      Find a copy in the library Finding libraries that hold this item Fundamental Accounting presents the basic yet essential knowledge required or first-year financial accounting courses at universities and universities of technology. Read more Reviews User-contributed reviews Add a review and share your thoughts with other readers. Be the first. Add a review and share your thoughts with other readers. Tags Add tags for "Fundamental accounting". Similar Items Related Subjects: 4 Accounting.Value-added tax. All rights reserved. Please sign in to WorldCat Don't have an account? Remember me on this computer. Cancel Forgot your password? This allows both accounting majors and those students planning other careers to appreciate the issues involved in preparing and using such information.Updated Discussions: The sixth edition has been updated to include new discussion on the links between activity-based cost management and lean manufacturing and lean accounting, as well as new discussion on strategy and performance. Popular Books. My Unexpected Surprise by Piper Rayne. Cash e. Accounts Receivable  If an owner invests her computer and printer in the business, there is an increase to a.Cash and capital b. Computer Equipment and withdrawals c. Cash and withdrawals d. The owner invested P50, in the business. What are the effects on the fundamental accounting equation? The purchase of an asset for cash will a. Increase total assets and decrease total liabilities b. When the rent for the business is paid with a check a. Cash is decreased and rent expense is decreased b. Cash is decreased and rent income is increased c. Cash is decreased and rent expense is increased d.Cash is decreased and accounts payable is decreased  The purchase of supplies for cash will a. Increase supplies and decrease cash b. Increase supplies expense and decrease cash c. Decrease cash and increase accounts payable d. Decrease cash and increase capital  Which of the following transactions does not include an increase to expense? Received and paid the phone bill b.Bought office supplies on account c. Received cash for services performed d. During the year, assets increased by P,00 and liabilities increased by P20, What is the amount of the liabilities? If assets increased by P40, and liabilities decreased by P30, Repairs and Maintenance Expense 2. Salaries and Wages Expense 3.Notes Payable 4. Notes Receivable 5. Service Vehicle 6. Mortgage Payable 7. Utilities Expense 8. Furniture and Fixtures 9. Communication Expense  Office Equipment  Prepaid Insurance  Professional fees earned  Representation Expense  Salaries Payable  Office Supplies Expense  Office Supplies  Accounts payable  Cash  Inventory  Land  Accumulated Depreciation  Miscellaneous Expense  Prepaid Rent  Rent Expense  Juan, Capital  Insurance Expense  Cash payment by the owner investment 2.Payment for taxes and licenses expense 3. Repair and maintenance of office 4. Purchase of office supplies on account 6. Purchase of office supplies for cash 7. Payment of accounts payable 8. Provide services for cash 9. Purchase of equipment and furniture for cash  Purchase of equipment and furniture giving a 30day promissory note  Payment of salaries of employees  Personal transaction like withdrawal of the owner  Provide services on account  Provide services for cash  Collection of account from a customer  Payment of utility bills  Provide services receiving a 30day promissory note  Payment for other expenses  Rendered service receiving partial payment on cash and the remaining on account.On May 1, , she contributed P70, as investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The account leadings are presented below. Transactions completed during the moth follow. Deposited P, in a bank account in the name of the business.Paid rent for the month, P24, Bought supplies for cash, P4, Paid salaries, P9, Received cash for storage services, P36, Received and paid the utility bill, P2, Paid Errol Umerez Graphics for advertising, P4, The bill was not previously recorded.Paid for a one-year liability insurance policy, P8, Billed customers for storage services on account, P33, Received cash for storage services, P23, Modesto withdrew P12, for personal use. Required: 1. Record the transactions in columnar form, write plus and minus signs, and show the balance after each transaction to be sure the equation remains in balance. Write the proof of totals at the bottom to show that one side of the equations equals the other side.During the month of October , the following transactions occurred. Record in the worksheet the transactions listed above. During the month of December, the following transactions took place. Required: Record the transactions for the month of December using a financial transaction worksheet. Determine the balances of the T-account. Required: 1 Enter the Dec. Instructor Leemon L.It involves exchange of values. There are transactions within the organization like recognizing the used portion of supplies as expense, or with outside entities or persons like purchasing supplies either for cash or on account. By relying on source documents, transactions and events can be analyzed as to how they will affect performance and financial position.Source documents identify and describe transactions and events entering the accounting process. These original written evidences contain information about the nature and the amounts of the transactions. Identify the transaction from source documents 2.Indicate the accounts — assets, liabilities, equity, income or expenses — affected by the transaction. Ascertain whether each account is increased or decreased by the transaction. Using the rules of debit or credit, determine whether to debit or credit the account to record its increase or decrease. Analyzing business documents which serve as a basis of recording transactions.Step 2 Journalizing. Recording business transactions in the journal to have chronological records of economic activities. Step 3 Posting. The information in the general journal is transferred to the General Ledger to create a record of classified accounts.Step 4 Preparation of Trial Balance. A trial balance is prepared to prove the equality of debits and credits in the general ledger. Step 5 Adjusting entries. Making end of period adjustments before financial statements are prepared so that the income and expense in the income statement are reported at their correct amounts.Step 6 Worksheet. Work sheet is prepared to facilitate the preparation of financial statements. The basic financial statements are prepared after making the necessary adjustments. Income Statement b. Balance Sheet c. Statement of Cash Flows d. Statement of Changes in Equity e. Notes to financial statement Step 8 Journalizing and posting closing entries. The objective of closing entry is to transfer the revenue, expense and drawing accounts to the capital account.It normally includes brief description of the nature of transaction, identification number or account number. Presented below is the chart of accounts for the illustration. Kayayan, Capital W. It is called the book of original entry.A journal entry shows all the effects of a business transaction in terms of debits and credits. Each transaction is initially recorded in a journal rather than directly in the ledger.The general journal is the simplest journal. Simple and Compound Entry In a simple entry, only two accounts are affected — one account is debited and the other account is credited. However, some transactions require the use of more than two accounts. When three or more accounts are required in a journal entry, the entry is referred to as a compound entry.Format Date: The year and month are not written for every written entry unless the year or month changes or a new page is needed. Account Titles and Explanation: The first line of an entry shows the account debited and the second line is the account credited. The account credited is indented to the right. For each entry, a brief explanation is required enough to understand the nature of the transaction. Posting Reference: This column is filled up only when the entry is transferred to the next book of accounts, the ledger.Posting reference column is where the account number of each account is written. Debit: The debit amount for each account is entered in this column. Credit: The credit amount for each account is entered in this column. May  May 15 Rendered accounting services on account, P 30, May 15 Paid Meralco bills, P 3, May 15 Paid salaries for the period, P15, May 20 Collected P10, from customer. May 25 Paid telephone bill amounting to P 6, May 27 Mr. May 30 At the end of the month, physical count of the office supplies revealed that P 5, had been consumed.Kayayan, Capital 1 0 0 0 0 0 Initial investment of the owner 3 Office Supplies 2 0 0 0 0 Accounts Payable 2 0 0 0 0 Office supplies purchased on account. Kayayan, Withdrawals 2 0 0 0 0 Cash 2 0 0 0 0 Withdrawal by the owner. Take note that the post reference of the general journal is not filled up yet in the process of recording.This will filled in the posting process. Although some firms may use various ledger to accumulate certain detailed information, all firms have a general ledger. A general ledger is the reference book of the accounting system and is used to classify and summarize transactions, and to prepare data for basic financial statements.The steps are illustrated as follows: 1. Transfer the date of the transaction from the journal to the ledger. Transfer the page number from the journal to the journal reference. Post the debit figure from the journal as a debit figure in the ledger and the credit figure from the ledger as a credit figure in the ledger. Enter the account number in the posting reference column of the journal once the figure has been posted to the ledger.Illustration: Account: Cash Account No. Kayayan, Capital Account No. In the discussion of basic accounting, T-accounts is often use rather than the actual ledger to facilitate the posting step in the accounting cycle. It is prepared to verify the equality of debits and credits in the ledger at the end of each accounting period or at any time the postings are updated.Illustration: W. Kayayan, Capital , W. When totals are equal, the trial balance is in balance. It only proves the equality of debit and credit totals but not the following errors: 1. Failure to record or post a transaction. Recording the same transaction more than once. Recording an entry but with the same erroneous debit and credit amounts. Posting a part of a transaction correctly as a debit or credit but to the wrong account.Failing to post part of a journal entry 2. Posting a debit as a credit, or vice versa. Incorrectly determining the balance of an account. Recording the balance of an account incorrectly in the trial balance. Omitting an account from the trial balance. Incorrectly determining the totals of the two columns of the trial balance. Listing a debit balance of an account in the credit column. For the balance sheet, the date is written as: As of or just the date itself.Kayayan, Capital Beg. Kayayan withdrawals 20, W. Kayayan, Capital End. The normal balance of an account is on the a. Plus side b. Left side c.Debit side d. Credit side 2. When a T-account has several items on both sides, the balance of the account is written a. On the side with the greatest number of items. On the side with the least number of items. On the side with the larger total. On the side with the similar total. A debit may signify a decrease in a. A liability account b.A revenue account c. A liability and a revenue account d. An asset and a revenue account 4. A debit may result in a. An increase in an expense account b. An increase in an asset account c. A decrease in a liability account d. A decrease in a revenue account 5. A purchase is recognized in the accounting records when a. Payment is made for the item purchased b. The purchase requisition is sent to the purchasing department c. Title transfer from the seller to the buyer 6.Land c. Advertising Expense d. Revenues 7. Which of the following errors will not cause the debit and credit columns of a trial balance to be unequal?Only part of a journal entry was posted b. A debit was posted to an account as a credit c. A journal entry was accidentally posted twice d.The trial balance was incorrectly summed. Which of the following errors will cause a trial balance to be out of balance? The bookkeeper forgot to journalize a transaction b. The bookkeeper forgot to post a journal entry to the ledger. A journal entry was accidentally posted twice. A credit was posted to an account as a debit. The general journal does not have a column titled a. Authors: Philip R. Pedagogical innovations, like the unique Horizontal Financial Statements Model and a multiple accounting cycle approach that demonstrates the impact of related events.Accounting Principles, Volume 1. Authors: Jerry J.  

Fundamentals of financial accounting 9th edition pdf download free

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