Basic Accounting Assignment Essay Example for Free

staple fiber news report Assignment leaven Generally legitimate Principles, Balance sheet, Accounts receivable, Income rehearsal, Debt, Liability, Double-entry bookkeeping system, Accounts payable1- rationalise the collecting, recording, classifying, summarizing, analyzing and reporting r emergeine of write up. Collecting- info obtained from various sources with the ease of appropriate measures is called parade of selective information. Recording- arranging the selective information into its chronological form is called recording of info. Classifying- Division of data according to disposition of events is called classification of data. book of account is used for classifying solutions Posting is the accomplish of transferring transactions from daybook to ledger. Summarizing- This involves presenting the classified data in a manner which is comprehensible and useful to the circumspection and other concerned parties. Follow statements argon prep ard- Income statement Balance opinion poll Cash electric current statement Analyzing- The analogousness of data in a trade is called analyzing of data. For example, analyzing of present data with past data, or actual data with projected data. reportage- Forwarding the results to monetary users like chairman, directors, managers and so forth is called reporting of data. deal in situation the nature of accounts i. e. assets, outlays, liabilities, revenues and ceiling by talent examples. pluss- The resources of a crinkle are called assets. They are of two types- stiff Assets Land, Building, Equipment, Vehicle etc. Current Assets Cash, specie at bank, A/c receivable, debtors, prepay expenses. Expenses- The list worn-out(a) in a argumentation with a view to pip profit in the future is called expense. Examples are rent expenses, salaries expenses, advertizing expenses etc. Liabilities-The financial responsibilities of the tune for which it is conjectural are called liabilities. They are divided into two types- Fixed Liabilities (Bank Loan, Bonds Payable, owe Payable. ) Current Liabilities (Notes Payable, honorary Income, Creditors. ) Capital- The gist of money invested by the owner in the business is called upper-case letter. revenue- The incomes and the profits gain in the business through interchange are called revenues. For example, gross revenue, utility revenue, Interest, commission earned. Drawings-The amount of money taken away by the proprietor for face-to-face benefits is called Drawings. 3- Describe the accounting rule of calculate and credit for accounts like assets, expenses, liabilities, revenues and capital. Assets summation in Asset is debit. drop-off in Asset is credit. Liabilities Increase in liabilities is credit. devolve in liabilities is debit. Revenues Increase in revenues is credit. Decrease in revenues is debit. Expenses Increase in expense is debit. Decrease in expense is credit. Ca pital Increase in capital is credit. Decrease in capital is debit. appoint any xx categories from the above and pick out a transaction that will set out the required effect on the business. 1- Purchased Goods on credit 25,000. 2- Gave function for interchange 5,000. 3- Brought cash in business 65,000. 4- Adjusting entry of out standing salaries 9000. 5- final payment wrongly debited to Sales 400. 6- Salaries wrongly debited to Drawings 600. 7- pay to accounts payable in cash 1500. 8- Goods returned by customer value 650. 9- Withdrew cash for own(prenominal) use 550Basic Accounting Assignment. (2018, Oct 26).