By Duane R. Milano
REA's necessities offer quickly and simple entry to severe details in numerous various 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 lined. necessities are beneficial whilst getting ready for tests, doing homework and may stay a long-lasting reference resource for college kids, academics, and execs. Accounting I comprises accounting ideas, the accounting cycle, adjusting entries, final entries, worksheet techniques, accounting for a advertising operation, inner keep watch over and really expert journals, funds, receivables, stock, estate, vegetation and kit, and long term resources.
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Extra resources for Accounting I Essentials
If total expenses exceed total revenues, the result is a net loss. STATEMENT OF OWNER’S EQUITY: A summary of the changes in the owner’s equity of a business entity for a specific period of time, such as a month or a year. In a corporation, the emphasis is on reports of changes in retained earnings (net income retained in the business). Those changes are reported in the retained earnings statement. BALANCE SHEET: A list of the assets, liabilities and owner’s equity of a business entity as of a specific date, usually at the close of the last day of a month or a year.
1 ALLOWANCE METHOD OF ACCOUNTING FOR UNCOLLECTIBLE ACCOUNTS This method is also known as the reserve method because it provides in advance for uncollectible receivables. This provision for uncollectibility is made through an adjusting entry performed at the end of a fiscal period and serves two purposes. It reduces the value of receivables to the amount of cash expected to be received and allocates the expected expense associated with this reduction to the current fiscal period. The amount of provision to be established can be calculated several different ways.
1. 1 Electronic wire transfers have made automatic payroll bank deposits fairly common. If this is not recorded, the depositor’s books will be understated by the amount of the deposit. 2. 2 Many banks allow for an automatic loan if the amount in a depositor’s account goes below a specified level. The bank will have additional charges for this service. 3. 3 The interest on the loan would normally not be paid until the loan was paid off. Many checking accounts have monthly service charges for maintaining the account records.
Accounting I Essentials by Duane R. Milano