Chapter3-Bookkeeping principles

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K

ketoan@

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#1
1-The main data source and their function

+ Source document
A source document is an individual record of a business transaction - Chứng từ gốc

+ Purchase order
A Purchase order is an agreement to purchase goods/ services from a business

+ Sales order
A Sales order is and agreement to sell goods/services to a business

+ Sales invoice
A Sales invoice is a formal record of the amount of money due from the customer as a result of the sale transaction.

+ Credit note
A credit note records goods returned by a customer or the reduction of monies owed by customer

+ Debit note
A debit note is sometimes raise by a purchase of goods and is a formal request for a credit note to be issued by the supplier

+ Phân biệt Credit - Debit notes
Phân biệt Credit note va Debit note - rất dễ nhầm khi làm bài tập đây.

+Credit note sẽ tương ứng vớI 1 khoản tiền mà sẽ bị trừ đi (credit side of Cash or Bank accounts). Đối ứng thường là Sales hoặc Account receivables (Debit side của các tài khoản này.
+Debit note sẽ tương ứng vớI 1 khoản tiền mà sẽ được cộng thêm (Debit side of Cash or Bank accounts). ĐốI ứng thường là Purchases hoặc Account Payables (Credit side của các tài khoản này)

2-Accounting records
+ Data in source documents are transferred to books of prime entry
+ Transactions --> Journals --> Ledger accounts --> Financial statements

+ Journals Journals record the similar transactions of each day.
+ Ledger account A ledger account or "T" account is where all transactions of a similar type are recorded.

Các loại ledgers - Cash, Sales, purchases, Account payables, receivables….
+ Debit side entries: Dr. (Nợ) - Left-hand side
+ Credit side entries: Cr. (Có) - Right-hand side

+ Cash account
The Cash account records cash received and paid by the business
Where a business receives cash there is a debit entry made in the Cash account
Where a business Pays out cash there is a Credit entry made in the Cash account

+ Assets An asset (or an increase in an asset) is always a debit entry
An asset account collects information about particular assets of a business. It mainly consists of debit entries.

+ Income
Income to the business is always a credit entry.

+ Liabilities
A liability ( or an increse in a liability) is always a credit entry
A liability account collects information about particular liabilities of a business. It mainly consists of credit entries.

+ Expenses
Expenses of a business are always a debit entry
An expenses account collects information about particular costs of a business. It mainly consists of debit entries.

+ Revenue Account
A revenue account collects information about particular income of a business. It mainly consists of credit entries.


3-The list of account balances
A list of account balances is a memorandum listing of all the ledger account balances
In an accounting context "memorandum" means that the listing is not a part o the double entry.

+ Closing balance
The balance c/d - carrying down (Mang đi) or carried down balance

+ Opening balance The balance b/d - Bringing down (Mang sang) or brought down balance

Nhớ phân biệt c/d & b/d và nhớ các bước tính ra c/d, b/d tại trang 43-44, Riêng cái tài khoản chữ T này thì hơi khác với kế toán Việt nam khi các bạn hoc trong các trường. Có bạn nào đọc và chỉ ra giúp được không?
Mục này thì thực ra là cần chú ý với những ai học, thi ACCA 1.1 vì có thể rất dễ mất điểm ở những chỗ không đáng mất như "T Account".

+ Trial balance
Trial balance is a memorandum listing of all the ledger account balances.

+ Errors revealed by the trial balance
Là khi lập trial balance mà hai bên không cân.

+ Misposition
Là ghi nhầm số ở 2 bên Dr, Cr, của cùng 1 bút toán dạng đảo vị trí các chữ số
Ví dụ, Dr. 1960 - Cr. 1690

+ Errors not reveal by the trial balance
Là khi lập trial balance mà hai bên cân mà vẫn sai.

+ omission
là bỏ sót bút toán - no entry of transation has been made at all

+ Commission
là có làm bút toán nhưng vào nhầm tài khoản.

+ Principle
là sai về khái niệm - ghi nhầm loạI - chẳng hạn bán tài sản mà lạI ghi sang bán hàng.

+ Errors of entry
là ghi nhầm số 2.00 ghi thành 200 chẳng hạn

+ Compensation
là ghi nhầm tớI 2 bút toán trở lên mà các bút toán này lại triệt tiêu lẫn nhau - rất khó phát hiện.

4-The ledger accounts - further complications

+ Sales Returns
Sales Returns are goods returned by customer because they are unsatisfactory

+ Purchase returns
Purchase returns are goods returned to a supplier because they are unsatisfactory

+ Cash discount received
Cash discount received is a discount received from a supplier if the business pays its invoices by a certain date
 
K

ketoan@

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24/5/04
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#2
Câu hỏi kiểm tra kiến thức chương 3

Câu hỏi cho chapter 3

1 Express in English all the rules of recording at Debit and Credit side of each type of account: Cash, Purchase, Sales, Liabilities, Account payables, receivables.?

2 Why trial balance is considered as only the memorandum?

3 List all types of errors and how the errors are orcured?

4 Think of the way to find out all those errors? How to correct them and correction entries for each one?

5 What is a discount allowed? Why a business wants to give such discount?

6 What is double entry for a discount received?

7 What is the double entry for a sales return?

8 What is a return outwards?
 
letmyha

letmyha

Hư không
18/5/04
826
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The land of the living
#3
Trình độ va kiến thức của let chỉ có thể trả lời những câu hỏi sau thôi:
5. Discount allowed is an expense of business.
6. Double entry for a Discount Received:
Debit Creditor's account
Credit discount received account
7. Double entry for a Sales Returns:
Debit Sales Returns (Returns Inwards) account
Credit Debtor's (Customer's) account
8. Returns Outwards is goods returned by the business to the suppliers. (mean goods already purchased will be returned to the supplier, who will agree to make an allowance)
 
K

ketoan@

Cao cấp
24/5/04
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#4
Welcome letmyha.

Ở câu trả lời số 6, em nên ghi Credit của tài khoản purchases, hay inventory, tương ứng cho cái mục hàng mà mình mua được giảm giá ấy.
Mục này hoàn toàn có thể ghi ngược lại bút toán nhưng ghi số âm được.!!

Câu só 5 em có thể mở rộng suy nghĩ bằng cách hỏi xem vì sao là chi phí phải chi ra mà doanh nghiệp vẫn muốn làm thế... dù doanh nghiệp có thể hoàn toàn không cần phải giảm giá như thế mà khách hàng vẫn mua hàng 1 cách thoải mái với giá ban đầu.......???

Các câu 7, 8 rất đúng.... CHEER......
letmyha tiếp tục đi nhé...

ketoan@
 
D

Danny Walker

Sơ cấp
6/10/04
68
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Troy
#5
Hì em xin trả lời mấy câu hỏi này nhé, dù em không nằm trong lớp học ACCA online:

1.

“Dr Cash at bank” suggests deposits into cash at bank account.
“Cr Cash at bank” suggests withdrawals from cash at bank account.

“Dr Purchases” suggests accumulation of costs (pre-tax) of all merchandise acquired for resale purposes.
“Cr Purchases” (better sense if “Cr Purchases Returns and Allowances”) suggests merchandises returned (no reversing entry of costs of goods sold as in periodic inventory system)

“Cr Sales” suggests increases in sale revenues (pre-tax).
“Dr Sales” (better sense if “Dr Sales Returns and Allowances”) suggests returns of unsatisfactory goods purchased or adjustments in sales price (allowance) by customers.

“Cr Accounts Payable” suggests increases in debts owed by the entity to outside parties on credit and that have not yet been paid.
“Dr Accounts Payable” suggests debts payout.

“Cr Accounts Receivable” suggests increases in credit sales.
“Dr Accounts Receivable” suggests credit sales payout by customers.

2. Trial Balance is simply a verification that equal Dr and Cr have been recorded in the accounts. It serves no purpose for decision-making or financial analysis.


3. Errors in Trial Balance: as previously listed in the summary

(Tip: if the difference between 2 TB totals can be divided evenly by 9, then may be either transposition or slide error. “Transposition”: the order of the digits in a number is altered e.g. $2738 instead of $2783. “Slide”: one or more digits in a number were omitted e.g. $273 rather than $2738)

4. To be disclosed in separate notes in the financial statements.

5. Discount allowed: sales discount granted to purchasers, coupled with specified discount terms. To provide incentives for the purchasers to make payments prior to the end of the credit period.

6.

Dr Accounts Payable XXX
Cr Cash at Bank XX
Cr Discount Received X
Cr GST Outlays X (if applicable)
To record prompt payments for inventory purchased and discount received.
(For both perpetual and periodic inventory system)


7.
Dr Sales Returns and Allowances XX
Dr GST Collections X (if applicable)
Cr Accounts Receivable XXX
To record inventory returned by a purchaser


*Reversing entry if following perpetual inventory system

Dr Inventory $$
Cr COGS $$

To store back returned merchandise in inventory



8. Returns Outwards = Purchases Returns and Allowances



Riêng câu 6 em include luôn cái Double Entry cho cái Payment luôn cho tiện.

ketoan@ cho em ý kiến với nhé.
Thanks
 
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K

ke_co_don

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21/3/06
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#6
Em đang định làm mấy câu kiểm tra này của teacher @ nhưng thấy bác Danny trả lời khủng quá nên em rút luôn. Đọc bài của Danny mà tịt luôn! Hic, trình độ em còn còi quá mức, phải học hỏi thêm thoai. Hu hu, khổ thân mình quá xá
 

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