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    PA 7 Accounting Report

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    ISAAC
    The document discusses the chart of accounts and books of accounts used in accounting. It defines the chart of accounts as a list of general ledger accounts consisting of real and nominal accounts used to construct accounting records uniformly. It also describes the different types of accounts like assets, liabilities, equity, revenue and expenses. The document differentiates between the chart of accounts, which lists the accounts, and the books of accounts, which are the actual financial records used to track transactions by account in journals and ledgers and report them in financial statements.

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    PA 7 Accounting Report

    Uploaded by

    ISAAC
    27 views8 pages
    The document discusses the chart of accounts and books of accounts used in accounting. It defines the chart of accounts as a list of general ledger accounts consisting of real and nominal accounts used to construct accounting records uniformly. It also describes the different types of accounts like assets, liabilities, equity, revenue and expenses. The document differentiates between the chart of accounts, which lists the accounts, and the books of accounts, which are the actual financial records used to track transactions by account in journals and ledgers and report them in financial statements.

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    PA-7-Accounting-Report (1)

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    The document discusses the chart of accounts and books of accounts used in accounting. It defines the chart of accounts as a list of general ledger accounts consisting of real and nominal accounts used to construct accounting records uniformly. It also describes the different types of accounts like assets, liabilities, equity, revenue and expenses. The document differentiates between the chart of accounts, which lists the accounts, and the books of accounts, which are the actual financial records used to track transactions by account in journals and ledgers and report them in financial statements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    27 views8 pages

    PA 7 Accounting Report

    Uploaded by

    ISAAC
    The document discusses the chart of accounts and books of accounts used in accounting. It defines the chart of accounts as a list of general ledger accounts consisting of real and nominal accounts used to construct accounting records uniformly. It also describes the different types of accounts like assets, liabilities, equity, revenue and expenses. The document differentiates between the chart of accounts, which lists the accounts, and the books of accounts, which are the actual financial records used to track transactions by account in journals and ledgers and report them in financial statements.

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    of 8

    CHART OF ACCOUNTS AND

    BOOKS OF ACCOUNTS
    BPA - A2021 PA7

    ELIZABETH BUENDIA
    REPORTER
    CHART OF ACCOUNTS
    The chart of accounts provides the frameworks within
    which the accounting records are constructed. It is a list
    of general ledger accounts consisting of real and
    nominal accounts. It contains the accounts name, a brief
    description of the account, and an account number
    assigned to aid in recording and tracking transactions to
    achieve uniformity in the recording of governemnt
    transactions.
    ACCOUNT
    LABEL USED FOR RECORDING OR REPORTING
    TRANSACTION

    TYPES OF ACCOUNTS
    Asset accounts Revenue accounts

    Liability accounts Contra-accounts

    Equity accounts
    TYPE OF ACCOUNTS
    Real Accounts Normal Balance Liabilities
    These are balance sheet accounts for assets, the bebt or credit balance that an account These are claims by creditors to the
    liabilities and equity accounts. is expected to have. It is the side of the property (assets ) of an entity until they are
    account that incereases the balance of the paid. Also, these are amounts the bussiness
    account. owes to others.
    Nominal Accounts Income
    These are the income and expense accounts
    Equity
    The gross increase in equity resulting from thhe
    Assets minus liabilites operations and other activities of the entity.
    Assets
    These are properties used in the operation Balance Sheet Accounts Expenses
    or investment activities of an entity, cash,
    The balance sheet accounts consists of assets, Decrese in equity (capital ) resulting from assests,
    account receivable, notes receivable,
    liabilities and equity. and services and supplies consumed in the
    inventory, marketable securities,, land, and
    operations on an entity. The cost of doing
    equipment are some examples.
    bussiness.
    ALL ACCOUNTS can be debited and credited

    Account Classification Normal Balance have an increase side and decrease side
    Asset Debit
    Credit have a debt side and credit side
    Contra Asset
    Liabilities Credit either a real or nominal account
    Contra Liabilities Debit debit side is the left side
    Owner's Equity Credit
    credit side is the right side
    Owner's Drawing Debit
    Revenue Credit classified as an asset, liabilty, equity, revenue,
    Expense Debit expense
    Gain Credit have normal balance amount that is normally
    Losses Debit debit balance or credit balance
    RENEVUE/INCOME AND EXPENSES ACCOUNTS

    General Income Accounts Expenses Personal Services


    Encompasses all types of revenue/income These accounts include basic pay, all
    generated by government agencies in the authorized allowances, bonus, casg gifts,
    exercnise if theire administrative and incentives and other personnel benifits of
    regulatory function, income from public official and employees of the governement.
    enterprises/investments, and income from
    grants and donations including subsidies.
    Financial Expenses
    Specific Income Accounts These accounts include bank charges,interest
    expense, committemnt charges, documentary
    Encompasses all taxes imposed on taxable stamp expense and other financial charges. It
    income, properties, and use or sale of goods also includes losses incurred relative to
    and services, taxes on internal trade and foreign exchange transactions and debt
    transactions and other taxes including fines service subsidy to GOCCs.
    and penalties. Also, income generated from
    LGU, scholls and hospital operations. Intermediate Accounts
    These are accounts which are closed
    ultimately to the Government equity account
    at thhe end of the accounting period. These
    include cost of Goods Sold. Income and
    Expense Summary, Prior years Adjustments,
    DIFFERENCE OF BOOK OF ACCOUNTS
    VS CHART OF ACCOUNTS

    A chart of accounts in government is a list of all the accounts used to


    record financial transactions of a government entity. It typically includes
    categories for revenues, expenditures, assets, liabilities, and fund
    balances. The chart of accounts in government may also include specific
    accounts for taxes, grants, fees, and other revenue sources that are
    unique to government operations

    The books of account in government are the financial records used to


    track and report the financial activities of the government entity. These
    records include journals, ledgers, and financial statements. The journals
    record transactions as they occur, while the ledgers summarize the
    transactions by account. The financial statements provide a summary of
    the government entity's financial activities and status.
    THANK YOU
    ELIZABETH BUENDIA

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