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Provides a guide for effective accounting and financial reporting theory involves the assumptions and methodologies used in financial reporting.
The summarizing phase of the accounting cycle ends with the preparation of the financial statements.
The trial balance of Maria Clara Parlor has a total debit balance of P 300,000. Among the accounts listed are Accounts Payable, P 3,500; Notes Payable, P10,000;Maria Clara, Capital, P180,000. The parlor's revenue is
The following information were taken from the balance sheet of Juan Repair shop as of March 31, 2017: Cash P70,000; Notes Receivable, P10,000; supplies, P5,000; Prepaid Rent,P20,000; total non-current assets, P80,000; Total Liabilities and Capital, P200,000. How much is the Accounts Receivable?
The normal balance of an account is always on its right side.
It is the controlling account that holds the revenues and expenses in the closing the account process.
The credit side of T-account is used to record increases in liability and capital.
A credit balance in the Revenue and Expense Summary account represents net loss.
Maria Clara has the following transactions during the month of March: paid salaries of house helper, P 3,500; paid utility expenses of the parlor, P 2,500; at the end of month, hired a parlor helper with a monthly salary of P5, 000. The total expenditures that should be reported for the month of March is
Profit and Loss Summary is a nominal account.
Using the allowance method, the Accounts Receivable account is credited for the estimated uncollectible from customers.
A business transaction can have dual effect on a single accounting element or value.
Accumulated Depreciation or Allowance for Depreciation is a contra account of Accounts Receivable.
A's Laundry Shop T-accounts for A, Capital, Laundry Income, Laundry Expenses have normal balances of P 200,000, P 180,000, and P80,000, respectively. What is the new balance for A, Capital at the end of the period?
Post-closing trial balance contains nominal accounts.
A T-account is a representation of the ledger.
Aside from the adjusting entries, these entries are also done at the end of the accounting period to zero out nominal accounts.
Maria Clara rendered parlor services during the month: P 5,000 cash basis and P 3,500 on account. The amount to be credited to Service Income is
It is the method of adjusting prepaid expense, the entry of which is reversed.
A journal entry can have two or more debits and two or more credits.
Adjusting entry for Prepaid Expenses-Asset Method is also reversed at the start of the new accounting period.
After the closing entries are posted in the ledger, all the permanent accounts have zero balances.
It is a tool that aids in the accounting process, specifically, in the preparation of the financial statements.
A chart of accounts presents a list of account titles, its definition, description of when to debit or credit and its corresponding account numbers.
A trial balance is also a tool in checking whether the journal entries are accurately done and posted in the ledger.
All assets have normal debit balances.
It involves routine performances of the different phases of accounting for a given period of time.
Assuming, Mr. A. paid rent of P25, 000, this would result to decrease in capital and decrease in liability.
In recording in the general journal, the year and month of the transaction are written once in every page of the journal.
Reversing accrued expense adjustment requires a debit to Accrued Expense and credit Expense.
All the nominal and real accounts are closed at the end of the accounting period.
The right or claim of the owner over the assets of the firm is called liabilities.
Assets, Liabilities, and Owner's Equity are permanent accounts
It is the second step in the accounting cycle that was done during the accounting period.
The amount corresponding to a debited account can be written on the credit money column of the journal.
Post-closing Trial Balance is a tool to determine if the ledger accounts are in balance before the start of the new accounting period.
Businesses have a common annual accounting period.
It is the list of accounts with their balances after the closing entries are recorded and posted in the ledger.
This is the category of accounts listed in the income statement.
A non-exchange business transaction does not involve changes in quantifiable monetary values.
Certificates of deposits and checks are part of the Cash on Hand and in Banks or simply, Cash account.
Maria Clara invested the following in a Parlor: Cash P 60,000, parlor equipment originally costing P 20,000, with a fair market value of P 18,000. Maria Clara's Capital account should be credited for
The account Revenue and Expense Summary is a controlling account where revenues and expenses are closed.
Post-closing trial balances confirms the account balances of the ledger which will be the starting point of the next accounting period.
Writing the general journal page number in the F column of the ledger and the account number to the F column of the general journal during the posting process is called cross-referencing.
Net loss is closed to capital by debiting Income Summary and crediting capital account.
Mr. X's Capital account has a balance of P 100,000 on March 31, 2017. Withdrawals for personal expenses during April amounted to P 15,000. At the end of April, the Capital account has a balance of P135, 000. Mr. X's net income for April is
The trial balance extracted from the ledger before the adjusting entries are posted in called the adjusted trial balance.
The worksheet is a financial report that should accompany the financial statements.
The general journal is also called the book of final entry.
The difference, if any, between the total debits and total credits of the Cash account should always be shown on the debit side.
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