21st Century Accounting Process 16th Edition

Chapter 1 - Guide Quesons (p.17) 1. Accountng Accountng afecs afecs our lives lives because, because, we make make ransactons ransactons every every single single day. day. I helps us deermi deermi 2. To To maimi!e maimi!e he he value o" money money,, o provide provide goods goods and services services o people, people, o provid provide e employme employme #. I is imporan imporan o he communiy communiy because because i circula circulaes es he money money and provid provides es no only, only, goods a $. %achines &abor 'kills (ied )apial *orking )apial +aw %aerials . The main sources o" capial are he owner and-or Invesors. Invesors. . I is risky because we are no always cerain ha he operaton operaton o" he business will urn ou well. /. The success o" a business can be measured by a good managemen. 0. ro is he amoun o" money you earned less he cos o" goods or services. 3. 'ole4 proprie proprieor orship5 ship5 busine business ss organi! organi!ed ed by one person. person. 6A75 6A75 8wner ges ges all he pros. pros. 6975 6975 9i:c 9i:c arnership5 ;usiness ;usiness owned by wo or more individuals. 6A75 arners can easily ll up positons )orporaton5 8rgani!ed 8rgani!ed as a separae legal enty by he owners. 6A75 . %erchandising business only sells goods, bu manu"acuring business no only sells goods, bu 11. 'hoe%ar, Ayala %alls, Trinoma, Trinoma, and he like. 12. +eurn on invesmen is he reurn less he original invesmen. +eurn o" invesmen invesmen is simply 1#. lanning5 &ine up o" actvites o be underaken and accomplish he goals se up. 8rgani!ing5 8rgani!ing5 he managemen will now work ou is plans. 9irectn 9irectng g and )onr )onroll olling ing55 manage managemen men will will see he day day o day day opera operaton ton o" carryi carrying ng ou he pl %aking %aking a decision5 decision5 he he managemen managemen will will decide decide wheher o o sop sop or contnue contnue he opera operatons, tons, b 1$. ?:cie :cienc ncy y re=u re=uir ires es he he com compa pan ny@s y@s inpu inpus s be be used used a a he he leas leas tme, tme, efo efor r and and cos cos o pro produ duce ce o 1. lanning5 &ine up o" actvites o be underaken and accomplish he goals se up. 8rgani!ing5 8rgani!ing5 he managemen will now work ou is plans. 9irectn 9irectng g and )onr )onroll olling ing55 manage managemen men will will see he day day o day day opera operaton ton o" carryi carrying ng ou he pl %aking %aking a decision5 decision5 he he managemen managemen will will decide decide wheher o o sop sop or contnue contnue he opera operatons, tons, b 1. 'ervice business obains pro hrough he provision o" services o he consumer. consumer. %erchandising ;usiness obains pro by buying and selling producs or goods o consumers. %anu" %anu"acu acurin ring g busine business ss obain obainss pro pro by buying buying raw raw maer maerial ialss and hen hen "ormi "orming ng hem hem o a pro 1/. +evenue is recogni!ed by service ype o" businesses when services is rendered, %erchandising 10. Bnlimied &iabiliy means ha ha in he even o" insolvency, insolvency, he parners@-owner6@s@7 parners@-owner6@s@7 personal personal asse 13. Accountng is he process o" ident"ying, measuring and communicatng economic in"ormaton Accountng as a service actviy which "uncton is o provide =uantatve =uantatve in"ormaton, primarily 21. Accountng In"ormaton In"ormaton 'ysem 'ysem involves an orderly orderly way o" accumulatng accumulatng and reportng busines 22. 6179aa Dahering, 627Analy!ing, %easuring, +ecording, 6#7)lassi"ying, 'oring, 6$7'ummari!ing,

Chapter 1 - Exercises ?ercise 1 4 p. 10 1. 'ole4proprieorship 'ole4proprieorship 2. %anu"acuring #. To epand he business

?ercise 2 4 p. 10 1. arnership 2. 'ervice "orm #. ;anks, &oaning )o., ec.

?ercise # 4 p. 10 Sole-proprietorship

%us regiser wih 'ecurites E ?change )ommission

Partnership

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8wner6s7 is6are7 generally reliable o crediors

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ro may be easily wihdrawn

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%us regiser wih ;ureau o" Inernal +evenue

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%anaged by ;oard o" 9irecors 9eah o" owner-invesor may lead o business )losure

e how much we earn, how much we spends and how much we saves. , and o conribue o he governmen hrough a. nd services o he communiy bu also employmen. I also helps he governmen hru a.

*e can reduce he risk by care"ul planning and conrol o" a good manager.

ul o epand due o lack o" resources. . 6975 9eah, insolvency, wihdrawal can easily dissolve or erminae he parnership. ore legal and a re=uiremens o be complied wih. also makes goods "rom raw maerials. he reurn o" he original invesmen isel".

nned actvites. y or sell he producs, and so on. pus. ?fectveness, re"ers o he company@s aainmen o" is goals in erms o" being able o produce or sell

nned actvites. y or sell he producs, and so on.

duc, and hen by selling hem o he merchandising ype o" businesses.  by selling o" goods, and %anu"acuring by selling heir oupus o ohers.  may be subCec o aachmen by he business crediors. o permi Cudgemen and decisions by users o" he in"ormaton. nancial in naure, abou economic enttes, ha is inended o be use"ul in making economic decisions. ransactons hrough a process o" analy!ing, measuring, recording, classi"ying and summari!ing, and "rom +eportng, Inerpretng

Corporaon

   

producs or services as saed in he plan.

hich repors are generaed "or proper communicaton o decision makers.

CHAPE! " - Guide Quesons (p.#7)

Chapter " - Exercises ?ercise 1 4 p.

?ercise 2 4 p.

?ercise # 4 p./ C$%PA&'

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?ercise 0 4 p./ Asse5 Increase and 9ecrease &iabilites5 Ho )hange ?=uiy5 Ho )hange

?ercise 3 4 p./ Asse5 Increase &iabilites5 Increase ?=uiy5 Ho )hange ?ercise 1> 4 p./ Asse5 9ecrease &iabilites5 Ho )hange ?=uiy5 9ecrease

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?ercise 1# 4 p.0 a. Invesed >,>>> cash b. ;ough o:ce supplies worh ,>>> in cash c. Ac=uired o:ce "urniure worh 10,>>> on accoun d. aid 0,>>> cash he ousanding balance on accoun e. Lega wihdrew 2,>>> cash "or personal use ". aid he remaining balang o" he ac=uired "urniure on accoun "rom he noe he applied o

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?ercise 1 4 p.0 a. Invesed >>,>>> cash and medical e=uipmen costng 1,>>,>>> b. ;ough 1,>>> worh o" o:ce supplies on accoun c. Ac=uired 2,>>> o" "urniure, paid ,>>> cash and applied a noe "or he remaining balance d. Invesed an additonal o:ce e=uipmen costng 0>,>>> e. aid ,>>> cash "or he o:ce supplies balance on accoun and 1>,>>> "or he noe balance ". wihdrawn 1,>>> worh o"o:ce supplies "or personal use.

 

?ercise 1 4 p.0 Cash

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Chapter " - P!$*E%S roblem 1 4 p.1

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