General Journal to General Ledger
Posting from a General Journal to a General Ledger
POSTING AN AMOUNT FROM THE DEBIT COLUMN OF A GENERAL JOURNAL
POSTING AN AMOUNT FROM THE CREDIT COLUMN OF A GENERAL JOURNAL
POSTING A DEBIT AMOUNT TO AN ACCOU
Economic Accounting and Fiscal Decisions
1-1 Satisfying Needs and Wants
1-2 Economic Choices
1-3 Economic Systems
1-4 Supply and Demand
Explain the difference between needs and wants.
Distinguish between goods and services.
Cutting Losses After Lack of Financial Planning
Define the problem.
Identify the choices.
Evaluate the advantages and disadvantages of each choice.
Act on your choice.
Review your decision.
Profit and Loss in Capitalism
Private ownership of resources by individuals, rather than by the government
Also known as:
THE U.S. ECONOMIC SYSTEM PRINCIPLES
The Accounting Equation
Accounting-planning, recording, analyzing, and interpreting financial information
Accounting system-a planned process for providing financial information that will
be useful to management
Accounting records-organized s
Using T Accounts
ANALYZING THE ACCOUNTING EQUATION
INCREASES AND DECREASES IN ACCOUNTS
T account-an accounting device used to analyze transactions
Debit-an amount recorded on the left side
Cash Flow Sheet
What are your expenses?
Before you do anything else, ask yourself, how much will my business cost?
What items will I need to begin?
Think about starting your own buffet restaurant
you will need a building, food, kitchen equipmen
Financing Your Business
Bootstrapping: Operating a business as frugally as possible and cutting all unnecessary expenses.
Cash raised for a business in exchange for an ownership stake in the business
You will identify forms of business growth
You will determine the form of growth best suited for your organization
You will apply the form and subsection to your business plan.
Growth is the natural by-product of succes
LIFO and FIFO Accounting
What is this type of insurance
Insurance purchased for cars, trucks, motorcycles, and other road vehicles.
Its primary use is to provide financial protection against physical damage and/or bodily
injury resulting from t
Corporate Accounting and Accrual Accounting
Insurance is created when people like you and your neighbors pool their resources to
protect themselves from loss
If the risk of loss can be spread over a large enough group, the effects of the loss t