Accounting for Administrators Course Overview
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ScribdTranslationsAccounting for Administrators Course Overview
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ScribdTranslationsGALILEO UNIVERSITY
FISSIC-IDEA
Accounting for Administrators 1
Distance Course.
Capitulos 1,2,3.
Jose Antonio Ruiz Rivera
IDE 09158039
26 De Abril Del 2014
ACCOUNTING FOR ADMINISTRATORS 1
1. Describe each of the components of the basic accounting equation.
a) Relationship between assets, liabilities, and equity: on one side, the assets
totals and on the other the funding sources and legal rights and
economic aspects of these assets.
b) Equity: groups two elements, the share capital: which expresses the
contributions from shareholders; and retained earnings: represent the
utilities generated by the business and reinvested in it.
c) Retained earnings: composed of the profits from previous periods
not distributed plus the profit of the current period, decreased by the
dividends.
d) Current period utility: consisting of income minus expenses.
2. How do income and expenses affect the accounting equation?
basic?
They affect the current period's profit.
3. Explain the difference between cash basis accounting and accrual basis accounting.
accumulated or accrued
Base Efectivo: Reconoce los ingresos cuando se produce una entrada de
efectivo y se registran los gastos en el momento en que exista una salida
in cash; that is to say, the record is made at the moment it occurs
a change in cash.
Accrued or Earned Basis: Recognizes income when it is generated.
sale, whether there is cash flow or not, or any other asset involved.
In the same way, expenses are recorded when they are incurred, regardless of whether they exist or not.
a cash outflow or some other asset.
4. What is your opinion about the use of the effective base method in
a business?
It is a way to obtain the actual results of some income or expense, already
que al no contar con el efectivo no es tomado en cuenta entre los procesos
countable.
6. Make a synthesis of the debit and credit rules for each one of
the accounting accounts, indicate with what movement increases and decreases
each one.
Asset increases on the debit side and decreases on the credit side
Liabilities increase in the credit side and decrease in the debit side.
Capital increases on the credit side and decreases on the debit side.
7. What is the function of the chart of accounts?
It is a list that contains the number and name of each account used.
in the accounting system.
8. Explain what the accounting manual consists of.
This is an independent document in which, in addition to the numbers and
Account titles are described in detail regarding what is owed.
register in each of them.
9. What does the 'normal' balance of an account refer to?
The accounting movement that needs to be made to increase it.
10. What characteristics does the general journal have?
Date
Name of the account to be charged
Account name to be credited
Amount to charge
Amount to be paid
Explanation
Reference
11. What should be done after the transactions have been made?
in the general diary?
Read it and understand it.
12. Mention the necessary steps to make a scale.
verification.
Prepare the necessary header
Create a list of account names in the order of the ledger.
appropriate.
Record the debit and credit columns of the trial balance.
Add the debit and credit columns, they should sum to the same amount.
13. What is value-added tax (VAT)?
It is a tax that is added to an additional value of a good or service.
at each stage of marketing.
14. Mention some concepts to which the tax is calculated.
value added (VAT).
Sales, services, etc.
15. What are the four basic processes of the accounting cycle?
Transaction record
Adjustments
Financial statements
Closure
16. What steps or activities should be carried out for each of the
basic processes of the accounting cycle?
Analysis of the information
General ledger entry
Classification in the Major General
Preparation of the corresponding trial balance.
False or true
1. In the cash basis accounting system, the ...
credit sales.
True
According to the basic accounting equation, every time it is modified
The total assets must modify the liabilities and/or equity.
False
3. The value added tax must be calculated for all the
transactions of an entity.
False
4. The normal balance of the "banks" account is debited.
True
5. The account 'accumulated depreciation of computer equipment' is a
expense account.
False
6. The normal or usual balance of an account is known as what is
needs to increase it.
True
7. The normal balance of the "service revenue" account is of nature
creditor.
False
A debit always represents an increase to an account and a credit
represents a decrease.
False
9. The accrued basis is not currently allowed as a method of recording.
of a company's transactions.
False
10. Depreciation expense does not appear in accounting records.
effective base.
True
Relationship
Debtor D
Creditor A
Transport team. D
Dividends. D
Accounts payable. A
Clients. D
Salary expenses. D
Public services.
ISR. D
Social capital. A
Retained earnings. D
Accumulated depreciation on land. A