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DEFINITION OF ACCOUNTING
ROLE OF IN THE
ACCOUNTING PRINCIPLES
BUSINESS ENTITY CONCEPT
BALANCE SHEET
ASSETS
LIABILITIES
OWNERS EQUITY
INCOME
_
EXPENSE
1 Debit is the left side of the account 2 In an asset account, debit signifies increase 3 In an expense account, debit signifies increase 4 In a drawing account, debit signifies increase 5 In a liability account, debit signifies decrease 6 In an owner's equipty account, debit signifies decrease 7 In an income account, debit signifies decrease
1 Credit is the right side of the account 2 In an asset accoutn, credit signifies decrease 3 In an expense account, credit signifies decrease 4 In a drawing account, credit signifies decrease 5 In a liability account, credit signifies increase 6 In an owner's equity account, credit signifies increase 7 In an income account, credit signifies increase
Analyze and Journalize the transactions Post to the ledger accounts Prepare a trial balance Prepare the worksheet Journalize and post the adjusting entries Prepare the financial statements Journalize and post the closing entries Prepare a post-closing trial balance Reversing entries
-According to Nature
2006
4061 P 5272 7960 7041 1000 512 25846 20811 38273 11523 70607 11528 59079 10000 69079 373 95298 P
2382 8004 7000 6769 1350 759 26264 20811 13928 12768 47507 7530 39977 9000 48977 668 75909
CURRENT ASSETS
Cash Cash on Hand Petty Cash Fund
Cash in Bank
Cash Equivalents Marketable
Interest
Receivable Rent Receivable Dividends Receivable Inventories Supplies Inventory Prepaid Expenses
NON-CURRENT ASSETS
or Delivery Van Furniture and Fixtures Intangible Asset Accumulated Depreciation China, Glassware, Silver, Linen, and Uniforms
OTHER ASSETS
Intangible Assets
Goodwill Patents Trademarks Copyrights Franchises Deposits Long-term Investments Leasehold Costs or Leasehold Improvements Deferred Expenses
CURRENT LIABILITIES
Accounts Payable Notes Payable
Debt Accrued Liabilities Income Tax Payable Deposits and Credit Balances Deferred Income Taxes Dividends Payable
NON-CURRENT LIABILITIES
LONG-TERM DEBT MORTGAGE PAYABLE OTHER LIABILITIES
STOCKHOLDERS EQUITY
Common Stock