Subscribe To This Site
The Accounting Basics BlogWelcome to the Accounting Basics Blog! The Accounting Basics Blog lets you know whenever there is a new lesson, article of interest, exercise, tutorial or an update to the Accounting-Basics-for-Students website. By subscribing to this blog you will be notified of these additions and updates within minutes of it going live. To subscribe, simply click on the orange button labelled 'RSS' and follow the instructions (RSS stands for Really Simple Syndication and is a way of distributing online info). Now, check out these latest lessons and updates: Accounting Cycle QuestionQ: Which steps in the accounting cycle require the most thought and judgement by the accountant: (a) preparing a trial balance, (b) posting adjusting, Permalink -- click for full blog post " Accounting Cycle Question " Settlement Discount GrantedQ: How does a settlement discount granted affect the debtors column on the cash receipts journal? A: Just to clarify for anyone reading, a settlement Permalink -- click for full blog post " Settlement Discount Granted " Recording Retained Earnings in the JournalQ: How do you record retained earnings in the journal? A: Earnings means profits and retained earnings is all the net profits one accumulated. Also known Permalink -- click for full blog post " Recording Retained Earnings in the Journal " Sale of Non-Current Asset QuestionQ: An item of plant originally purchased for $65,000 and with a book value of $12,000 was sold during the year for cash. What is the amount I should Permalink -- click for full blog post " Sale of Non-Current Asset Question " Owner's Equity vs. AssetsQ: Is the owner's equity and assets always the same? A: Dona, owner's equity and assets are never the same. Please see my lessons on each of these topics Permalink -- click for full blog post " Owner's Equity vs. Assets " Imbalances of Debtor Accounts and Control AccountsQ: What are the possible reasons for imbalances in these accounts? A: Carl, I assume your question is regarding imbalances between debtor (or creditor) Permalink -- click for full blog post " Imbalances of Debtor Accounts and Control Accounts " Accountants and BookkeeperzQ: What is the main important difference between accountants and bookkeepers? A: Both accountants and bookkeepers collect and record accounting information, Permalink -- click for full blog post " Accountants and Bookkeeperz " Does the provision for doubtful debts go into the sales control account?Q: Does the provision for doubtful debts go into the sales control account? Thank you very much! A: The provision for doubtful debts does not go into Double Entry AccountingQ: What is double entry accounting and who introduced double entry? A: The answer to your first question is fully explained in the lessons in the section Permalink -- click for full blog post " Double Entry Accounting " What are Financial Statements?Q: What are financial statements? A: Remember, a statement is a report. The financial statements are the most important accounting reports of a business. Permalink -- click for full blog post " What are Financial Statements? " Cost Accounting - Fixed vs Variable?Q: Fixed costs are really variable, the more you produce the less they become. Do you agree? Explain? A: Thanks for your questions Ujala. I agree and Permalink -- click for full blog post " Cost Accounting - Fixed vs Variable? " Income Statement vs Profit and Loss AccountQ: What is the difference between the income statement and the profit and loss account? A: The income statement is a statement (a report) and forms part Permalink -- click for full blog post " Income Statement vs Profit and Loss Account " Bad Debts, Provision for Bad Debts, Debtors ControlQ: How does bad debts and the provision for bad debts affect the debtors control account? A: Let's make sure we fully understand what these terms are Permalink -- click for full blog post "Bad Debts, Provision for Bad Debts, Debtors Control" Purchases, Cost of sales, Control accountsBalances at 31 January 2009: Debtors control account.............................$32,400 Creditors control account...........................$25,200 Inventory...................................................$30,000 Permalink -- click for full blog post " Purchases, Cost of sales, Control accounts " Accounts Receivable vs. Accounts PayableQ: Accounts Receivable vs. Accounts Payable? A: The answer to this short question is to define the two terms and see how they differ. Accounts Receivable Permalink -- click for full blog post " Accounts Receivable vs. Accounts Payable "
|
