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Table Of Contents

Accounting as “Language of Business”
Definition of Accounting
Difference between Bookkeeping and Accounting
Branches of Accounting
Forms of Business Organizations
Certified Public Accountant (CPA)
Government Agencies and Professional Bodies
Business Documents
Financial Statements
Generally Accepted Accounting Principles (GAAP)
Financial Reporting and Standards Council (FRSC)
Users of the Financial Statements
Basic Accounting Concepts / Assumptions
Other Terms
Further Readings
The Accounting Equation
Types of Accounts
CATEGORY DEFINITION ACCOUNT TITLE DEFINITION / EXAMPLES
Double-entry Bookkeeping
Decrease
Journalizing
Posting
ASSETS 100 OWNER’S EQUITY 300
Balance 261 780
Trial Balance
Income Statement
Statement of Changes in Owner’s Equity
Balance Sheet or Statement of Financial Position
Notes to the Financial Statements
Problems in connection to Statement of Changes in Owner’s Equity
Statement of Cash Flows
Connection of the Statement of Cash Flows to the Balance Sheet
Accounting Errors
Correcting journal entries
Employee Compensation and Benefits
Payroll Example and Journal Entries
Promissory Notes
Discounting of promissory notes
Discounting of Customer’s note
Discounting of own note
Adjusting Entries
Accrued income
Accrued expense
Prepaid expense
Unearned income
Concept of depreciation
Accounting for Doubtful Accounts
Allowance method
Basis for computing doubtful accounts
Closing entries
Post-Closing Trial Balance
Reversing Entries
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Manalaysay Readings on Actbas1

Manalaysay Readings on Actbas1

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Actbas1
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Published by: AHJ on Mar 23, 2013
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09/15/2014

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