account titles presentation
TRANSCRIPT
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A Activity Proper
B Abstraction
C Application/Seatwork
E Assignment
D QUIZ
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Answer the following question with your group
mates in pad paper.
1. It is the amount of collectible from
customers or clients.
a) Notes Receivables
b) Cash
c) Accounts Receivables
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2. Heavy metallic and movable items that arecapable of performing certain functions or
used to perform certain function.
a) Merchandise Inventory
b) Machinery and Equipment
c) Tools
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3. Obligations to suppliers for items boughtand are not supported by promissorynotes.
a) Expense Payable
b) Accounts Payable
c) Notes Payable
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4. This account title is used for withdrawalmade by the owner.
a) Accounts Payableb) Owners Capital
c) Owners Drawing
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5. The amounts of rentals incurred based onoccupancy of space or usage of property
and equipment.
a) Service Income
b) Rent Expense
c) Tools Expense
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Account Titlesare the terms used to identify thespecific element of accounting to be used in the
recording process. Proper identification is
necessary right at the recording phase they arebrought forward to accounting reports.
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Cash currency (bills and coins), checkspostal money orders and treasury warrants
received by the business.
Accounts Receivable (AR) amounts
collectible from the customers or clients (for
goods sold and services rendered) in this
account is not supported by promissory notes
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so that it is often referred to as arising from
sales open account
Merchandise Inventory (MI)goods
acquired for sale and are still unsold.
Notes Receivable (NR)Amounts collectible
that are covered by promissory notes.
Prepaid Expenseexpenses to be incurredyet
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in the future but are already paid.
Example:Prepaid rent, Prepaid Interest,
and Prepaid Insurance.
Unused Suppliessupplies that are stillunused as of the end of an accounting
period.
Landland acquired by the business for itsuse.
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Buildingstructures of edifices acquired foruse of the business.
Machinery and Equipment Heavy metallic
and movable items that are capable ofperforming certain functions or used to
perform certain functions.
Examples: Sewing Machine, Cutting
Machines a computers.
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Delivery Equipmentswheeled items used inmaking deliveries to customers or clients.
Example: Van and trucks
Furniture and Fixtures (F/F) This account
title is used in referring to movable items
significant value and acquired to improve the
workable condition of place
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such as tables, chairs, electric fans and air
conditioners.
ToolsHandy, small and usually metallic
items used in performing certain functions
such as saws, hammers, pliers, scissors,screw drivers, and jacks. Tools in general,
have long useful life but do not have
significant to peso value.
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LiabilitiesAccounts Payable (A/P)obligations tosuppliers for items bought and are not
supported by promissory notes. It is often
referred to as arising from purchase on
open accounts.
Notes Payable (N/P)obligations covered
by promissory notes.
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Expenses Payable (Accrued Expenses)obligations for expenses already incurred
but not yet paid.
Loans Payableobligations arising from
loans obtained.
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Owners EquityOwners Capitalcapital of the sole
proprietor in his business. If the owner is
Jose P. Gonzales, the account becomesJose P. Golez, Capital. At the end of the
accounting period, it is adjusted for
withdrawals and net income ( net loss).
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Owners Drawingthis account title isused for withdrawals made by the owner.
If the owners name is Jose P. Golez, the
account title is Jose P. Golez, Drawing or
Jose P. Golez, Personal.
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RevenueService Incomerevenue realized by
providing services to customers.
Fees Incomerevenue realized by providingprofessionals service to clients.
Example: legal , dental, and medical fees.
Salesrevenue from sale of goods that were
previously acquired for sale.
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ExpensesTaxes and Licensescost of permits and
taxes incurred.
Advertising Expenseincurred in making
the public aware of the goods and
services being offered by the business.
Example: advertisement in the news
paper, and through radio and television.
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Salaries and Wagesthe compensation
earned by employees for service rendered tothe business.
Supplies Expensecost of supplies already
used.
Light, power and watercost of light,
power and water consumption as indicated
on bills presented by utility company.
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Telephone and Telegramtelephone and
telegraph charges as indicated on bills
presented by telecommunications
companies.
Rent Expensethe amount of rentals
incurred based on occupy of space or
usage of property equipment.
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Tools Expensecost of goods treated asexpense.
Depreciation expensethe portion of
property cost allocated to an accounting
period.
Insurance ExpenseInsurance premiums
related to current period.
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Bad Debtsprovision for uncollectiblereceivables.
Miscellaneous Expensethe different
minor expenses incurred and for which no
specific account title has been adopted.
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Seatwork. Write in pad paper.Instruction: Classify the following account title
according to Assets, Liabilities, Owners Equity
CHOICES
Furniture, Prepaid Expense, Dental Fees,
Supplies Used, Salaries Expense,
Loans Payable, Service Income,
Cruz Personal, Notes Receivable,
Notes Payable, Accounts Payable.
ASSETS LIABILITES OWNERS EQUITY
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Answers
ASSETS LIABILITIES OWNERS EQUITY
Furniture Loans Payable Dental Fees
Prepaid Expense Notes Payable Salaries Expense
Notes Receivable Accounts Payable Service Income
Cruz Personal
QUIZ
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Identify the following account titles. Write Asset,
Liability, Owners Equity and Revenue.
______1. Cash
______2. Service Income
______3. Dentals Fees
______4. Expenses Payable
______5. Accounts Receivables
______6. Buildings
______7. Notes Payable
______8. Cruz, Capital
1. Assets
2. Revenue
3. Revenue4. Liability
5. Assets
6. Assets
7. Liability
8. Owners
Equity
QUIZ
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Assignment:Identify the account titles in the
given statements.
1. Cost of placing advertisements is new paper.
2. Rentals incurred for spaces being used.
3. Revenue earned by professionals for servicerendered to clients.
4. Receivables covered by promissory notes.
5. Withdrawals by the sole proprietor J.Rizaldy.
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PRESENTE BY:
MS. LOUISSE MARCELINO AREVADA