An individual bookkeeping record the increases and decreases in details asset, liability, stockholders" equity, revenue or expense items.

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The system of collecting and processing transaction and communicating financial details to decision makers.
Events that require recording in the financial statements because they influence assets, liabilities, or stockholders" equity.
-Increase assets-Decrease liabilities-Decrease typical stock-Decrease kept earnings-Decrease revenue-Increase expenses
-Decrease assets-Increase liabilities-Increase usual stock-Increase maintained earnings-Increase revenue-Decrease expenses
1. Analysis each transaction2. Get in transaction in a journal3. Move journal information to ledger accounts
-Proves the mathematics equality the debits and credits after ~ posting.-May also uncover errors in journalizing and also posting.-Is beneficial in the ready of financial statements.
-List the account titles and their balances.-Total the debit column and also total the credit column.-Verify the equality of the two columns.
Which the the following occasions is NOT tape-recorded in the accountancy records?-Equipment is purchase on account.-An employee is terminated.-A cash investment is made right into the business.-Company payment dividend come stockholders.

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During 2012, Gibson firm assets lessened $50,000 and its liabilities diminished $90,000. The stockholders" equity therefore:
Is an individual accounting record that increases and decreases in certain asset, liability, and stockholders" equity items
Paying one account payable v cash affects the contents of the accounting equation in the complying with way:
Which is NOT component of the record process?-Analyzing transactions-Preparing a trial balance-Entering transactions in a journal-Posting transactions
-It provides a chronological record of transactions.-It helps to situate errors since the debit and credit quantities for every entry have the right to be conveniently compared.-It discloses in one location the complete effect the a transaction.
A psychological balance will certainly NOT balance if:-A correct newspaper entry is post twice-The purchase of supplies on account is debited to Supplies and also credited come Cash-A $450 payment on account is debited to accounts Payable because that $45 and also credited to Cash for $45
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Ethical Obligations and Decision-Making in Accounting: Text and also Cases4th EditionRoselyn Morris, Steven Mintz
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