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Copyright 2004 by The McGraw-Hill Companies, Inc. Click here for terms of use.
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Assets, Liabilities, and Capital
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Nature of Accounting
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Position: The Accounting Equation Summary Solved Problems Nature of Accounting
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An understanding of the principles of book keeping and accounting is essential for anyone who is interested in a successful career in busi ness. The purpose of bookkeeping and account ing is to provide information concerning the nancial affairs of a business. This information is needed by owners, managers, creditors, and governmental agencies. An individual who earns a living by recording the nancial activities of a business is known as a bookkeeper, while the process of classifying
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Copyright 2004 by The McGraw-Hill Companies, Inc. Click here for terms of use.
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2 BOOKKEEPING AND ACCOUNTING
and summarizing business transactions and interpreting their effects is accomplished by the accountant. The bookkeeper is concerned with tech niques involving the recording transactions, and the accountant s objec tive is the use of data for interpretation. Bookkeeping and accounting techniques will both be discussed.
Basic Elements of Financial Position: The Accounting Equation
The nancial condition or position of a business enterprise is represent ed by the relationship of assets to liabilities and capital. Assets: Properties that are owned and have money value for instance, cash, inventory, buildings, equipment. Liabilities: Amounts owed to outsiders, such as notes payable, accounts payable, bonds payable. Capital: The interest of the owners in an enterprise; also known as own ers equity. These three basic elements are connected by a fundamental rela tionship called the accounting equation. This equation expresses the equality of the assets on one side with the claims of the creditors and owners on the other side: Assets = Liabilities + Owner s Equity
REMEMBER
The accounting equation of Assets = Liabilities + Owner s Equity should balance after every transaction.
CHAPTER 1: Assets, Liabilities, and Capital Example 1.1 During the month of January, Mr. Patrick Incitti, lawyer, 1. 2. 3. 4. 5. Invested $5,000 to open his law practice. Bought of ce supplies on account, $500. Received $2,000 in fees earned during the month. Paid $100 on the account for the of ce supplies. Withdrew $500 for personal use.
These transactions could be analyzed and recorded as follows: Assets Cash + $5,000 = = = = = = Accounts Payable $100 Incitti, Capital $500 Accounts Payable + $500 Fees Income + $2,000 Liabilities + Capital Incitti, Capital + $5,000
Supplies 2. + $500 Cash 3. + $2,000 Cash 4. $100 Cash 5. $500
Notice that for every transaction, two entries are made. After every trans action, the accounting equation remains balanced.
Summary
1. 2. 3. 4. 5. 6. 7. The accounting equation is _______ = ________ + ________. Items owned by a business that have monetary value are ______. _________ is the interest of the owners in a business. Money owed to an outsider is a(n) _________. The difference between assets and liabilities is ___________. An investment in the business increases _______ and ________. To purchase on account is to create a ___________.
4 BOOKKEEPING AND ACCOUNTING
Answers: 1. Assets, liabilities, capital; 2. Assets; 3. Capital; 4. Liability; 5. Capital; 6. Assets, capital; 7. Liability
Solved Problems
Solved Problem 1.1 Given any two known elements, the third can eas ily be computed. Determine the missing amount in each of the account ing equations below. Assets (a) $7,200 (b) 7,000 (c) (d) 20,000 Solution: Assets (a) $7,200 (b) 7,000 (c) 6,400 (d) 20,000 = = = = = Liabilities $2,800 2,600 2,000 5,600 + + + + + Capital $4,400 $4,400 4,400 14,400 = = = = = Liabilities $2,800 2,000 5,600 + + + + + Capital $4,400 4,400
Solved Problem 1.2 Classify each of the following as elements of the accounting equation using the following abbreviations: A = Assets; L = Liabilities; C = Capital (a) (b) (c) (d) Solution: (a) A; (b) L; (c) C; (d) A Land Accounts Payable Owners Investment Accounts Receivable
CHAPTER 1: Assets, Liabilities, and Capital
Solved Problem 1.3 Determine the effect of the following transactions on capital. (a) (b) (c) (d) Solution: (a) (b) (c) (d) pense. No effect only the asset and liability are affected. No effect same reason. Decrease in capital capital is withdrawn. Decrease in capital supplies that are used represent an ex Bought machinery on account. Paid the above bill. Withdrew money for personal use. Inventory of supplies decreased by the end of the month.
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