Basic Accounting Assignment Essay Example for Free

Basic Accounting Assignment Essay Generally Accepted   Principles, Balance sheet, Accounts receivable, Income statement, Debt, Liability, Double-entry bookkeeping system, Accounts payable 1- Explain the collecting, recording, classifying, summarizing, analyzing and reporting process of accounting. – Collecting:- Data obtained from various sources with the help of appropriate measures is called collection of data. – Recording:- Arranging the data into its chronological form is called recording of data. – Classifying:- Division of data according to nature of events is called classification of data. – Ledger is used for classifying transactions – Posting is the process of transferring transactions from journal to ledger. Summarizing:- This involves presenting the classified data in a manner which is understandable and useful to the management and other interested parties. Follow statements are prepared:- – Income statement – Balance Sheet – Cash flow statement – Analyzing:- The comparison of data in a business is called analyzing of data. For example, analyzing of present data with past data, or actual data with projected data. – Reporting:- Forwarding the results to financial users like chairman, directors, managers etc. is called reporting of data. – Discuss in detail the nature of accounts i. e. assets, expenses, liabilities, revenues and capital by giving examples. – Assets:- The resources of a business are called assets. They are of two types:- – Fixed Assets: Land, Building, Equipment, Vehicle etc. – Current Assets: Cash, cash at bank, A/c receivable, debtors, prepaid expenses. – Expenses:- The amount spent in a business wit h a view to gain profit in the future is called expense. Examples are rent expenses, salaries expenses, advertisement expenses etc. – Liabilities:- The financial responsibilities of the business for which it is liable are called liabilities. They are divided into two types:- – Fixed Liabilities (Bank Loan, Bonds Payable, Mortgage Payable. ) – Current Liabilities (Notes Payable, Unearned Income, Creditors. ) – Capital:- The amount of money invested by the owner in the business is called capital. – Revenue:- The incomes and the profits earned in the business through selling are called revenues. For example, Sales, Service revenue, Interest, commission earned. – Drawings:- The amount of money taken away by the proprietor for personal benefits is called Drawings. 3- Describe the accounting rule of debit and credit for accounts like assets, expenses, liabilities, revenues and capital. – Assets – Increase in Asset is debit. – Decrease in Asset is credit. – Liabilities – Increase in liabilities is credit. – Decrease in liabilities is debit. – Revenues – Increase in revenues is credit. – Decrease in revenues is debit. – Expenses – Increase in expense is debit. – Decrease in expense is credit. – Capital – Increase in capital is credit. – Decrease in capital is debit. – Select any twenty categories from the above and identify a transaction that will have the required effect on the business. 1- Purchased Goods on credit 25,000. 2- Gave services for cash 5,000. 3- Brought cash in business 65,000. 4- Adjusting entry of out standing salaries 9000. 5- Wa ges wrongly debited to Sales 400. 6- Salaries wrongly debited to Drawings 600. 7- Paid to accounts payable in cash 1500. 8- Goods returned by customer worth 650. 9- Withdrew cash for personal use 550 Basic Accounting Assignment. (2018, Oct 26).

Options for Lords reform Essay Example | Topics and Well Written Essays - 7000 words

Options for Lords reform - Essay Example this initiative there would be only a mere ninety-two hereditary Peers in the House of Lords and that too by election from within the large number of old Hereditary Lords. The House of Lords would then be dominated by appointed Peers and the hereditary Peers a mere rump of their size in days gone by. This situation would only last till the contemplated second phase of reforms of the House of Lords was finalised. It is this second phase of the reform of the House of Lords that becomes significant, for it means choosing from one of the many options that are present for the reform of the House of Lords. The Saxon Kings in the eleventh century consulted a council called the Witans on important issues. Religious leaders, magnates and ministers of the King attended the Witans. By the thirteenth century the attendance in these councils grew to include representatives of counties, cities and boroughs. However, in a true sense the House of Lords finds in origins in the fourteenth century, when these royal advisers were divided into commoners and lords. (History: How the Lords evolved). Shire and borough representatives were termed as commoners and made up the Commons, while the religious leaders termed Lords Spiritual and the magnates termed Lords Temporal came to be known as the Upper House. Thus two clearly distinct houses came into existence. By the fifteenth century the membership of Lords Temporal started becoming a male domain and hereditary by nature and the role of the monarch in the choice of the members diminishing, as they were summoned by writ. The term peers started being ap plied to the Lords Temporal and though equal there emerged five ranks namely Duke, Marquess, Earl, Viscount and Baron. The sixteenth century brought changes to the attendance of the Lords Spiritual in the House of Lords. Till 1539 when the suppression of the monasteries took place the Lords Spiritual were made up of bishops, abbots and priors. Subsequent to 1539 only bishops made up the

What is justice what aspects of our society make it a just society Essay

What is justice what aspects of our society make it a just society what aspect make it unjust - Essay Example Majority of values are described as just after the unequal aspects are eliminated to deliver equality. However, the result is better attained using moral values to differentiate a just society from an unjust setting. Justice in society has been determined from the political system or key decision makers that implement governance policies. Sen (2009) suggest that these policies should be placed to balance the resources among all individuals. An unjust system would favour the dominant group in society with the influence to favour poor decisions. The resources in the just society eliminate vices and adverse conditions like poverty. This is because the policies implemented would create equal opportunities to sustain development (Sen, 2009). Injustice prevails when there is intense prevalence of poverty and tyrannical decision making from the leaders. Slave morality as suggested by Nietzsche exemplifies justice within the society. This is because the theory had been placed to support the weak in society in protest against the unjust dictatorial wealthy class. The oppressed should be accorded equal opportunity to express their desires and opinions within a just system to generate equality in the society. The just society has been termed as the system that favours the prevalence of ideas and opinions of all the members in the society. Each member is regarded highly and their requirements provided by their government system. Moreover, the moral values in equality and fairness prevail in a just