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Name the three key financial statements and briefly describe each. The Balance Sheet is a summary of the organization's uses of funds (assets) and sources of.
Financial Accounting Exercises - Contents
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Accounting Study Guide Solutions to Exercises
SOLUTIONS TO EXERCISES
Lesson 1: Definition of Accounting
1. What is accounting? What are its main functions?
Accounting is the process of financially measuring, recording, summarizing and communicating the economic activity of an organization. Accounting provides financial information about an organization's economic activities which is intended to be used as a basis for decision making. It provides the information required to answer important questions such as: what are the resources of the organization? Wh at debts does it owe? How do its operating expenses compare with its revenue? Is it sustainable?2. What is the difference between Financial and Management Accounting?
Financial accounting presents a summary view of the financial results of past operations and its reports are generally aim ed at external audiences. Management accounting information is tracked and presented at a much more detailed level, such as by programme or branch. Projected financial information is also a part of management accounting and is aimed primarily at internal audience s. 3. Name the three key financial statements and briefly describe each. The Balance Sheet is a summary of the organization's uses of funds (assets) and sources of funds (liabilities and equity) at a specific point in time. A Balance Sheet always balances, in that assets are equal to the sum of liabilities plus equity. The Income Statement reports the organization's economic performance over a specified period of time. The Statement of Changes in Financial Position reports the organization's sources and uses of funds (also referred to as the Statement of Changes in Sources and Use s of Funds or the Cash Flow Statement). It explains how an organization obtains cash (sources of funds) and how it spends cash (use of funds) including the borrowing and repayment of debt, capital transactions, and other factors that may affect the cash position.4. Name five of the Basic Accounting Principles:
I. the Business Entity Concept
ii. the Cost Principle iii. the Going Concern Concept iv. Double-entry Accounting v. the Realization PrincipleCalmeadow 1
Accounting Study Guide Solutions to Exercises
5. Write the meaning of the following Principles:
i. Cost Principle All assets must be recorded on the books of a business at their actual cost. This amount may be different from what it would cost today to replace them or the amount the assets could be sold for. ii. Consistency Principle Organizations must consistently apply the same accounting principles from period to period. This ensures that reports from various periods may be compared to produce meaningful conclusions on the financial position of the organization, and the results of its operations. iii. Business Entity Concept Every business is a separate entity, distinct from its owner and from every other business. Therefore, the records and reports of a business should not include the personal transactions or assets of either its owner(s) or those of another business.Calmeadow 2
Accounting Study Guide Solutions to Exercises
Lesson 2: The Balance Sheet
1. What are the main elements of a Balance Sheet?
The main elements of a Balance Sheet are: Assets, Liabilities and Equity.2. What is the Accounting Equation?
TOTAL ASSETS = TOTAL LIABILITIES + EQUITY
3. Define: Asset, Liability and Equity.
Assets represent what is owned by the organization or owed to it. Assets are those items in which an organization has invested its funds for the purpose of generating future receipts of cash. On the Balance Sheet, total assets are always equal to the sum of liabilities plus equity. Liabilities represent what is owed by the organization to others either in the form of a loan which has been extended to it or obligations for the organization to provide goods and services in the future.Equity is equal to assets less liabilities. Unlike liabilities, the Equity of an organization does not
have to be repaid. It therefore represents the value or net worth of the organization. Equity includes capital contributions of any investors or donors, retained earnings, and the current year surplus.4. Put ( ) in the appropriate column:
ITEMS ASSETS LIABILITIES EQUITY
CashEquipment
Client Savings
Net Deficit - current year
Restricted/Deferred Revenue
Building
Loans Outstanding - current
Loan Fund Capital
Long-term Investments
Long-term Debt (concessional)
Loans Outstanding - Past Due
Loan Loss Reserve*
Restructured Loans
*Is sometimes treated as a liability.Calmeadow 3
5.For the follo
wing tran sa ctio ns, sh ow h o w these affect the Balan c e S heet: i.Purcha
se lan d on credit (> one year) vi.Purcha
se a T r ea su ry Bill fo r ca sh ii.Disburse lo
an to client vii.Client with
dra w s saving s iii.Purchase motorcy
c les fo r staff - pay hal f cash; half short-term cr e d i t v i i iReceive
an unrestri cted donation iv.Purcha
se office furnitu r e o n sho r t-te rm cre d it ix.A Current loa
n become s p a st due v.Take lo
an fro m bank at co mmercial rate of interest (> one year) x. Re ceive a re stricted do nati on for ope rati ons (3 years) ASSET SLIABILITIES
EQUITY
CashCurrent
Loa nsOutstanding
Loa nsPast Du
e In v e stmen t s Prope rtyEquipme
n tShort-term Borro
w i ngClient
Sa v i ngs Lon g-te rm DebtRestri
cted /Defer red Re v e nueEquity
Purchas
e la nd on cred it one year)Disburs
e lo an to clie ntPurchas
e motorc y c les for staff - pa y half cash, half short-term cred itPurchas
e office furniture o n short-term cred it T a ke loan from bank one year)Purchas
e a TBill for cash
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