My sweet wall by Simmi https://padlet.com/simmi_chahal/xr2eg9abftk9 Made with magic en-us 2019-02-05 19:06:34 UTC 2025-12-31 01:05:59 UTC hello@padlet.com What is accounting? simmi_chahal https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/327971246 2019-02-05 19:08:01 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/327971246 Accounting is the process of identifying financial transactions, recording the same and communicating/ interpreting the economic event and take decisions based on this financial information. https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/327974846 2019-02-05 19:13:58 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/327974846 Accounting is important because https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/327976497 2019-02-05 19:16:39 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/327976497 What are the 4 components of owner's equity? https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/327977096 Revenue, Expenses, Drawings, Capital]]> 2019-02-05 19:17:33 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/327977096 Four components of the owners equity: https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/327977391

]]> 2019-02-05 19:18:00 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/327977391 What is the accounting equation? Explain its significance. Why should it always balance? https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/327977684 2019-02-05 19:18:32 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/327977684 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/327978401 Accounting is ]]> 2019-02-05 19:19:48 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/327978401 Accounting is: 595227 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381703446 Accounting is the recording, analyzing, posting, and etc... of financial statements and/or transactions 

]]> 2019-09-09 16:11:42 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381703446 Accounting is important because https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708336 ....it ensures that the business is operating legally. 

]]> 2019-09-09 16:18:49 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708336 A https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708439 2019-09-09 16:19:02 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708439 Accounting is: https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708441 Is the process of recording and analyzing business transactions in addition to gathering financial information.]]> 2019-09-09 16:19:02 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708441 I learned... https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708517 Debits on the left credits on the right :)]]> 2019-09-09 16:19:06 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708517 Accounting Cycle https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708520 1. Financial transaction occurs.
2. Record transaction in journal.
3. Journal entries are posted to ledger accounts.
4. Trial balance and interim financial accounts are prepared.
5. Worksheet is prepared.
6. Formal financial statements are prepared.
7. Ledger accounts are adjusted and closed.
8. Post-closing trial balance is prepared.
... Cycle begins again.]]> 2019-09-09 16:19:07 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708520 Balance Sheet 739738 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708543 Is a snapshot of a business in a certain moment in time.]]> 2019-09-09 16:19:09 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708543 Income Statement shows the debit and credit of a business https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708547 2019-09-09 16:19:09 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708547 Post https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708612 2019-09-09 16:19:16 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708612 Posting https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708621 2019-09-09 16:19:17 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708621 Accounting is... 592619 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708658 Accounting is important because it tracks the income and all expenses in a business. This information collected can be used for making business decisions. ]]> 2019-09-09 16:19:20 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708658 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708704 Accounting is important because it helps external users understand financial information about a business. This helps with creating important decisions.]]> 2019-09-09 16:19:25 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708704 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708733



]]> 2019-09-09 16:19:28 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708733 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708842
  • Purchase on account - purchased on credit A/P
  • Sold on account - an item is sold on credit A/R
  • Paid on account - paid money to a creditor to reduce the amount owed
  • Received on account - received money from a debtor to reduce payment

    • ]]>     2019-09-09 16:19:38 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708842     Accounting Equation https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708857 Assets= Liabilities + Owners Equity]]> 2019-09-09 16:19:39 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381708857 Bank reconciliation https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381709124 When the books of the company and the books of the bank don't match or missing a transaction]]> 2019-09-09 16:20:06 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381709124 Assets = Liabilities + Owner's Equity https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381709526 This is the accounting equation and it should always be balanced because any money generated to buy assets comes from the liabilities (taking a loan) or owner's equity(the owner's own pocket).]]> 2019-09-09 16:20:41 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381709526 Liquidity https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381709573 How fast an asset can be converted into cash]]> 2019-09-09 16:20:44 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381709573 Income Statement 739738 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381709668 Sho]]> 2019-09-09 16:20:50 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381709668 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381709864 2019-09-09 16:21:09 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381709864 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710133 Debit to the right/ credit to the left]]> 2019-09-09 16:21:36 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710133 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710152 Income Summary is a temporary account used to spread the net income for the fiscal period across expense and capital accounts.]]> 2019-09-09 16:21:37 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710152 Service Business: https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710395 A Service business sells its services rather than actual products to generate revenue]]> 2019-09-09 16:22:02 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710395 Cash receipts https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710429 2019-09-09 16:22:05 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710429 Auditing https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710456 An examination of accounting records in order to express an opinion about the financial state of a business]]> 2019-09-09 16:22:06 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710456 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710501 Trial balance contains assests and liabilities]]> 2019-09-09 16:22:10 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710501 Types of statments https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710520 Balance Sheet
    Income Statment
    Statment of owners equity
    cash flow statment]]>     2019-09-09 16:22:12 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710520     Financial Statements: https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710567
    1. Income Statement - Profits or Losses

    2. Statement of Owner’s Equity

      1. net profit=owner’s equity increases, net loss=owner’s equity decreases

    3. Balance Sheet - =Assets=Liabilities+OE

    4. Cash Flow Statement 


     
    ]]>     2019-09-09 16:22:19 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710567     https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710579 2019-09-09 16:22:20 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710579 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710636 The bu]]> 2019-09-09 16:22:26 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710636 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710642 The big 4 are KPMG, PwC, Deloitte and Ernst and Young ]]> 2019-09-09 16:22:26 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710642 The https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710795 2019-09-09 16:22:42 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710795 Taxes https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710807 2019-09-09 16:22:45 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381710807 It is the fundimental soruce of earning da money https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381711083 2019-09-09 16:23:12 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381711083 Posting 896934 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381711157 The process of from the journal to the ledger ]]> 2019-09-09 16:23:17 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381711157 Ah eeee https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381711198 2019-09-09 16:23:21 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381711198 The 4 accounts of Owner' Equity https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381711240 2019-09-09 16:23:25 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381711240 https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381711400 2019-09-09 16:23:40 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381711400 Financial Statements https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381711978 Balance sheet
    - a "snapshot" of the business at one point in time

    Income Statement
    - shows the performance of a business over a period of time

    Cashflow
    - shows how much money is coming into the business and how much is leaving


    ]]>     2019-09-09 16:24:44 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381711978     Debited or Credited? https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381712427 Assets, Expenses, and Drawings are debited. Liabilities, Revenue and Capital are credited.]]> 2019-09-09 16:25:35 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381712427 Types of Businesses https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381712442 -Service Business
    • E.g. hair salon, dental clinic, recording studio
    -Merchandising Business
    • E.g. clothing store, computer store, supermarket
    -Manufacturing/Producing Business
    • E.g. Automaker, paper mill, steel plant/farm, oil extraction
    -Non-Profit Organization
    • E.g. Red Cross, The Salvation Army, United Way 
    ]]>     2019-09-09 16:25:37 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381712442     Accounting Principles https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381715344 Business Entity Concept
    - Accounting for the owner's personal affairs and accounting for the business is kept separate.

    Continuing Concern Concept
    - Assumes that a business will continue to operate unless it is known that it will not

    Cost Principle Concept
    - ASPE requires accountants to record the value of assets at their historical cost price and not at market value

    Revaluation Model
    - Under IFRS, accountants can change the value of particular assets based on market conditions; market value]]>     2019-09-09 16:29:57 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381715344     https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381718800 2019-09-09 16:35:08 UTC https://padlet.com/simmi_chahal/xr2eg9abftk9/wish/381718800