Accounting is an information and measurement system that
identifies records and communicates financial information to
Bookkeeping is the sole purpose of accounting.
Accounting is one way important information about businesses
2-1: Discusses using an account to record transactions. An account consists of a name, a space for
recording increases and a space for recording decreases.
In the T-account form, the left side is the debit side and the right side is the credit side.
4-1: See the flow of accounting information from the adjusted accounts to the financial statements. An
end of period spreadsheet has both unadjusted trial balance, adjustments, and adjusted trial balance.
The Revenue and Expense accounts flow to the Incom
3-1: The nature of the adjusting process. Under the accrual basis of accounting revenues are recorded in
the period earned and related expenses are matched to the revenue and also reported that period. For
example, utility expenses incurred in December ar
1-1: Chapter 1 discusses the definition and purpose of a business: an organization which exists to
provide goods and services to customers for a profit. The types of businesses are service businesses,
merchandising businesses, and manufacturing businesses
Chapter 11 covers the accounting for known liabilities, such as notes payable and interest expense,
employee and employer payroll liabilities, and also discusses the accounting treatment for contingencies.
Liabilities are: (1) probable future sacrifices o
Chapt 10 covers major types of long term tangible assets, otherwise known as property, plant, and
equipment. It also talks about long term intangible assets, such as goodwill, patents, and copyrights. I
have posted demonstrations of both homework assignme
Chapter 9 covers accounting for receivables, and a big part of the chapter discusses valuing
accounts receivable - that is recording a journal entry that reflects the true worth of accounts
receivables. Even in the best of economic times, customers can de
6-1: The activities of a service business differ from those of a merchandising business.
The revenue activities of a merchandising business involve the buying and selling of merchandise. A
merchandising business first purchases merchandise to sell to its
7-1: Control of Inventory: two primary objectives of inventory control are 1) safeguarding the inventory
from damage or theft and 2) reporting inventory in the financial statements.
7-1a: Safeguarding inventory. Controls for safeguarding begin when the in
Line item descriptions
All numerical answers
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8-1: Sarbanes Oxley Act of 2002. The purpose of Sarbanes-Oxley is to maintain public confidence and
trust in the financial reporting of companies. Sarbanes-Oxley applies only to companies whose stock is
traded on public exchanges, referred to as publicly