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Recording Business Transactions, Lecture notes of Accounting

Acconting lesson chapter two topic is recording bussiness transactions

Typology: Lecture notes

2019/2020

Uploaded on 04/24/2020

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Recording Business

Transactions

Chapter

Accounting Terms

Account

Ledger

Assets

Liabilities

Owner’s equity

Double- entry accounting T-account

Classification of Accounts

● What are some asset accounts?

  • Cash
  • Notes Receivable
  • Accounts Receivable
  • Prepaid Expenses
  • Land
  • Building
  • Equipment

Current

Assets

● Current assets are cash , or will be converted to cash, in one year or within the normal business operating cycle.

● What are some other examples?

  • short-term receivables
  • inventory
  • prepaid expenses

11. SECURITIES

110 Common Stocks

111 Private Sector Notes, Bonds and Shares

112 Public Sector Notes, Bonds and Shares

118 Other Marketable Securities

119 Provision for Decrease in Value of Marketable Securities (-)

  1. TRADE RECEIVABLES 120 Customers 121 Notes Receivables 122 Rediscount of Notes Receivables (-) 126 Deposits and Guaranties Given 127 Other Trade Receivables 128 Doubtful Trade Receivables 129 Provisions for Doubtful Trade Receivables
  1. INVENTORIES 150 Raw Materials and Supplies 151 Semi-Finished Goods in Production 152 Finished Goods 153 Trade Goods 157 Other Inventories 158 Provision for Inventories (-) 159 Advances Given to Suppliers

18. PREPAID EXPENSE AND INCOME

ACCRUALS

180 Prepaid Expense for the Following Months

181 Income Accruals

LONG RUN ASSETS

  1. FINANCIAL ASSETS 240 Long Term Securities 241 Decrease in Value of LTS (-) 242 Participations 243 Capital Commitments for Part. (-) 244 Decrease in Value of Part.’s Shares (-) 245 Subsidiaries 246 Capital Commitments for Subs. (-) 247 Decrease in Value of Subs.’s Shares (-) 248 Other Financial Assets 249Decrease in Value of OFA (-)
  1. TANGIBLE FIX ASSETS 250 Land 251 Land Improvements 252 Buildings 253 Machinery, Building and Installations 254 Motor Vehicles 255 Furniture and Fixture 256 Other Tangible Fix Assets 257 Accumulated Depreciation (-) 258 Construction in Progress 259 Fix Assets Advances Given

Classification of Accounts

● What are some liability accounts?

  • Notes Payable
  • Accounts Payable
  • Accrued Liabilities (for expenses incurred but not paid)
  • Long-term Liabilities (bonds)

Current

Liabilities

● Current liabilities are debts or obligations due within one year or within the operating cycle.

● What are some examples?

  • accounts and salary payables
  • short-term notes payable
  • unearned revenue

32. TRADE PAYABLES

320 Suppliers

321 Notes Payable

322 Rediscount on Notes Payable (-)

326 Deposits and Guarantees Taken

329 Other Trade Payables

33. OTHER PAYABLES

331 Due to Shareholders

332 Due to Participations

333 Due to Subsidiaries

335 Due to Personnel

336 Other Liabilities

337 Rediscount on Other Notes Payable (-)