PPT-TYPES OF ACCOUNTS AND RULES FOR DEBIT AND CREDIT

Financial Management and Cost Accounting DBM422 A K JHA Book Keeping The Double Entry System Todays accounting system is based on the double entry system developed in the 15th Century by Lucas . Accounting Documents and Records. Flow of data. 1. Recording transactions in journal – passing journal entries through double entry system. 2. Posting into a ledger - classifying all entries of a similar account into a ledger . a. ccount. Learning outcomes. The main learning outcomes for this lesson are. :. Learn how to open a bank account.. Understand Internet banking and how it works.. Gain an understanding of cheques, debit cards, credit cards.. Principles of Accounting I. Objectives. By the end of the lesson, I will be able to:. define accounting terms related to analyzing transactions into debit and credit parts.. identify accounting practices related to analyzing transactions into debit and credit parts.. ACT 201 Lecture. By: . Ms. Adina Malik. The Account . Record of increases and decreases in a specific asset, liability & owner’s . equity item.. The format resembles the letter ‘T’, hence referred to as the T Account. . What does the word, “Debit” mean to you?. What does the word, “Credit” mean to you?. Write it down on a separate piece of paper.. Draw an outline of your left hand and right hand on a different piece of paper.. E3-3. Recording the Transactions. A customer orders and receives 10 personal computers from Dell; the customer promises to pay $18,400 within three months. Answer from Dell’s standpoint. What about cost info?. LESSON TWO: PERSONAL SPENDING. INTRODUCTION. DEBIT CARD. : used like cash. Linked to a checking or savings account. Paying NOW for merchandise. PAYPAL: . online payment service that can be linked to savings, checking or credit card account. Advantages and Disadvantages. What is credit?. What is the difference between debit and credit cards?. What are advantages and disadvantages of credit cards?. VOCAB TO KNOW!. Credit. : . goods, services, and/or money received in exchange for a promise to pay back a definite sum of money at a future date. Way. bills. Payments. & . Returns. . under. GST. Kush Vora. Kalyan- . Dombivli. Branch of WIRC of ICAI. 06.06.2017. Powerpoint Templates. 1. . Accounts and Records. Accounts & Records... A) Merchandise bought on account. B) All cash payments. C) Sale of merchandise on account. D) All cash received. A. For what are special amount columns in a journal used?. A) Frequently . occuring. transactions. Assets, Liabilities, and Owner’s . Equity. CHAPTER 4. What You’ll Learn. Prepare a chart of accounts. Explain the purpose of double-entry accounting. Identify the normal balance of accounts. Use T accounts to illustrate the rules of debit and credit for asset, liability, and owner’s equity accounts to express the accounting equation. Fundamental Accounting. www.thailandaccount.com & www.ac13.tk. 2. Account Title. Ac. No.. . __. Date. Explanations. PR. Debit. Date. Explanations. PR. Credit. Account Name. . Debit . (Dr.). Overview. . Accounting Principles. Account Classifications. Account Balances. Journal Entries. Recording Payroll Transactions. Accounting Periods. Accruals and Reversals. Balancing and Reconciliations. ACCOUNT AGREEMENT EFFECTIVE NOVEMBER 1, 2020 This is a multi-page document that contains the Disclosures listed below. It is important that you read and understand these Disclosures; otherwise noti