http://www.accounting-basics-for-students.com/accounting-basics-blog.html Welcome to the Accounting Basics Blog! Subscribe to this blog and you'll be notified whenever there's a new lesson, article, exercise or update to the Accounting-Basics-for-Students website. en-us accounting basics Fri, 03 Feb 2012 06:08:03 GMT Fri, 03 Feb 2012 06:08:03 GMT accounting-basics-for-students.com http://www.accounting-basics-for-students.com/-accounts-receivable-and-interest-.html Q: I am trying to understand the accounts receivable principle for how creditors figure minimum payments. How is the interest versus principal during stages Fri, 03 Feb 2012 06:08:00 GMT http://www.accounting-basics-for-students.com/-scrap-gold-and-inventory-.html Q: I have a company that buys gold from people (jewelry, coins, etc). They then send this gold to a company out of state who in turn sends them a check Fri, 03 Feb 2012 06:01:56 GMT http://www.accounting-basics-for-students.com/-journal-entry-for-credit-card-sales-transaction-.html Q: Prepare the journal entries for the following credit card sales transactions (the company uses the perpetual inventory system): Sold $3,000 of merchandise Fri, 03 Feb 2012 05:40:08 GMT http://www.accounting-basics-for-students.com/-cash-flow-statement-question-memo-.html Q: Could you please provide a question on cash flow statement and a memo? A: Thomas, try this cash flow statement exercise. Fri, 03 Feb 2012 05:32:09 GMT http://www.accounting-basics-for-students.com/-fifo-lifo-weighted-average-cost-exercise-.html Q: Using FIFO, LIFO, and weighted average, what is the ending cost of inventory? Fri, 03 Feb 2012 05:27:52 GMT http://www.accounting-basics-for-students.com/-preparation-of-balance-sheet-.html Q: What is meant by preparing a balance sheet for management accounts? Fri, 03 Feb 2012 05:05:00 GMT http://www.accounting-basics-for-students.com/-accrued-expense-question-.html Q: At this stage when the owner has to pay the bill, what will happen to the asset side, will it not decrease by 200? If not, why? Fri, 03 Feb 2012 05:03:35 GMT http://www.accounting-basics-for-students.com/-cash-flow-statement-exercise-.html Please note that in the following question Rs = Rupees = Indian currency. Also figures are written in Indian style. Rs 1,00,000 (Indian figure) = 100,000 Mon, 30 Jan 2012 07:15:46 GMT http://www.accounting-basics-for-students.com/-provision-for-bad-debts-sales-control-account-.html 1) Why is the provision for bad debts not entered in the sales ledger control account? 2) And what is the reasons for keeping control accounts? Mon, 30 Jan 2012 04:28:07 GMT http://www.accounting-basics-for-students.com/-income-balancing-amount-question-.html Q: You are given the following figures: - Beginning capital of 200,000 - Ending capital of 190,000 - Additional investment 30,000 and - Personal withdrawal Mon, 30 Jan 2012 04:23:53 GMT http://www.accounting-basics-for-students.com/-journal-entries-accrual-items-question-.html Q: I want to know how do you make the following journal entries: 1. Outstanding expense - rs 3,000 2. Accrued interest - rs 4,000 3. An amount of rs 1,000 Mon, 30 Jan 2012 02:06:13 GMT http://www.accounting-basics-for-students.com/-accounting-journals-gift-and-shipment-.html Q: What are the journal entries for the following: 1) Received gift of Rs 51,000 from father-in-law by check, which is deposited into business bank account. Mon, 30 Jan 2012 01:51:22 GMT http://www.accounting-basics-for-students.com/-total-of-bank-in-the-cash-receipts-journal-.html Q: How do you find what the total amount of the bank column is in the cash receipts journal? Mon, 30 Jan 2012 01:37:50 GMT http://www.accounting-basics-for-students.com/-creditors-allowances-question-.html Q: Where does the creditors allowances go? Mon, 30 Jan 2012 01:35:42 GMT http://www.accounting-basics-for-students.com/-balance-sheet-equation-exercise-.html Q: Compute the amount for the items indicated by letters, A, B, C, D and E and show the supporting computations: Revenues $145 Expenses Mon, 30 Jan 2012 01:34:04 GMT http://www.accounting-basics-for-students.com/-unearned-revenue-.html Q: Is unearned revenue a current liability? Mon, 30 Jan 2012 01:30:46 GMT http://www.accounting-basics-for-students.com/-three-versions-in-bookkeeping-.html Q: Why do we need balance sheets, a trial balance AND profit and loss? Mon, 30 Jan 2012 01:28:50 GMT http://www.accounting-basics-for-students.com/-assets-capital-and-drawings-.html Q: In conclusion, is it true that capital and drawings affect the assets? Mon, 30 Jan 2012 01:27:36 GMT http://www.accounting-basics-for-students.com/-how-are-lifo-purchase-returns-handled-.html Q: How are LIFO Purchase returns handled? Mon, 30 Jan 2012 01:24:51 GMT http://www.accounting-basics-for-students.com/accounting-exams.html Here are some accounting exams you can use to test your knowledge of bookkeeping as well as financial and managerial accounting. Thu, 26 Jan 2012 07:23:42 GMT http://www.accounting-basics-for-students.com/accounting-questions.html Try these accounting questions and exercises and succeed in accounting! Wed, 25 Jan 2012 06:55:44 GMT http://www.accounting-basics-for-students.com/-value-of-closing-stock-question-.html Q: Opening stock 80,000, purchases 160,000, sales 200,000. Gross profit 33%. Goods destroyed by fire 30,000. Received claim of 20,000. What is the value Sun, 22 Jan 2012 05:23:38 GMT http://www.accounting-basics-for-students.com/-recording-of-inventories-donated-.html Q: How do we record inventories when donated in the periodic inventory method? Sun, 22 Jan 2012 05:20:49 GMT http://www.accounting-basics-for-students.com/-adjusting-entry-preparation-manufacturing-business-.html #1) How to prepare a journal entry for the transactions related to inventories of raw material, goods in process, & finished goods? #2) How to prepare Sun, 22 Jan 2012 05:19:23 GMT http://www.accounting-basics-for-students.com/-accrued-expenses-and-revenue-.html Q: Does accrued expenses and revenue need to be closed at the end of the accounting period? Sun, 22 Jan 2012 05:12:20 GMT http://www.accounting-basics-for-students.com/-stock-taking-and-security-.html Q: I wanna know how to prepare a stock taking and security report for a school project. In particular how to enter agreements with suppliers, authorization Sun, 22 Jan 2012 05:06:40 GMT http://www.accounting-basics-for-students.com/-trade-discount-.html Q: Purchased merchandise on credit for R500 subject to trade discount of 20%... What journals must I use? A: DR: Purchases R400 CR Creditors R400. That's Sun, 22 Jan 2012 04:59:04 GMT http://www.accounting-basics-for-students.com/-overcast-in-returns-inward-journal-.html Q: The accountant of Golly Ltd ascertained that the returns inwards journal had been overcast by R100. Which ledger account will be affected by this error? Sun, 22 Jan 2012 04:52:42 GMT http://www.accounting-basics-for-students.com/-calculating-value-of-closing-wip-manufacturing-costs-question-.html Q: Given the direct materials as $714,000, direct labour as $400,000, variable overheads as $100,000 and fixed overheads as $350,000. 90,000 units were Sun, 22 Jan 2012 04:46:05 GMT http://www.accounting-basics-for-students.com/-advantages-of-fifo-and-lifo-methods-.html Q: What are the advantages of the FIFO and LIFO methods? Sun, 22 Jan 2012 04:30:40 GMT http://www.accounting-basics-for-students.com/-trial-balance-major-errors-.html Q: What are the major errors located by the trial balance? Sun, 22 Jan 2012 04:25:54 GMT http://www.accounting-basics-for-students.com/-what-my-director-expects-to-see-on-financial-spreadsheet-.html Good morning! My director of finance asked me to create a spreadsheet showing how the business is doing on a weekly base. I created a s-sheet with these Sun, 22 Jan 2012 04:23:38 GMT http://www.accounting-basics-for-students.com/-how-to-reconcile-gross-profit-.html Q: How do you reconcile the Gross Profit of Perpetual Inventory & Periodic Inventory Systems? Sun, 22 Jan 2012 04:13:47 GMT http://www.accounting-basics-for-students.com/-manufacturing-business-trial-balance-.html Q1: What do you include in a manufacturing business' trial balance? Q2: What do you do when the trial balance doesn't balance? Q3: Are expenses in the Sun, 22 Jan 2012 04:11:14 GMT http://www.accounting-basics-for-students.com/-journal-entries-.html Jan 1 Shayam commenced with cash 15,000. Jan 10 Returned goods to Krishna 350. Sun, 22 Jan 2012 04:06:55 GMT http://www.accounting-basics-for-students.com/-trial-balance-errors-.html Q: What are some errors not affecting the trial balance? Sun, 22 Jan 2012 04:05:01 GMT http://www.accounting-basics-for-students.com/-sales-return-under-the-lifo-method-.html Q: What will the entry be if there is a sales return under the LIFO method Sun, 22 Jan 2012 04:01:20 GMT http://www.accounting-basics-for-students.com/-journal-entry-question-.html Q: What's the entries for the following: 1 - Business started with cash 8,000 and plant & machinery 3,000. 2 - Stock purchase for sale (cash purchase)= Sun, 22 Jan 2012 03:52:08 GMT http://www.accounting-basics-for-students.com/-cash-book-.html Q: What is the cash book? Sun, 22 Jan 2012 03:37:30 GMT http://www.accounting-basics-for-students.com/-accounting-cycle-for-a-manual-system-.html Briefly explain the different stages of the accounting cycle for a manual system compared to the accounting cycle for a computerized system Sun, 22 Jan 2012 03:25:52 GMT http://www.accounting-basics-for-students.com/-workinprogress-inventory-stage-of-completion-valuation-.html Q: I want to ask how do you calculate opening work in progress inventory and closing work in progress inventory... and whether this calculation should Tue, 03 Jan 2012 07:15:20 GMT http://www.accounting-basics-for-students.com/-reasons-to-maintain-memorandum-accounts-control-accounts-.html Q: What are the reasons to maintain individual memorandum accounts? AND What are the reasons to maintain control accounts? Kindly answer in the form Tue, 03 Jan 2012 07:10:50 GMT http://www.accounting-basics-for-students.com/-accounting-control-.html Q: What is accounting control? A: Tue, 03 Jan 2012 07:08:17 GMT http://www.accounting-basics-for-students.com/-debtors-control-account-question-.html Given information abnout debtors control account, for example, balance at 1 April $21,309, balance at 30 April and cash payments from debtors in April, Tue, 03 Jan 2012 07:06:12 GMT http://www.accounting-basics-for-students.com/-debtors-creditors-control-accounts-question-.html The following is a list of balances relating to Phiri Properties Ltd during 2010. The company maintains a memorandum debtors and creditors ledger in which Tue, 03 Jan 2012 07:03:04 GMT http://www.accounting-basics-for-students.com/-journal-entry-money-order-.html Q: What is the entry for the following: Money order sent to Mohan - worth 500 Rupees. Money order commission of 10 Rupees. Tue, 03 Jan 2012 06:57:27 GMT http://www.accounting-basics-for-students.com/-what-are-retained-earnings-.html Q: What are retained earnings and how are they calculated? Tue, 03 Jan 2012 06:52:18 GMT http://www.accounting-basics-for-students.com/-assignment-help-sole-proprietorship-vs-corporation-.html Q: I am a business student at South University. I'm taking an accounting class right now. This is one of the questions I had for my first assignment in Mon, 31 Oct 2011 07:15:41 GMT http://www.accounting-basics-for-students.com/-balance-sheet-categories-question-.html Q: Sir, which balance sheet categories do the following belong to: 1. Bank overdraft, 2. Mortgage, 3. Fixture, 4. Inventory, 5. Horse and cart, 6. Allowance Mon, 31 Oct 2011 06:37:36 GMT http://www.accounting-basics-for-students.com/-accounting-for-students-representative-council-.html Q: Please how do I prepare a financial statement at the end of a session to show how we have spent as the financial secretary? Thanks in anticipation. Mon, 31 Oct 2011 06:27:29 GMT