Account Titles and Explanations
1 Cash .
Office Equipment .
Drafting Equipment .
Bishr Binbutti, Capital .
Investment by owner.
2 Land .
Accounting Chapter 1 Notes
Accounting is an information system that identifies, measures, records, and communicates
information that has relevance and is a faithful representation of an organizations economic
Its objective is to help people ma
Accounting Chapter 5 Notes
Merchandiser: A company that earns net income by buying and selling merchandise.
Wholesaler: A company that buys products from manufacturers or other wholesalers and sells them to
retailers or other whol
Accounts Titles and Explanation
Accounts Payable (Mobley CO)
Purchased goods for term 1/15, n/30, FOB Factory
Accounts Receivable (Cornerstone CO)
Sold golds for term
January 20, 2016
Accumulated depreciation you will have a depreciation
Finance is used to predict future values
Problem 1-6A (45 minutes) Parts 1 and 2
Accounts Office Office
Receivable Supplies Equipment Building
Notes Littlechild, Explanation of
Accounting Chapter 2 Notes
Assets = Liabilities + Owner's Equity (ACCOUNTING EQUATION)
A record containing all accounts used by a business.
May be computerized or maintained manually.
Each company has its own unique set of accounts.
Accounting Chapter 3 Notes
Adjusting the Accounts
Financial information must be timely and accurate to be useful to decision makers.
Financial statements need to be prepared at regular intervals (periods).
Accounts need to be adjusted (updated) to ensure
Accounting Chapter 4 Notes
An optional working paper that can be used to simplify the preparation of financial statements. It is:
Prepared before adjusting entries are made.
Not distributed to decision makers.
Helpful in preventing errors.
Cost of Goods manufactured Statement
For the year ended September 30, 2014
Direct Materials: ( Section 1)
Materials inventory, Aug 31, 2014
Less purchases returns and allowances
Materials available for use
Less materials inventory