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BOOKKEEPING

BOOKKEEPING
RECORDING OF FINANCIAL
TRANSACTIONS AND IS PART
OF THE PROCESS OF
ACCOUNTING IN BUSINESS
BOOKKEEPERS
RESPONSIBLEFOR SOME OR ALL OF AN
ORGANIZATIONS ACCOUNTS AND
TRANSACTIONS.
PRODUCE FINANCIAL STATEMENTS OR
REPORTS AND OTHER REPORTS.
FUNCTIONS
 KEEPING
SYSTEMATIC RECORD OF BUSINESS
TRANSACTIONS
 PROTECTING PROPERTIES OF BUSINESS
 COMMUNICATING RESULTS TO VARIOUS
PARTIES IN OR CONNECTED WITH THE
BUSINESS
 MEETING LEGAL REQUIREMENTS
USERS OF FINANCIAL
INFORMATION
 EXTERNAL USERS
CUSTOMERS
CREDITORS
POTENTIAL INVESTORS
GOVERNMENT
ACADEME
PUBLIC
USERS OF FINANCIAL
INFORMATION

INTERNAL USERS
MANAGEMENT
EMPLOYEES
OWNERS/
STOCKHOLDERS
FORMS OF BUSINESS
ORGANIZATIONS
 1. SOLE PROPRIETORSHIP
 ADVANTAGES:
 EASE OF FORMATION DISADVANTAGES:
 OWNER HAS FULL CONTROL UNLIMITED LIABILITY
OF THE BUSINESS
DIFFICULTY
RAISING
 OWNERCAN MIX ADDITIONAL CAPITAL
PERSONAL/BUSINESS ASSETS
OWNER’S BIAS
 OWNERS HAVE ALL THE
PROFITS
 SIMPLE TAXATION
FORMS OF BUSINESS ORGANIZATIONS
PARTNERSHIP  FEATURES:
 SEPARATE LEGAL EXISTENCE
2OR MORE
 MUTUAL AGENCY
PERSONS ARE
 UNLIMITED LIABILITY
NEEDED
 LIMITED LIFE
PROFIT-ORIENTED  CO-OWNERSHIP OF PROPERTIES
OWNERS CAN  PARTNERSHIP AGREEMENTS
CONTRIBUTE CASH,
PROPERTIES OR
SKILLS
FORMS OF BUSINESS ORGANIZATIONS
PARTNERSHIP  DISADVANTAGES:
 MUTUAL AGENCY
ADVANTAGES:
 UNLIMITED LIABILITY
BETTERTO ACQUIRE  LIMITED LIFE
ADDITIONAL
CAPITAL THAN SOLE
PROPRIETORSHIP
LARGERPOOL OF
HUMAN RESOURCES
FORMS OF BUSINESS ORGANIZATIONS
CORPORATION  SEPARATE LEGAL EXISTENCE
 LIMITED LIABILITY
FEATURES:
 TRANSFERABLE OWNERSHIP
ARTIFICIAL BEING
RIGHTS
CREATED BY  UNLIMITED LIFE
OPERATION OF LAW
 CORPORATION MANAGEMENT
HASRIGHT OF
 DOUBLE TAXATION
SUCCESSION
 DIVIDENDS
RESTRICTED BY LAW
TYPES OF BUSINESS ACCORDING TO
ACTIVITIES
 BUSINESS- AN ORGANIZATION THAT CONVERTS INPUTS OR
RESOURCES SUCH AS MATERIAL, LABOR AND OVERHEAD
INTO OUTPUTS WHICH ARE USUALLY EITHER GOODS OR
SERVICES.
 3 MAJOR TYPES OF BUSINESS ACCORDING TO ACTIVITIES
 1. SERVICE COMPANIES
 2. MERCHANDISING COMPANIES
 3. MANUFACTURING COMPANIES.
SERVICE
 -FIRMS
THAT GENERALLY USE THEIR EMPLOYEES TO
PROVIDE SERVICES CUSTOMERS
 INPUT: LABOR OUTPUT: SERVICE
 ADVANTAGES: 1) ABSENCE OF INVENTORY
 2)NO PRODUCTION FACILITIES
 DISADVANTAGES: 1) INABILITY TO STANDARDIZE
SERVICES 2) MAINTAINING HUMAN CAPITAL
 EXAMPLES: SALONS, AUTOMOTIVE SHOPS
MERCHANDISING

 -FIRMS THAT BUY FINISHED GOODS AND RESELLS THEM TO


CUSTOMERS.
 INPUT: GOODS/MERCHANDISE OUTPUT: MERCHANDISE
 ADVANTAGES: 1) VISIBILE PRODUCTS 2) LESS CONVERSION,
TIME & EFFORT
 DISADVANTAGES: MANAGING INVENTORY
 EXAMPLES: SUPERMARKETS, DEPARTMENT STORES, SARI-SARI
STORES
MANUFACTURING
 -FIRMS THAT CREATE THEIR OWN PRODUCTS
 INPUT: RAW MATERIALS, LABOR, OVERHEAD
 OUTPUT: MANUFACTURED PRODUCTS
 ADVANTAGES: QUALITY CONTROL, VISIBLE PRODUCTS
 DISADVANTAGES:
NEEDS PRODUCTION FACILITIES,
HIGH CONVERSION COSTS, MANAGING INVENTORY
 EXAMPLES:
CAR COMPANIES, ELECTRONIC
COMPANIES
5 MAJOR ACCOUNTS IN
ACCOUNTING / BOOKKEEPING
ASSETS
LIABILITIES
INCOME
CAPITAL
EXPENSES
5 MAJOR ACCOUNTS IN
ACCOUNTING / BOOKKEEPING
ASSETS - REPRESENTS
WHAT THE COMPANY OWNS.
RESOURCES TO ATTAIN
FUTURE BENEFITS
5 MAJOR ACCOUNTS IN
ACCOUNTING / BOOKKEEPING
LIABILITIES - CLAIMS
OF DIFFERENT PARTIES TO THE
COMPANY'S ASSETS.
LIABILITIES - CLAIMS OF
CREDITORS
5 MAJOR ACCOUNTS IN
ACCOUNTING / BOOKKEEPING
CAPITAL – OR EQUITY IS
THE RESIDUAL INTEREST /
CLAIMS OF THE OWNERS
5 MAJOR ACCOUNTS IN
ACCOUNTING / BOOKKEEPING
INCOME – AMOUNT
RECEIVED BY THE COMPANY
IN EXCHANGE OF SERVICE
OR SALES OF PRODUCT
5 MAJOR ACCOUNTS IN
ACCOUNTING / BOOKKEEPING
EXPENSE – AMOUNT
SOENT OR COST INCURRED IN
A BUSINESS TO GENERATE
INCOME
ACCOUNT TITLES
 1. ASSETS =  2.
LIABILITIES + 3. EQUITY
 A. CASH  A. ACCOUNTS  A. INCOME
 B. ACCOUNTS PAYABLE  SALES INCOME
RECEIVABLE  B. LOANS  SERVICE INCOME
 C. INVENTORIES PAYABLE  B. CAPITAL
 D. EQUIPMENT  C. NOTES  CANDELARIA, CAPITAL
 E. LAND PAYABLE  C. EXPENSES
 F.BUILDING  SALARIES EXPENSE
 G. OTHER ASSETS  TRANSPORTATION EXP.
ACCOUNT TITLES – USED BY
ACCOUNTANTS &
BOOKKEEPERS TO REFER TO
SPECIFIC TRANSACTIONS FOR
EASIER UNDERSTANDING OF
RECORDS.
ASSETS
CASH
A CURRENT ASSET ACCOUNT
WHICH INCLUDES CURRENCY,
COINS, CHECKING
ACCOUNTS.
IT IS THE MOST LIQUID ASSET.
JHO
 PAKICONTINUE NAMU MEANING BAWAT
ACCOUNT TITLE BAN KUMABA KA TOPICS.
 AFTER DA ACCOUNT TITLES, IDENTIFYING
CURRENT TO NON-CURRENT ACCOUNT
TITLES.
 AFTER NA NITA, RULES OF DEBIT &
CREDIT (AKU NAMU GAWA ULIT PPT
KANITA)