accounting questions

4. If you had a bank account, which two methods of completing transactions do you think you would use most frequently? Why? (2-4 sentences. 1.0 points)

b. There are two differences between the bank statement and the check register. Describe each of them. (2-4 sentences. 1.0 points) TIP: These are transactions that Jessie

4. If you had a bank account, which two methods of completing transactions do you think you would use most frequently? Why? (2-4 sentences. 1.0 points)

Accounting is commonly described as the language of business. It is very important for all business owners to have very good understanding of their finances. Having the knowledge of your business finance, you will know where the money is going. Every business owner should have a good understanding of finance. To have a good understanding business owners needs to understand basic accounting steeps, how does accounting play a role in their business, how to define a financial statement and how the omission of any of these steps would affect the success of a business. Once you have an understanding of accounting/finance and the how it plays

3. On the basis of the responses to Question 1 and 2, what are the units of accounting in this arrangement?

8.      REQUIRED TO TURN IN (in this order): Typed multi-step income statement, Typed statement of retained earnings, Typed classified balance sheet, Typed Perpetual Inventory cards, Handwritten worksheet for uncollectible accounts expense calculations, and Handwritten June Journal Entries, the additional adjusting entries and all necessary closing entries. Be sure your name is on all pages.

1. Indicate which statement you would examine the fine each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows

In this paper I have defined accrual and cash basis accounting. Also, I have answered the following questions: Explain the difference between the accrual basis of accounting and the cash basis of accounting. What are the major reasons for using accrual accounting? What are the purpose of a journal and a ledger? Give an example of a contra-asset, and explain how it is recorded on the ledger as a transaction. Explain what a “prepaid expense” is and how it is recorded on the ledger as a transaction. What are the major differences in recording transactions for a for-profit organization versus a not-for-profit, or are there any? List and record each transaction

The following additional facts are collected for use in making adjusting entries on December 31 prior to preparing financial statements for the company’s first three months. Journalize the following adjusting journal entries in the General Journal on page 6 and then post them to

Identify and explain the fundamental concepts and principles in accounting, the components of the accounting equation, the primary financial accounting equation, and financial statements and reports.

4. Now that you have a balance go ahead and begin to record your transactions, there should be two columns one for debits and one for credits.

b. be reported on the statement of retained earnings in the year in which acquired

Feedback: A clear understanding of accounting terms and concepts is required of those who have a financial interest in an enterprise if they are to understand and communicate about the enterprise. Accounting

On 1 July 2011, Kookaburra Ltd acquired an item of plant at a cost of $200 000. The plant has an

b.In a transaction where the US resident pays for his imports, it produces a debit entry on the capital account since the US resident cashed its pledge to pay $500 in a period of three months. The same transaction by the US resident will produce a credit entry on the capital account (short-term) since the US resident disposed of a short-term asset. The bank deposits are based in London.