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Accounting Week 1 Assignement Essay

541 words - 3 pages

Exercise 1-6A
A. $1,000 cash + $9,000 land = $4,000 + $6,000
B. 40% creditors
C. 60% stock holder’s equity
D. No. They only have $1,000 in cash. They would have to sell their land in order to do this.

Exercise 1-7A
A. They are paid to investors. They are not expenses. Assets distributed to stockholders are not used for the purpose of generating revenue.
B. $1,000
C. $800, it is all the cash they have at this time.
D. Yes, but they would have to sale their land or liquidate.
E. Creditors would receive what is left. $800 in cash and the investors would get nothing.

Exercise 1-8A
A. $142,000
B. $15,000
C. $25,000
D. $55,000

Exercise 1-9A
A. $18,000
B.

C.

D.

E. Beginning/Ending Cash Balance= $156,000/$169,000
Beginning/Ending Common ...view middle of the document...

B. -------------------------------------------------
No. The number of accounts depends on the level of information that the managers need to make decisions.

Respond to the following:

1. Why is the knowledge of accounting concepts and terminology useful to anyone in a business activity?
Generally, most people who work for a business or manage one at some point in time will have some financial responsibilities. This could be a budget or even cost control. Being aware and understanding terminology and concepts will allow them to understand financial statements from their business and make better decisions that can ultimately affect the bottom line.

2. Is there a difference between bookkeeping and accounting? Discuss.
In bookkeeping a business will record its financial transactions to show how each transaction is related to one another. It does not involve any analysis of the financial transactions. It simply records them. Bookkeepers records transactions in some type of journal and post them in to a ledger.
Accounting records, reports and does analysis of transactions of a business. It completes some of the same processes that bookkeeping does. But, accounting includes more detailed statements concerning assets, liabilities and stockholders’ equity.
So while there are some similarities to bookkeeping and accounting, accounting goes further into depth and is a much more detailed process.
3. Accounting reports past performance. How can this be useful when planning future operations?
Past performance reports can be useful for future planning. Business can pull data from these records and do a better job budgeting based on these numbers. Inventory, sales prices, etc. can all be adjusted based on past reports to better serve the needs of the business. Past reports can also allow you to identify past mistakes and ensure that they are not made the following year.

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