Exam (elaborations)

Payroll Fundamentals 2 questions and Answers

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Payroll Fundamentals 2

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Payroll Fundamentals 2

The accounting equation states: - Assets = Liabilities + Owners Equity Owner's Equity has two components: - Owner's Equity = Contributed Capital + Retained Earnings Contributed Capital - The amount of payments in cash or assets that the owners have made to the company The accounting equation ca...

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Uploaded on July 9, 2024
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Written in 2023/2024
Type Exam (elaborations)
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payroll fundamentals 2

Institution Payroll Fundamentals 2
Course Payroll Fundamentals 2

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Payroll Fundamentals 2 The accounting equation states: - ✔✔Assets = Liabi lities + Owners Equity Owner's Equity has two components: - ✔✔Owner's Equity = Contributed Capital + Retained Earnings Contributed Capital - ✔✔The amount of payments in cash or assets that the owners have made to the company The accounting equation can be expanded to: - ✔✔Assets = Liabilties + Contributed Capital + Retained Earnings The 5 different accounts of a typical for -profit organization - ✔✔- asset accounts - liability accounts - revenue accounts - expense accounts - owners' equity accounts Asset accounts - ✔✔Contains the value of items owned by the organization Liability accounts - ✔✔Indicates the money that the organization owes to its creditors Asset accounts include: - ✔✔- Cash - Accounts receivable - prepaid expenses - inventory Liabi lity accounts include - ✔✔- accounts payable - salaries and wages payable - vacation pay payable Revenue accounts - ✔✔Used to record the income earned by the organization during the accounting cycle Expense accounts - ✔✔Costs incurred by an organization in the process of earning revenue during a designated period of time Equity accounts - ✔✔Accounts that show the owners' or shareholders' worth or interest in the organization Owners' equity is divided into: - ✔✔Contributed capital & retained earnings General ledger accounts consists of the following five elements: - ✔✔- account name - opening balance - reference - debit and credit transactions - closing balance Each journal entry must contain the following components: - ✔✔- A journal entry reference or number - the date of the transaction - the debit and credit amounts to be applied to each account - a total of the debit entries and of the credit entries - a brief explanation of the transaction double -entry accounting - ✔✔Accounting system in which each transaction affects at least two accounts and has at least one debit and one credit Income Statement - ✔✔A financial statement which presents the revenue, expenses, and net profit or loss of an o rganization during a specific period of time

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