PPT-Acct 2210 Chp 3 The Double-Entry Accounting System (including Debit & Credit Notation)

McGrawHillIrwin McGrawHillIrwin Copyright 2013 by The McGrawHill Companies Inc All rights reserved LO 1 Describe business events using debitcredit terminology 3 1 DebitCredit Terminology. Topics. Double Entry Accounting System-What it is?. Cash and Accrual based Accounting. Concept of Debit and Credit. Revenue & Capital. Accounting definitions.. What is Accounting?. . Accounting is an art of recording ,classifying and summarizing the financial information in a significant manner.. 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.. . 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?. //move$10acct[i]=acct[i]-10;acct[j]=acct[j]+10;orwitheachthreadloopingtoperformasmanytransfersastherelevantaccountspermit:while(acct[x]=5){//move$5acct[x]=acct[x]-5;acct[y]=acct[y]+5;} while(acct[i] 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. VoCats. Review PowerPoint. What is the effect on assets when the owner increases owner's equity by investing $1,000 in the business?. Decreased by $1,000. Decreased by $2,000. Increased by $1,000. Increased by $2,000. Mr. Barry. A-level Accounting Year 12. The double entry system including:. R. ecording of transactions . from . source documents in books of prime entry and ledger accounts. Transferring accounts to income statements. and . Conceptual Framework for Financial Reporting. ACCT-3030. 1. 1. Basic Definitions. What is accounting?. the identification, measurement, and communication of financial information. about economic entities. to Accounting. McGraw-Hill/Irwin. McGraw-Hill/Irwin. Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.. Explain the role of accounting in society.. LO 1. 1-. 1. Role of Accounting in Society. Overview. . Accounting Principles. Account Classifications. Account Balances. Journal Entries. Recording Payroll Transactions. Accounting Periods. Accruals and Reversals. Balancing and Reconciliations. Dr. . Madhu. V . Menon. MATS School of Management Studies & Research. Syllabus . MODULE . I - Meaning . and Scope of Accounting: . Need for accounting, meaning, definition and functions, Book-Keeping and Accounting, Accounting Vs. Book-keeping – Branches of Accounting, Users of accounts, Limitations of accounting, Parties interested in accounting information.. Financial Management and Cost Accounting (DBM-422). A K JHA. Book Keeping. The Double Entry System. Today's accounting system is based on the double entry system developed in the 15th Century by Lucas . D. OUBLE-ENTRY BOOK-KEEPING. . Book-keeping.