Accounting 504 - 626 Words

Discussion Questions Week 2 1.) What is meant by the term double-entry accounting? Examples are great and try to build on what each other has said. Double entry accounting is based on the fact that every financial transaction has equal and opposite effects in at least two different accounts. In the double entry system, transactions are recorded in terms of debits and credits. Since a debit in one account will be offset by a credit in another account, the sum of all debits must therefore be exactly equal to the sum of all credits. The double-entry system of bookkeeping or accounting makes it easier to accurately prepare financial statements directly from the books of account and detect errors. For example: A company borrows a loan†¦show more content†¦| 5000 | | Supplies | 1200 | | Account Payable | | 1200 | Rent Expense | 8000 | | | | | Total | $14200 | $ 14200 | 4.) What are adjusting entries and why are they important? | | | | | | Adjusting entries are usually made on the last day of an accounting period so that the financial statements reflect the revenues that have been earned and the expenses that were incurred during the accounting period. The purpose of each adjusting entry is to get both the income statement and the balance sheet to be correct. An example of adjusting entry: a customer paid a company in advance of receiving goods or service, the amount is reported as a liability. After the goods or services are delivered, an adjusting entry is needed to reduce the liability and to report the revenues. 5.) Cash basis vs Accrual basis The difference between accrual and cash basis accounting is the timing of when revenue and expenses are recognized. The cash method is most used by small businesses and for personal finances. The cash method for revenue is only used when the money is received and expenses are only used when the money is paid out. The accrual method is used for revenue when it is earned andShow MoreRelatedFinancial Accounting 504 Final Project Essay1514 Words   |  7 PagesFinancial Accounting 504 23-Jun-13 Professor Chung Oracle v Microsoft Final Course Project As noted in Wikipedia Oracle is headquartered in Redwood, California. It was founded in 1977 and is the worlds third largest soft wear developer in sales. According to Yahoo Finance Oracle is a multi-faceted operation. Oracle provides a vast amount of services for the internet and computer. 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