Business accounting chapter 2

  • How is the accounting equation used in business?

    The accounting equation shows how a company's assets, liabilities, and equity are related and how a change in one typically results in a change to another.
    In the accounting equation, assets are equal to liabilities plus equity..

  • What goes where in accounting?

    A debit is an entry made on the left side of an account.
    Debits increase an asset or expense account and decrease equity, liability, or revenue accounts.
    A credit is an entry made on the right side of an account.
    Credits increase equity, liability, and revenue accounts and decrease asset and expense accounts..

  • What is accounting 2 marks?

    According to American Institute of Certified Accountants, 1941, “Accounting is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events that are, in part at least, of financial character and interpreting the results thereof.”.

  • What is fundamental accounting 2?

    In Accounting Fundamentals II, you will explore such topics as special journals, uncollectible accounts receivable, plant assets, depreciation, notes and interest, accrued revenue and expenses, dividends, retained earnings, and various financial reports for corporations..

  • What is the definition of accounting 2?

    Accounting has variously been defined as the keeping or preparation of the financial records of transactions of the firm, the analysis, verification and reporting of such records and "the principles and procedures of accounting"; it also refers to the job of being an accountant..

  • What is the recording process in accounting Chapter 2?

    The basic steps in the recording process are: Analyze each transaction in terms of its effect on the accounts.
    Enter the transaction information in a journal (book of original entry).
    Transfer the journal information to the appropriate accounts in the ledger (book of accounts)..

  • Golden Rules of Accounting

    1. Rule One
      2. . "Debit what comes in - credit what goes out." This legislation applies to existing accounts. .
    2. Rule Two
      3. . "Credit the giver and Debit the Receiver." It is a rule for personal accounts. .
    3. Rule Three
      4. . "Credit all income and debit all expenses."

  • The four phases of accounting are as follows:

    Recording transactions.Classifying transactions.Summarising.Interpreting financial data.
  • Chapter 3 – Adjusting Accounts and
    Preparing Financial Statements.
(Minimum of two accounts.) 2) Determine proper classification of accounts. 3) Determine whether account is being increased or decreased. 4) Record transaction.

What are double duplicator's accounts & balances?

The following is a list of Double Duplicator’s accounts and balances as at March 31, 2019

Cash $4, Limbo, Capital 2, Accounts Payable 5, Unearned Revenue 2, Prepaid Insurance 2, Bank Loan 10, Automobile Loan 18, Prepaid Rent 5, Automobile 25, Prepare a balance sheet as at March 31, 2019, using the above information

What is a business combination?

4

Business combination achieved in stages • A business combination achieved in stages occurs when an investor acquires additional shares from an investee which it had previously held equity interest and the additional shares purchased results to the investor obtaining control over the investee


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