By Duane R. Milano
REA's necessities supply speedy and simple entry to serious info in numerous diversified fields, starting from the main easy to the main complicated. As its identify implies, those concise, complete research publications summarize the necessities of the sphere coated. necessities are necessary whilst getting ready for assessments, doing homework and should stay an enduring reference resource for college kids, academics, and pros. Accounting I contains accounting ideas, the accounting cycle, adjusting entries, last entries, worksheet systems, accounting for a promotion operation, inner regulate and really good journals, money, receivables, stock, estate, vegetation and kit, and long term resources.
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Extra resources for Accounting I Essentials
Internal administrative controls are those procedures and records that can assist management to reach business goals. Internal accounting controls are those procedures and records that are concerned primarily with the reliability of financial records and reports, as well as safeguarding of assets. 2 PERSONNEL CONTROLS An organization cannot function properly without competent employees. This process should begin with selection of employees who have the necessary skills and intelligence to perform the job assignment.
The equality of the two sides of the accounting equation must be maintained upon completion of a transaction. As an illustration, examine the result of a transaction to purchase land for $10,000 cash. Assets (+$10,000 land — $10,000 cash) = Liabilities + Owner’s Equity In this case, assets would be increased by $10,000 to reflect the land purchase and decreased by $10,000 to reflect cash paid. The net effect on assets is zero, so the accounting equation remains valid. As another example, modify the transaction above to reflect the purchase of land by borrowing $10,000 purchase price with a bank loan (also known as a note payable).
3 To record purchase of merchandise. To record sale of merchandise. Using this method, no entries are made to adjust the inventory and cost of goods sold upon sale. These adjustments are made at the end of the accounting period. Inventory will be debited for the ending inventory amount and credited with the amount of beginning inventory. This will leave as a balance the amount of the ending physical inventory. 4. 3 TRANSPORTATION CHARGES Transportation charges are of two types. Charges for transporting merchandise to the company are freight In.