Scribd Logo
Upload

Welcome to Scribd!

  • 97 views

    Fabm2 Lesson10 Accounting Practice Set

    Uploaded by

    Trisha Torres
    This document provides instructions for completing an accounting practice set for a merchandising business. It discusses different types of business forms like purchase requests, purchase orders, delivery receipts, invoices, and check vouchers. It associates these forms with the appropriate accounting books, like cash disbursement books, cash receipts books, sales journals, and purchases journals. The instructions guide the user to fill out the business and bank forms for sample transactions. They are to record the transactions in journals, post to ledgers, prepare a trial balance, make adjusting entries, and produce financial statements. Closing entries are also prepared to complete the practice set.

    Copyright:

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

    Fabm2 Lesson10 Accounting Practice Set

    Uploaded by

    Trisha Torres
    97 views9 pages
    This document provides instructions for completing an accounting practice set for a merchandising business. It discusses different types of business forms like purchase requests, purchase orders, delivery receipts, invoices, and check vouchers. It associates these forms with the appropriate accounting books, like cash disbursement books, cash receipts books, sales journals, and purchases journals. The instructions guide the user to fill out the business and bank forms for sample transactions. They are to record the transactions in journals, post to ledgers, prepare a trial balance, make adjusting entries, and produce financial statements. Closing entries are also prepared to complete the practice set.

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document provides instructions for completing an accounting practice set for a merchandising business. It discusses different types of business forms like purchase requests, purchase orders, delivery receipts, invoices, and check vouchers. It associates these forms with the appropriate accounting books, like cash disbursement books, cash receipts books, sales journals, and purchases journals. The instructions guide the user to fill out the business and bank forms for sample transactions. They are to record the transactions in journals, post to ledgers, prepare a trial balance, make adjusting entries, and produce financial statements. Closing entries are also prepared to complete the practice set.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    97 views9 pages

    Fabm2 Lesson10 Accounting Practice Set

    Uploaded by

    Trisha Torres
    This document provides instructions for completing an accounting practice set for a merchandising business. It discusses different types of business forms like purchase requests, purchase orders, delivery receipts, invoices, and check vouchers. It associates these forms with the appropriate accounting books, like cash disbursement books, cash receipts books, sales journals, and purchases journals. The instructions guide the user to fill out the business and bank forms for sample transactions. They are to record the transactions in journals, post to ledgers, prepare a trial balance, make adjusting entries, and produce financial statements. Closing entries are also prepared to complete the practice set.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 9

    LESSON 10:

    ACCOUNTING
    PRACTICE SET
    Prepared by: Lovely I. Gelsano
    LEARNING  Submit a completed accounting practice set for a
    OBJECTIVES merchandising business.
    DIFFERENT
    KIND OF
    BUSINESS
    FORMS
    Check vouchers – used to
    document the disbursement
    Purchase request – to document the processes
    process. Used to document the
    involve prior to sending a confirmed order to the
    following reconciliation process:
    seller. This may include getting quotations from
    orders are authorized, deliveries
    various suppliers and securing budgetary approval to
    are from valid orders, and purchase
    ensure there is funding for the purchase.
    invoices represent actual deliveries
    and agreed upon price.

    Internal business forms – forms used only within the business.


    Official receipts – used to
    Purchase order – a form document cash transaction.
    prepared by the buyer and The entity receiving the cash
    sent to the seller to document will prepare the Official
    the order and agreed upon Receipts (OR). The entity
    terms of the purchase. paying will receive the OR as
    evidence of payment made.

    External business forms – forms used by both


    buyer and seller.
     Delivery receipts–a form prepared by the seller, with a copy
    given to the buyer, to document the delivery of the items
    ordered.
     Purchase /Sales invoice –It contains information on the
    prices of the items delivered and the terms of the purchase.
    This should be consistent with the information on the
    purchase order. The purchase invoice and sales invoice are
    the same form. It is referred to as purchase invoice by the
    buyer because it documents its purchase transaction. On the
    other hand, the same form is referred to as sales invoice by
    the seller to document its sale transaction.

    CONT.
    Business Forms Accounting Books
    • Associate the Check voucher (check voucher Cash disbursement books
    following package includes purchase request,
    purchase order, delivery receipts and
    business forms purchase invoice), suppliers’ official
    with the receipt received for cash payment.
    respective Official receipt issued for cash Cash receipts books
    payment and cash register tapes.
    accounting
    Sales invoice issued to customers. Sales journal
    books: Purchase invoice received from Purchases journal
    seller.
    Fill out the business and bank forms to document the given business transactions.

    Go through Record the business transactions in the appropriate journal. Use the general and special
    journals provided in the accounting practice set.
    the instruction
    to fill up the Post the journal entries in the appropriate subsidiary ledgers and general ledger accounts.

    accounting Summarize the ledger accounts and list the balances on the trial balance.
    practice set.
    This will
    Record the necessary adjusting entries. Information to prepare the adjusting entries are
    normally provided in the accounting practice set.

    normally Prepare the financial statements from the trial balance.


    include the
    following: Prepare necessary closing entries and record on the general journal and ledger.

    You may perform financial statement analysis of the completed financial statements.
    END.

    You might also like