Scribd Logo
Upload

Welcome to Scribd!

  • 243 views

    Latihan 1

    Uploaded by

    Dommy Rampisela
    1. The document contains questions about accounting concepts and principles. It asks the reader to identify steps in the accounting process, classify accounting tasks, identify internal and external users of accounting information, evaluate statements about bookkeeping and accounting, and apply accounting assumptions and principles. 2. The reader is also asked to classify business items as assets, liabilities, or equity, and financial items as dividends, revenue, or expenses. 3. Finally, the document tests the reader's understanding of basic accounting equations, business organizations, and how certain transactions would affect equity.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Latihan 1

    Uploaded by

    Dommy Rampisela
    243 views2 pages
    1. The document contains questions about accounting concepts and principles. It asks the reader to identify steps in the accounting process, classify accounting tasks, identify internal and external users of accounting information, evaluate statements about bookkeeping and accounting, and apply accounting assumptions and principles. 2. The reader is also asked to classify business items as assets, liabilities, or equity, and financial items as dividends, revenue, or expenses. 3. Finally, the document tests the reader's understanding of basic accounting equations, business organizations, and how certain transactions would affect equity.

    Original Title

    Latihan_1.docx

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1. The document contains questions about accounting concepts and principles. It asks the reader to identify steps in the accounting process, classify accounting tasks, identify internal and external users of accounting information, evaluate statements about bookkeeping and accounting, and apply accounting assumptions and principles. 2. The reader is also asked to classify business items as assets, liabilities, or equity, and financial items as dividends, revenue, or expenses. 3. Finally, the document tests the reader's understanding of basic accounting equations, business organizations, and how certain transactions would affect equity.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    243 views2 pages

    Latihan 1

    Uploaded by

    Dommy Rampisela
    1. The document contains questions about accounting concepts and principles. It asks the reader to identify steps in the accounting process, classify accounting tasks, identify internal and external users of accounting information, evaluate statements about bookkeeping and accounting, and apply accounting assumptions and principles. 2. The reader is also asked to classify business items as assets, liabilities, or equity, and financial items as dividends, revenue, or expenses. 3. Finally, the document tests the reader's understanding of basic accounting equations, business organizations, and how certain transactions would affect equity.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Answere These Questions!

    1. “Accounting is ingrained in our society and it is vital to our economic system.” Do you agree?
    Explain.
    2. a. Identify and describe the steps in the acoounting process.
    b. Accounting is an information system that identifies, records and communicates the
    economic events of an organization to interested users. Here’s some following
    accounting tasks during the year from Sondgeroth NV performs the:
    _____ Analyzing and interpreting information.
    _____ Classifying economic events.
    _____ Explaining uses, meaning, and limitation of data.
    _____ Keeping a systematic chronological diary of events.
    _____ Measuring events in monetary units.
    _____ Preparing accounting reports.
    _____ Reporting information in a standard format.
    _____ Selecting economic activities relevant to the company.
    _____ Summarizing economic events.
    Instruction:
    Categorize the accounting tasks performed by Sondgeroth NV as relating to either the
    Indentifications (I), Recording (R) or Communication (C) aspects od accounting.
    3. a. Who are internal users of accounting data? And how does accounting provide relevant
    data to these users?
    b. What uses of financial accounting information are made by 1) investors and 2) creditors ?
    c. the following are users of financial statements:
    _____ Customers _____ Labour Unions
    _____ Marketing manager _____ Securities regulator
    _____ Production supervisor _____ Store manager
    _____ Suppliers _____ Taxing agency
    _____ Vice president od finance
    Instruction: Identify the users as being either external users (E) or internal users (I)
    4. “Bookkeeping and accounting are the same.” Do you agree? Explain.
    5. a. What is the monetary unit assumption?
    b. What is the economic entity assumption?
    c. What is the measurment principles?
    d. The following situastions involved accounting principle and assumptions:
    1. Julia Company owns buildings that are worth substantially more than they originally
    cost. In an effort to provide more relevant information, Julia Reports the building at
    fair value in its accounting reports.
    2. Dekalb Company includes in its accounting records only transaction data that can
    expressen in terms of money.
    3. Omar Sharif, president of Omar’s Oasis Company, records his personal living costs as
    expenses of the Oasis.
    Instructions: for each of three situations, state if the accounting method used in correct
    or incorrect. If correct, identify which standard or assumption supports the method used.
    If incorrect, identify which standard or assumption has been violated.
    6. a. What are the three basic forms od profit-oriented business organizations?
    b. Teresa is the owner of successful printing shop. Recently her business has been increasing,
    and Teresa has been thinking about changing the organization of her business from
    proprietorship to a corporation. Discuss some advantages Teresa would enjoy if she were
    to inncorporate her business.
    7. a. What is the basic accounting equations?
    b. Define the terms assets, liabilities and equity.
    c. What items effect equity?

    8. a. Classify each item as an asset (A), liability (L) or equity (E)

    _____ Accounts payable _____ Accounts receivable

    _____ Cash _____ Notes payable

    _____ Equipment _____ Salaries and wages payable

    _____ Supplies _____ Share capital – ordinary

    b. Classify each item as dividends (D), revenue (R), or expense (E)

    _____ Advertising expense _____ Depreciation expense

    _____ Service Revenue _____ Rent revenue

    _____ Insurance expense _____ Salaries and wages expense

    _____ Dividends _____ Utilities expense

    You might also like