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ลำดับตอนที่ #5 : [[R.S.]]Accounting Test::Chapter.4::19.9.11
Review Sheet of Accounting for
Chapter 4 Test* 19.Sep.2011
Chapter.4 :: Transactions That Affect Assets, Liabilities, and Owner’s Equity [[Page.70]]
4-1 Accounts and the Double-Entry Accounting System [[Page.72]]
- An account is a location within an accounting system in which the increases and decrease in a specific asset, liability, or owner’s equity are recorded and stored.
- A ledger is a book or file containing a separate page for each business account. It serves as permanent record of financial transactions.
· When people refer to “keeping the books,” they are referring to maintaining accounts in the ledger.
- To keep tract of its accounts, a business develops a chart of accounts, or a list of all the accounts and their assigned account numbers.
· The number of accounts needed depends on the size of the business.
- A system for numbering accounts makes it easy to locate individual accounts in the ledger.
· A small company may use a three-digit system and a very large corporation may have 35 or more digits in its account numbers.
· A typical system for numbering accounts is:
ð Asset accounts begin with 1.
ð Liability accounts begin with 2.
ð Owner’s equity accounts begin with 3.
ð Revenue accounts begin with 4.
ð Expense accounts begin with 5.
- When accountants analyze and record a transaction, they use a system called double-entry accounting.
· Double-entry accounting is a system of recordkeeping in which each business transaction affects at least two accounts.
- An efficient way to apply double-entry accounting is to use what accountants called a T account.
· The T account, so called because of its T shape, shows the dollar increase or decrease in an account that is caused by a transaction.
- A T account has a place for an account name, a left side, and a right side. The top of the T is used for the account name, the left side is always used for debit amounts and the right side is always used for credit amounts.
· A debit (DR) is an amount entered on the left side of the T account.
· A credit (CR) is an amount entered on the right side of the T account.
- Under double-entry accounting, for each debit entry made in one account, a credit of an equal amount must be made in another account.
- The rules of debit and credit vary according to whether an account is classified as asset, a liability, or an owner’s capital account.
- An account’s normal balance is always on the side used to record increases to the account. The word normal used here means usual.
Rules of Debit and Credit | ||
Asset Accounts | Liability Accounts | Owner’s Equity Accounts |
Increase (+) on debit side (left side) | Increase on credit side (right side) | |
Decrease on credit side (right side) | Decrease on debit side (left side) | |
Normal balance is the increase side (debit side) | Normal balance is the increase side (credit side) | |
*section 4-2 has only example of transaction so, I don’t do review for that section na ka :D*
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