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ลำดับตอนที่ #6 : [[R.S.]]Accounting Test::Chapter.5::27.9.11
Review Sheet of Accounting for
Chapter 5 Test* 27.Sep.2011
Chapter.5 :: Transactions That Affect Revenue, Expenses, and Withdrawals [[Page.94]]
5-1 Relationship of Revenue, Expenses, and Withdrawals to Owner’s Equity [[Page.96]]
- Owner’s equity is increased or decreased by transactions other than owner’s investments.
· The revenue, or income, earned by the business increases owner’s equity.
· Both expenses and owner’s withdrawals decrease owner’s equity.
- A more informative way to record transactions affecting revenue and expenses is to set up separate accounts for each type of revenue or expense.
- Accounting is an activity that is divided into periods of time or accounting period. Once all the activities are completed for a given accounting period, that period is closed.
· Revenue, expense, and withdrawals accounts are used to collect information for a single accounting period. These accounts are called temporary capital accounts.
· Temporary capital accounts start each new accounting period with zero balances. That is, the amounts in these accounts aren’t carried forward from one accounting period to the next.
· At the end of that period, the balances in the temporary capital accounts are transferred to the owner’s capital account.
- In contrast to the temporary accounts, the owner’s capital, asset, and liability accounts are permanent accounts.
· Permanent accounts are continuous from one accounting period to the next.
· In permanent accounts, the balances at the end of one accounting period become the balances for the beginning of the next accounting period.
· They show balances on hand or amounts owed at anytime. They also show the day-to-day changes in assets, liabilities, and owner’s capital.
Rules of Debit and Credit | ||
Revenue Accounts | Expense Accounts | Withdrawals Account |
Increase (+) on credit side (right side) | Increase (+) on debit side (left side) | |
Decrease (-) on debit side (left side) | Decrease (-) on credit side (right side) | |
Normal balance is the increase side (credit side) | Normal balance is the increase side (debit side) | |
- Revenue = earned from selling goods or services
- Expense = cost of doing business
- Withdrawal = amount of money/asset the owner takes out of the business
- This is the review of the Rules of Debit and Credit of previous chapter
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) | |
5-2 Applying the Rules of Debit and Credit to Revenue, Expense, and Owner’s Equity Transactions [[Page.104]]
- Following the GAAP principle of revenue recognition, revenue should be recognized on the date earned, even if cash has not been received.
- In a double-entry accounting system, correct analysis and recording of business transactions should result in total debits being equal to total credits.
Ps. Section 2 is mostly examples so, I cut most of them out J GDLUCK !
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