit and name the types of accounts that are (three correct responses):
Increased by a debit.
Decreased by a debit.
Increased by a credit.
Decreased by a credit.
Prepare the journal entry required for each of the following transactions. Be sure to identify which part of the entry is the debit and which is the credit. Provide five correct responses:
Cash was received for services performed for customers, $1,200.
Services were performed for customers on account, $4,200.
Purchased machinery for cash, $30,000.
Capital stock was issued for $100,000.
Salaries for a period were paid to employees, $24,000.
Purchased a truck using a note payable, $35,000.
Nature and Purpose of Journal, Ledgers and Chart of Accounts
Describe the nature and purposes of the general journal, ledger, and chart of accounts.
Basics of Financial Accounting
Describe the major differences between income statements for a service company and a merchandise company.
As part of the calculation for cost of goods sold it is necessary to determine the value of goods on hand, termed merchandise inventory. Accountants use two basic methods for determining the amount of merchandise inventory. Identify the two methods and describe the circumstances (including examples of users of each method) under which each method would be used (Scott, 2011).
Contrast an unclassified income statement with the components of a classified income statement. Explain why a company would choose to present its income statement data in a classified format. Identify and describe the major sections of a classified income statement (Tracy, 2013).
What is gross margin? How is it calculated? Why might management be interested in the use of the tool for analyzing accounting information?
Correctly state the letter or letters of the principle(s), assumption(s), or concept(s) used to justify the accounting procedure followed for at least four or five of the accounting procedures. These procedures are all correct. Principle(s), assumption(s), concept(s):
A. Business entity.
C. Earning principle of revenue recognition.
D. Going concern (continuity).
E. Exchange-price (cost) principle.
F. Matching principle.
G. Period cost (or principle of immediate recognition of expense).
H. Realization principle.
I. Stable dollar assumption.
Modifying Conventions of Accounting
In certain instances, companies do not strictly apply accounting principles because of modifying conventions or constraints. Identify and describe the impact on the accounting process of the three modifying conventions as presented in the Accounting Principles: A Business Perspective, Financial accounting text.
Major Accounting Principles
GAAP set forth standards or methods for presenting financial accounting information. List and describe the purpose for four of the five major accounting principles.
Discuss the effects of four of the five major accounting assumptions on the accounting process.
Our Assignment Experts are extremely Professional in providing Assignment Help upto PhD level
Sign up to our newsletter and get exclusive deals you wont find anywhere else straight to your inbox!
© 2015 MSA Homework Help All Rights Reserved
Disclaimer: MSA Homework Help provides reference papers to the student and we strongly recommend you not to submit the papers as it is. Please use our solutions as model answer to improve your skills.