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  • Fabm 1 Review.2

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    Anne Morales
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    The document discusses key accounting concepts including the accounting equation, types of major accounts like assets, liabilities and equity, books of accounts like journals and ledgers, the accounting cycle, and normal balances of accounts where debit increases assets, drawings and expenses while credit increases liabilities, equity and revenues. It provides an overview of fundamental accounting principles and terms.

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    FABM 1 REVIEW.2

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    The document discusses key accounting concepts including the accounting equation, types of major accounts like assets, liabilities and equity, books of accounts like journals and ledgers, the accounting cycle, and normal balances of accounts where debit increases assets, drawings and expenses while credit increases liabilities, equity and revenues. It provides an overview of fundamental accounting principles and terms.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    17 views17 pages

    Fabm 1 Review.2

    Uploaded by

    Anne Morales
    The document discusses key accounting concepts including the accounting equation, types of major accounts like assets, liabilities and equity, books of accounts like journals and ledgers, the accounting cycle, and normal balances of accounts where debit increases assets, drawings and expenses while credit increases liabilities, equity and revenues. It provides an overview of fundamental accounting principles and terms.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 17

    FUNDAMENTALS OF

    ACCOUNTANCY,
    BUSINESS, and
    MANAGEMENT 1
    A REVIEW part 2
    THE ACCOUNTING EQUATION
    THE ACCOUNTING EQUATION
    THE ACCOUNTING EQUATION
    TYPES OF MAJOR ACCOUNTS

    ASSETS LIABILITI
    ES
    EQUITY
    REVENUE ENS ES
    S EXP
    TYPES OF MAJOR ACCOUNTS
    TYPES OF MAJOR ACCOUNTS
    TYPES OF MAJOR ACCOUNTS
    TYPES OF MAJOR ACCOUNTS
    TYPES OF MAJOR ACCOUNTS
    TYPES OF MAJOR ACCOUNTS
    BOOKS OF ACCOUNTS
    JOURNAL
    - Book of original entry
    - Financial diary
    - Records transaction in chronological order

    GENERAL JOURNAL
    SPECIAL JOURNALS
    - Sales Journal
    - Purchase Journal
    - Cash Receipts Journal
    - Cash Disbursements Journal
    BOOKS OF ACCOUNTS
    LEDGER
    - Book of final entry

    SUBSIDIARY LEDGERS
    - Accounts Payable Subsidiary ledger
    - Accounts Receivable Subsidiary ledger

    For class purposes we use the “T account”


    ACCOUNTING CYCLE
    NORMAL BALANCES OF ACCOUNTS

    DEBIT increases (+) Assets, Drawings and Expenses

    CREDIT (+) increases Liabilities, Equity and Revenues

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