By Duane R. Milano
REA's necessities supply speedy and straightforward entry to serious details in numerous assorted fields, starting from the main uncomplicated to the main complicated. As its identify implies, those concise, complete learn publications summarize the necessities of the sector coated. necessities are precious whilst getting ready for assessments, doing homework and should stay an enduring reference resource for college kids, academics, and execs. Accounting I contains accounting ideas, the accounting cycle, adjusting entries, final entries, worksheet tactics, accounting for a promoting operation, inner regulate and really good journals, funds, receivables, stock, estate, crops and kit, and long term resources.
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Kling Chief Editor Table of Contents These “Little Books” have rescued lots of grades and more! 1 DEFINITION OF ACCOUNTING Accounting can be described as an information system that provides essential information about the financial activities of a business entity to various individuals or groups for their use in making informed decisions. Accounting is primarily concerned with the design of the recordkeeping system, the preparation of summarized reports based on the recorded data, and the interpretation of those reports.
1, one of the major concerns of accounting is the preparation of summarized reports of recorded data. The principal statements used to communicate summarized data are the income statement, the statement of owner’s equity, and the balance sheet. A brief description of each statement follows: INCOME STATEMENT: A summary of the revenue and expenses of a business entity for a specific period of time, such as a month or a year. If total revenues for the period in question exceed total expenses, the result is net income (or net profit).
2 reflects the entry on the books of the buyer. 5 MERCHANDISE ALLOWANCES Subsequent to a sale, some merchandise can become subject to a reduced price. To the seller, this would be a sales allowance and to the buyer this would be a purchase allowance. Entries to record merchandise allowances are identical to those for returns. Usually returns and allowances are grouped into the same account. It is important to keep them separate from sales so analysis can be done on the level of returns and allowances in relation to total sales and purchases.