A Report On Double Entry Accounting - 1249 Words

Double entry accounting is based on the fact that every financial transaction has equal and opposite effects in at least two different accounts, for example, is somebody transacts a purchase of a drink from a store, it have been paid by cash and in return, the shopkeeper give the bottle of drink to the customer. This simple transaction has two effects, the buyer’s cash would decrease by the amount of money of the bottle and the sellers will be short of a drink but his cash balance would increase the price of the drink. Without applying double entry accounting records would only affect a partial view of the company’s afraid. The two effects of an accounting entry are known as Debit (Dr) and Credit (Cr). It is used to satisfy the equation Assets = Liabilities + Equity, whereby each entry is recorded so as to maintain the relationship. Any increase in expense (Dr) will be offset by a decrease in assets (Cr) or increase in liability or equity (Cr) and vice-versa. Debit col umns on the left, credit on the right. Debits are on the left and increase a debit account and reduce a credit account. Credits are on the right and increase a credit account and decrease a debit account. Debit receives the benefit, credit gives the benefit, when any account gets money, and it will be debit when any account give money. After all your bank statement is credited when money is paid into your bank account. But look at it from the bank’s point of view, and it is the bank that issues the statement.Show MoreRelatedAccounting 504626 Words   |  3 Pagesterm double-entry accounting?   Examples are great and   try to build on what each other has said.   Double entry accounting is based on the fact that every financial transaction has equal and opposite effects in at least two different accounts. In the double entry system, transactions are recorded in terms of debits and credits. Since a debit in one account will be offset by a credit in another account, the sum of all debits must therefore be exactly equal to the sum of all credits. The double-entryRead MoreAccounting Software For A Business Essay1257 Words   |  6 PagesIndividual Assignment Name: Altaf Gohar Roll no: EAB2389 Accounting Software/Packages used in Australia Accounting  is referred as an art of collecting, classifying, and manipulating financial data for organizations and individuals.  It  is also used to determine financial stability or financial health of organizations. Accounting is the language of business and figures and is widely used as a means of communication for financial world, without it businesses cannot survive. It is important becauseRead More The History and Role of Accounting in Business Essays1533 Words   |  7 PagesAccounting can be defined in a number of ways, but I chose the book definition, which is; Accounting is an information system that provides reports to stakeholders about the economic activities and condition of business. The person in charge of accounting is called the accountant. The accountant is typically required to follow a set of rules and regulations. These rules and regulations are called the General Accepted Accounting Principles. Throughout these next few paragraphs, I will be giving youRe ad MoreAccrual Accounting : An Accounting Method1285 Words   |  6 Pagesa. Accrual accounting is an accounting method that is utilized to size the performance and of a company by recognizing circumstances regardless of when cash transactions occur. They are documented by matching revenues to expenses at the time in which the transaction occurs rather than when a payment is processed. This method allows the current cash credits and debits to be combined with future expected cash flows to give a more accurate picture of a company s current financial state. It is idealRead More Accounting Essay1320 Words   |  6 PagesAccounting Accounting is the practice of â€Å"†¦maintaining, auditing and processing financial information†¦Ã¢â‚¬  (http://en.wikipedia.org/wiki/Accounting) for the purpose of a company, persons or organisation. There are some fundamental parts of accounting which are; â€Å"Identifying, measuring and communicating† (Black, 2000). You need to identify the important financial sections of a company, person or organisation which will include the companies assets, liabilities, capital, income and of course expenditureRead MoreEssay on Accrual Accounting vs. Cash Accounting1148 Words   |  5 Pagesstates that Accrual accounting is the cornerstone of modern accounting procedures. In this essay, the importance of accrual accounting will be considered by looking at how it functions in the Double Entry System and comparing it to cash accounting, another method of gathering financial information. Time and an accurate accounting measurement is what will be considered in determining the importance of accrual accounting. Double-entry accounting is used to develop accounting data. From this dataRead MoreFinancial Statements Measure The Liquidity And The Strength Of A Business1134 Words   |  5 Pagesdepreciation reflect the offsets reported on financial statements. In accordance with generally accepted accounting principles (GAAP); two methods compute the uncollectible accounts receivable expense. Just like uncollectible accounts offset the value of accounts receivables; so do depreciation expenses counteract the value of fixed assets. Also called contra accounts, the journal entries accumulate and are then recorded on the balance sheet. Part One – Uncollected Receivables The first techniqueRead MoreThe Accounting Cycle1405 Words   |  6 PagesThe accounting cycle is the process by which companies produce their financial statements for a specific period of time. It consists of ten steps, each step depending on the information generated in the previous step. Any business that fails to follow the steps of the accounting cycle, or omits any piece of vital information, risks ending up lost in a wave of inaccurate numbers or accounts that don’t balance correctly. The first step in the accounting cycle is to collect all the documents relatedRead MoreAccounting1024 Words   |  5 Pagesorganization, among which accounting is one of them. Define the accounting function and discuss how it differs from double-entry bookkeeping. Answer: According to the Dictionary of Accounting Terms, Accounting is defined as a one step process of recording, measuring, interpreting and communicating financial data by preparing financial statements in order to reflect financial condition and operating performance whereas Double-entry bookkeeping is the record of transactions that require entries in at least twoRead MoreAccounting Information System Chapter 1 Discussion Questions1687 Words   |  7 Pagesimplications does the â€Å"new economy† have for accounting? Whether in an â€Å"old economy† business or a â€Å"new economy† business, accounting information is intrinsic in most business processes. All businesses must still capture, process, store, and report accounting and other information about business processes to assess performance. 2. Giving examples, discuss how information technology is revolutionizing the accounting function and what accountants do. Contrast accounting tasks before and after the â€Å"information

The Fall of the Roman Empire Due to Army, Citizens,...

There were many causes of the decline, and eventual fall, of the Roman empire. The deficient Emperor role led to the lacking military response to invasions, civil war and peasant uprisings. ROMAN EMPIRE AND ITS EMPEROR Ever since the adoptive system which was installed by Marcus Aurelius was never reinstalled after his death, effective leadership in governing Rome was lacking. It was clearly visible that the Roman Emperor was the backbone of Roman stability and therefore the strength of the Roman army was also crucial in ensuing the empires stability. But this stability was drastically altered when corruption and â€Å"necessary† errors were committed. ECONOMIC, BARBARIAN AND MILITARY PROBLEMS The Roman†¦show more content†¦In the Piganiol essay, Piganiol clearly emphasis the fact that the â€Å"Roman state went bankrupt in the third century because it was incapable of continuing to pay its officials and it was incapable of paying its armies without recourse to confiscations,monetary falsifications requisition in kind, unpaid services.†(6) Another major move the emperor and his empire introduced the citizens of Rome involved the citizenship issue. In approximately 212 AD, recruits had been picked from among provincials, who were attracted by the promise of free citizenship and its advantages. â€Å"With citizenship no longer necessary for enlistment, the poor, weak class of the empire were drawn to the army because of the weapons and artillery†(7). Personally I think that the major reasons why loser class societies were drawn to the artillery aspect of the army was so they could steal the empires wealth. This behavior would probably lead to the destruction of Roman cities, and destruction of farmlands and economic trade. Civil war also played a negative role in the Fall of the Roman Empire. This was made possible when emperors became afraid of their own troops and the possible rebellion against them. Therefore the emperors to remainShow MoreRelatedEssay about The Emergence of Europe1417 Words   |  6 PagesGermanic Tribes, the Roman Legacy, and the Christian Church Marina Lundstrom History 114 – Western Civilization The World I Due: November 8, 2014 After the fall of the Roman Empire around the fifth century, it took â€Å"hundreds of years† for the western part of Europe â€Å"to establish a new society.†1 The emergence of this new European civilization during a period known as the Early Middle Ages, included three major components: the Germanic tribes, the bequest of the Romans, and the legislation

Relaxing on the Beach Free Essays

Relaxing On the Beach Everyone goes through stress at some point in his or her lifetime. Coming from Basic Military Training was no deferent. Consistently getting yelled at, even for doing the right thing, being in top notch physical shape by running five miles a day or paying attention to detail by removing one tiny microscopic string from one’s uniform stress will eventually add up. We will write a custom essay sample on Relaxing on the Beach or any similar topic only for you Order Now While we all go through stress, we all need to deal with stress and relax in our own ways. The white sandy beach right off base is so calming and peaceful I can sit and relax with friends while letting my mind wonder and simply leaving the â€Å"real world† behind for the day. After being pummel by spit for eight and a half weeks In San Antonio, Texas. All I want to do is be on the white sandy beach of Billow, Mississippi, relaxing in the hot sun. Grabbing my six string. Few buddies, and other beach essentials I headed out the door in a flash. Walking outside to the beach I couldn’t help but notice the white ND puffy cuneiform clouds in the sky telling me this was going to be a good day. We could hear kids laughing, sea gulls chirping, and waves crashing in the distant but Just couldn’t tell how much further our trek had to go. Feeling like a camel walking across the Sarah Desert, we finally saw it, the big blue ocean only to be seen in travel magazines. A sea breeze hit our face making us feel and smell the freedom In the air. Immediately arriving on the white soft sandy beach, our sandals came off and we let our feet feel the sand between our toes. Walking down the beachfront we saw a rainbow of tent tops and with little kids laughing and giggling made music to my ears. Finally arriving at an empty spot we opened up the cooler and had our thirst quenched by ice-cold lemonade. We began laughing and telling jokes trying to soak up the sun’s radiation to give us a golden bronze tan. Soon after being in the hot son we began lathering on suntan lotion, which gave off the aroma of summer, was finally here. After a while we all decided to take a nap and let our minds wander where they ay. Lying on the hot summer sand and listening to the sounds of summer, all of the stress has been slowly lifted off my shoulders, almost feeling weightless. We had no shoes, no shirts, and no problems. Eventually, the perfect day had to come to an end. Sitting down watching the waves slowly crash against the shore we listened to the six string guitar play a little melody that made one remind of the peaceful times of life and made the day nice and relaxing. Sitting there listening to the melody we watched the bright sun set running into an orange masterpiece for our eyes to fixate on. Nothing more could be done In this day to make it any more peaceful and relaxing. In conclusion, the beach can be a way to relax for the day and be a calming place for someone trying to get away from stress. Everyone goes through stress In life and 1 OFF and friends or watching the sunset while listening to a melody the beach can be a beneficial way to relive stress in one’s life and leave the stress at the door of the â€Å"real world†. How to cite Relaxing on the Beach, Papers