Describe five types of business transactions with external parties and another five types of business transactions from internal sources of a selected form of business company at your nearby (please indicate the form of company you selected on the answer sheet) and explain how they are journalized and then reported in the financial statements.

Describe five types of business transactions with external parties and another five types of business transactions from internal sources of a selected form of business company at your nearby (please indicate the form of company you selected on the answer sheet) and explain how they are journalized and then reported in the financial statements.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter1: Introduction To Accounting

Section: Chapter Questions

Problem 2SEB: ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions....

See similar textbooks

Similar questions

The step-by-step process to record business activities and events to keep financial records up to date is ________. A. day-to-day cycle B. accounting cycle C. general ledger D. journal
List the classification of each of the following accounts as A (asset), L (liability), OE (owners equity), R (revenue), or E (expense). Write Debit or Credit to indicate the increase side, the decrease side, and the normal balance side. PART 1: The Accounting Cycle for a Service Business: Analyzing Business Transactions
What is the accounting equation? List two examples of business transactions, and explain how the accounting equation would be impacted by these transactions.
List the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.
ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions. Analyzinga. Telling the results Recordingb. Looking at events that have taken place and thinking about how they affect the business Classifying Summarizingc. Deciding the importance of the various reports Reportingd. Aggregating many similar events to provide information that is easy to understand Interpretinge. Sorting and grouping like items together f. Entering financial information into the accounting system
PURPOSE OF ACCOUNTING Match the following users with the information needed. 1. Ownersa. Whether the firm can pay its bills on time 2. Managersb. Detailed, up-to-date information to measure business performance (and plan for future operations) 3. Creditorsc. To determine taxes to be paid and whether other regulations are met 4. Government agenciesd. The firms current financial condition
Directions: THE EVENTS COMMON TO THE ACCOUNTING FUNCTION OF A BUSINESS ENTITY ARE LISTED BELOW. ON THE NUMBERED SPACES PROVIDED, PLACE THE LETTERS OF THE EVENTS IN THE SEQUENCE IN WHICH THEY WOULD LOGICALLY OCCUR, 1 BEING THE FIRST, AND 10 THE LAST. ACCOUNTING FUNCTIONS A – Determining ledger account balances F – Posting from the journal to the ledger B – Analyzing the transactions G – Preparing a business document C – Preparing the Statement of Financial H – Preparing a Statement of Comprehensive Position Income D – Preparing the trial balance I - Journalizing the transactions E – Occurrence of a business transactions J - Preparing the statement of owner’s equity
Using the accounting equation to analyze business transactions The analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction.
Identify whether the following group of people belongs to internal or external users ofannual reports for a company. Eexplain their need for financial information.a. Johari, investment banker of CIMB Investment Bank.b. Daisy Ong, purchasing manager of the company. c. Happy Berhad, supplier of the company. d. Great Sdn Bhd, regular customer of the company.e. Amy, officer from Inland Revenue Board.
Listed below are several terms and phrases associated with the measurement process for external transactions. List A List B _______1. Account a. Record of all transactions affecting a company. _______2. Analyze transactions b. Determine the dual effect of business events on the accounting equation. _______3. Journal c. List of accounts and their balances. _______4. Post d. Summary of the effects of all transactions related to a particular item over a period of time _______5. Trial balance e. Transfer balances from the journal to the general ledger. Required:Pair each item from List A with the item from List B to which it is most appropriately associated.
For each of these transactions highlight the effects on the accounting equation of the business
Before posting business transactions to the ledger, we first enter the business transaction in a two-column _________________ (the "first book of entry"). Group of answer choices chart of accounts balance sheet journal income statement