Financial Accounting and Reporting 2

通報

問題一覧

The different types of business organizations

sole proprietorship partnership corporation

Corporation is a separate legal entity which means na pwede siya

pwede makasuhan and pwede mo kaso

One person corporation was established on

2019 by SEC

Even tho mamatay ang owner, naay pwede mupadayun sa sole owner business

one person corporation

The different activities in business organization

financing activities investing activities operating activities

This includes investing, getting credit from creditors or suppliers, paying a return which is withdrawal and sole proprietorship and through dividends in corporation

financing activities

It is all about buying long term assets which may include land and building l

investing activities

This may include paying salaries and sale of goods or services

operating activities

What are the different financial statements

statement of financial position or balance sheet statement of financial performance or income statement statement of changes in equity statement of cash flows

This financial statement reflects the assets liabilities and equity of a business

statement of financial position or balance sheet

This financial statement reflects the income or profit of the business

statement of financial performance or income statement

This financial statement reflects the withdrawal and invest

statement of changes in equity

This financial statement reflects how you use your cash, how you use it on financing acts, investing or operating acts it is all about the in and out of cash

statement of cash flows

What are the three types of business structure

service concern merchandising or buy and sell manufacturing

It is selling the goods or inputs as is

merchandising or buy and sell

It is a business that buys raw materials and processes the outputs with alteration

manufacturing

It is the act of recording, classifying, and summarizing in a significant manner in terms of money, transactions and events which are financial in nature

accounting

It is the value received

debit

It is the value parted with

credit

It is where one value is received and one value is parted with

double entry system

It is also called the BOOK OF ORIGINAL ENTRY

journal book

JOURNAL BOOK is also called as

book of original entry

LEDGER is also called as

book of final entry

BOOK OF FINAL ENTRY is also called as

ledger

What are the two book of accounts

journal and ledger

What are the 10 steps of accounting cycle

1. analysis of the transaction 2. journalizing 3. posting to ledger 4. trial balance 5. adjusting entries 6. preparation of worksheet 7. preparation of financial statements 8. preparation of closing entries 9. preparation of post closing trial balance 10. reversing entries

What are the two types of annual recording period

calendar year and fiscal year

It is a recording period of 12 months which starts the first month of the year, january, and ends on the 12 th month of the year which is december

calendar year

It is a 12 month long accounting period which starts on any month of the year, starting on the first day of any month except january 1 and continues for 12 consecutive months

fiscal year

It is a step of accounting cycle where you determine whether the transaction is for accounting or not, whether the transaction is with monetary value and if it is financial in nature

analysis of the transaction

It records using the journal book of accounting and it should be in double entry system using debit and credit

journalizing

It is recording but more on classifying, grouping together the similar transactions and summarizing it all

posting to ledger

What are the steps that you do whenever you have transactions but not on the end of accounting period

analysis of the transaction journalizing posting to ledger

What are the four accounting periods

monthly period quarterly period semi annual annual

The government requires this type of accounting period

annual or 12 months

Divides the life of business in periods

calendar year and fiscal year

It is the final output of accounting processes

financial statements

It is the report to pass on regulatory agencies

financial statements

It bridges between the entity and financial information users

financial statements

It is used by regular financial information users

general purpose financial statements

This is the step where you achieve the goal of accounting

preparation of financial statements

This shows the result of operations of the business for a given period of time

statement of financial performance or income statement

It shows how much is the income or loss of the business for a given period which is the results of operation

statement of financial performance or income statement

It shows the revenue and expenses only

statement of financial performance or income statement

The three types of results of operation

net income or net profit net loss break even

Shows the financial position of a business for a particular date

statement of financial position or balance sheet

It shows the assets, liabilities and owners equity or capital

statement of financial position or balance sheet

This shows the withdrawals in the business

statement of changes in owner's equity

These steps prepares the process for the next accounting period

8. preparation of closing entries 9. preparation of post closing trial balance 10. reversing entries

This prepares the first day of the next accounting year

reversing entries

The series of steps taken in gathering, processing and summarizing data so as to produce meaningful information which are communicated to statement users by way of financial report

accounting cycle

It is the chronological records of entities transactions

journal

It shows all the effects of a business transaction in terms of debits and credits

journal entry

It is a listing of all accounts and their account numbers in the ledger

chart of accounts

It is a grouping of entities accounts and it is used to classify and summarize transactions and to prepare data for basic financial statements

ledger

It is the reference book of accounting system

ledger

It involves changing account balances at the end of the period from what is the current balance of the account to what is the correct balance for proper financial reporting

adjusting entries

This multi column document provides an efficient way to summarize the data for financial statements

worksheet

It is generally prepared when it is time to adjust the accounts and prepare financial statements

worksheet

Are the means by which the information accumulated and processed in financial accounting is periodically communicated to users

financial statements

Is a format statement showing the financial performance of an entity for a given period of time

statement of financial performance or income statement

It summarizes the changes occurred in the owner's equity

statement of changes in equity

A statement that shows the financial position or condition of an entity by listing the asset, liabilities, and owner's equity as at a specific date

statement of financial position or balance

It provides information about the cash receipts and cash payments of an entity during a period

cash flow statement or statement of cash flows

It is a formal statement that classifies cash inflows and cash out flows into operating, financing and investing activities

cash flow statement or statement of cash flows

Means bringing the temporary nominal accounts to zero balance by transferring them to the capital or owner's equity

closing entries

This is the final trial balance

post closing trial balance

It is prepared to test the quality of the account since it is possible to commit an error and posting the adjustments and closing entries to the ledger account

post closing trial balance

Is a journal entry which is the exact opposite of a related adjusting entry made at the end of the period

reversing entries

It is basically a bookkeeping technique made to simplify the recording of regular transactions in the next accounting period and it is optional

reversing entries

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