Hello in this presentation we will record transactions related to accounts receivable recording the transactions using the double entry accounting system in the format of the accounting equation that equation of assets equal liabilities plus equity objectives at the end of this we will be able to list at transactions involving accounts receivable and record transactions involving accounts receivable using the accounting equation. We will go through some examples of the accounting equation and recording transactions related to accounts receivable quick review of the accounting equation we have assets equal liabilities plus equity as the accounting equation. We then need to start memorizing those accounts that fit into those subcategories of assets, liabilities and equity.
Posts with the Revenue tag
Cash Transaction – Accounting Equation 165
Hello, in this presentation we will be taking a look at business transactions involving cash we will be recording these normal business transactions in the format of the accounting equation and later be using the same or similar transactions to record with regard to debits and credits. Objectives. At the end of this we will be able to list transactions involving cash record transactions involving cash using the accounting equation. first transaction, we’re going to list through these transactions and we’re going to record these transactions with the accounting equation, learning these accounting equations and these transactions using our normal rules and thought process. So remember that this is our accounting equation, we’re going to have assets liabilities and equity.
Cash Method vs Accrual Method 135
Whoa in this presentation we will be discussing a cash method versus an accrual method objectives. We will be able to at the end of this, define and explain a cash method, define and explain an accrual method and explain the difference between the cash and accrual methods. When considering the cash method and the accrual method, they’re not necessarily completely different or diametrically opposed. But when presented, they are often presented in this format partially because in order to explain one, it’s often useful to know the other it’s useful to be able to compare the differences between the two methods.
Revenue Recognition Principle 134
Hello in this presentation we will be discussing the revenue recognition principle. first idea will be that revenue is not the same thing as cash objective. At the end of this presentation we will be able to define the revenue recognition principle explained the relevance of the revenue recognition principle and provide examples of the revenue recognition principle the revenue recognition principle has to do with when we should record revenue. When considering when revenue should be recorded. It’s often thought that we should record revenue when cash is received.
Balance Sheet & Income Statement Relationship 132
Hello in this presentation we will discuss the balance sheet and income statement relationship. Objectives at the end of this we will be able to define the balance sheet and list its parts, define the income statement and list its parts and explain how the income statement relates to the balance sheet. When considering these concepts in terms of the balancing concept of the balance sheet in particular, we want to keep in mind the idea of the double entry accounting system. The double entry accounting system being the main system the main internal control, that we are always keeping in mind that internal control helping us to safeguard against making errors that’s our first line of defense against making errors is the double entry accounting system, which can be expressed in a few different ways. (more…)
Income Statement 130
Hello in this presentation we will discuss the income statement objectives. At the end of this presentation, we will be able to describe what an income statement is list the parts of the income statement and explain the reasons for an income statement. First, we’ll start off with a question will which will explain the timing of the income statement or introduce us to an explanation of the timing of the income statement? And that is the question of asking somebody, how much do you make when we were to if we were to ask somebody how much they make, they would mentally make some type of assumption in order to answer that question, or they would ask you the question if they chose to answer at all.
Budgeted Profit and Loss-Data Input 11.10
This presentation and we will take a look at how to create a budgeted Profit and Loss report or budgeted income statement report. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. Before we open up the process of doing the data input for a budgeted profit loss. Let’s first take a look at a profit and loss. We’re going to go down to the reports on the left hand side, we’re going to be opening up the P and L the profit and loss the income statement, this is going to be the poor performance report.
Revenue Recognition Principle
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