Accounting. Online Accounting Help. Online Accounting. Online Accounting System. History of Accounting. General Accounting

Basic Bank Services

This first section explains basic bank services. We include the bank account, bank deposits, and cheques. Each of these services contributes to either or both the con­trol or safeguarding of cash.

Bank Account

A bank account is a record set up by a bank for a customer, permitting this customer to deposit money for safeguarding and cheque withdrawals. (more…)

Internal Auditor

You are an internal auditor for a company. You are currently making surprise counts of three $200 petty cash funds. You arrive at the office of one of the petty cashiers while she is on the telephone. You explain the purpose of your visit, and the petty cashier asks politely that you come back after lunch so that she can finish the business she’s conducting by long distance. (more…)

Periodic Inventory System

A periodic inventory system requires updating the inventory account only at the end of a period to reflect the quantity and cost of both goods on hand and goods sold. It does not require continual updating of the inventory account. The com­pany records the cost of new merchandise in a temporary expense account called Purchases. (more…)

Recording Prepaid Expenses in Expense Accounts.

We explained that prepaid expenses are assets when they are purchased and are recorded with debits to asset accounts. Adjusting entries transfer the costs that expire to expense accounts at the end of an accounting period. (more…)

Statement of Owner’s Equity.

The second report in Exhibit 2.11 is the statement of owner’s equity for Finlay Interiors. Its heading lists the month as January 2001 because this statement describes events that happened during that month. The beginning balance of equity is measured as of the start of business on January Lit is zero because Finlay Interiors did not exist before then. (more…)

9 Strategies for Writing Accounts Payable Procedures.

The white flag is just a nose away…toward the Million dollar prize in cash savings for your business…

So far, in Inventory and Accounts Receivable, we’ve found $250,000 each in cash savings. Then we found another 250K in Sales and Marketing. And so, now, Accounts Payable is the final process within the Cash to Cash Cycle – and also the final $250,000. (more…)

Accounting Principals.

Accounting is the Hot New Major.

There was a time when accounting was the boring college major that many people regretted signing up for. A constant barrage of numbers, statistics and spreadsheets was none too interesting.

Boy, have times changed! Thanks to recent accounting scandals by companies like Enron, there is a high demand for accountants and auditors.

According to the Job Outlook 2005 survey, accounting comes out on top as the most in-demand major on college campuses. Forget dot com start ups. Cleaning up a company’s accounting books is what’s in.

But can accounting be sexy? (more…)