visual basic barcode generator BOOKKEEPING AND ACCOUNTING in Java

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22 BOOKKEEPING AND ACCOUNTING
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however, the amounts are not large in relation to total assets, the various items may be grouped under one caption, Other Assets. Current Liabilities. Debts that must be satis ed from current assets with in the next operating period, usually one year. Examples are accounts payable, notes payable, the current portion of long-term debt, and vari ous accrued items such as salaries payable and taxes payable. Long-term liabilities. Liabilities that are payable beyond the next year. The most common examples are bonds payable and mortgages payable.
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Most businesses operate using the accrual method of accounting. Under the accrual basis of account ing, revenue is recognized only when it is earned and expense is recognized only when it is incurred.
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1. Another term for an accounting period is an _______. 2. The statement that shows net income for the period is known as the ______ statement. 3. Two groups of items that make up the income statement are _____ and _________. 4. Assets must equal _________. 5. Expense and income must be matched in the same ___________. Answers: 1. accounting statement; 2. income; 3. income, expense; 4. lia bilities and capital; 5. year or period
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CHAPTER 4: Financial Statements
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Solved Problem 4.1 Indicate the name of the account group Income (I), Expense (E), Asset (A), Liability (L), or Capital (C) in which each of the following accounts belong. (a) Accounts payable (b) Accounts receivable (c) Building (d) Supplies (e) Cash (f ) Drawing Solution: (a) L (b) A (c) A (d) A (e) A (f ) C (g) A (h) I (i) E ( j) I (k) L (l) I Solved Problem 4.2 Below is an income statement with some of the in formation missing. Fill in the information needed to complete the income statement. Sales Income Operating Expenses: Wages Expense $16,910 Rent Expense (a) Utilities Expense 3,150 Total Expenses Net Income Solution: (a) 12,090 (b) $73,450 (b) (g) Equipment (h) Fees income (i) Interest expense ( j) Interest income (k) Notes payable (l) Rent income
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5
Adjusting and Closing Procedures
In This :
Introduction: The Accrual Basis
of Accounting
Adjusting Entries Covering
Recorded Data
Adjusting Entries Covering
Unrecorded Data
Closing Entries
Ruling Accounts
Post-Closing Trial Balance
Summary
Solved Problems
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CHAPTER 5: Adjusting and Closing Procedures
Introduction: The Accrual Basis of Accounting
Accounting records are kept on the accrual basis, except in the case of very small businesses. To accrue means to collect or accumulate. This means that revenue is recognized when earned, regardless of when cash is actually collected and expense is matched to the revenue, regardless of when cash is paid out. Most revenue is earned when goods or services are delivered. At this time, title to the goods or services is transferred and a legal obligation to pay for such goods or services is created. Some revenue, such as rental income, is recognized on a time basis, and is earned when the speci ed period of time has passed. The accrual concept demands that expenses be kept in step with revenue, so that each month sees only that month s expenses applied against the revenue for that month. The neces sary matching is brought about through a type of journal entry. In this chapter, we shall discuss these adjusting entries, and also the closing en tries through which the adjusted balances are ultimately transferred to balance sheet accounts at the end of the scal year.
Adjusting Entries Covering Recorded Data
To adjust expense or income items that have already been recorded, a re classi cation is required; that is, amounts have to be transferred from an asset, one of the prepaid expenses accounts (e.g., Prepaid Insurance), to an expense account (Insurance Expense). The following ve examples will show how adjusting entries are made for the principal types of recorded expenses. Prepaid Insurance Assume that on April 1, a business paid a $1,200 premium for one year s insurance in advance. This represents an increase in one asset (prepaid expense) and a decrease in another asset (cash). Thus the entry would be: Prepaid Insurance 1,200
Cash 1,200
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