Account Titles Presentation

8/11/2019 Account Titles Presentation

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A Activity Proper

B Abstraction

C Application/Seatwork

E Assignment

D QUIZ


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Answer the following question with your group

mates in pad paper.

1. It is the amount of collectible from

customers or clients.

a) Notes Receivables

b) Cash

c) Accounts Receivables


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2. Heavy metallic and movable items that arecapable of performing certain functions or

used to perform certain function.

a) Merchandise Inventory

b) Machinery and Equipment

c) Tools


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3. Obligations to suppliers for items boughtand are not supported by promissorynotes.

a) Expense Payable

b) Accounts Payable

c) Notes Payable


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4. This account title is used for withdrawalmade by the owner.

a) Accounts Payableb) Owners Capital

c) Owners Drawing


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5. The amounts of rentals incurred based onoccupancy of space or usage of property

and equipment.

a) Service Income

b) Rent Expense

c) Tools Expense


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Account Titlesare the terms used to identify thespecific element of accounting to be used in the

recording process. Proper identification is

necessary right at the recording phase they arebrought forward to accounting reports.


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Cash currency (bills and coins), checkspostal money orders and treasury warrants

received by the business.

Accounts Receivable (AR) amounts

collectible from the customers or clients (for

goods sold and services rendered) in this

account is not supported by promissory notes


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so that it is often referred to as arising from

sales open account

Merchandise Inventory (MI)goods

acquired for sale and are still unsold.

Notes Receivable (NR)Amounts collectible

that are covered by promissory notes.

Prepaid Expenseexpenses to be incurredyet


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in the future but are already paid.

Example:Prepaid rent, Prepaid Interest,

and Prepaid Insurance.

Unused Suppliessupplies that are stillunused as of the end of an accounting

period.

Landland acquired by the business for itsuse.


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Buildingstructures of edifices acquired foruse of the business.

Machinery and Equipment Heavy metallic

and movable items that are capable ofperforming certain functions or used to

perform certain functions.

Examples: Sewing Machine, Cutting

Machines a computers.


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Delivery Equipmentswheeled items used inmaking deliveries to customers or clients.

Example: Van and trucks

Furniture and Fixtures (F/F) This account

title is used in referring to movable items

significant value and acquired to improve the

workable condition of place


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such as tables, chairs, electric fans and air

conditioners.

ToolsHandy, small and usually metallic

items used in performing certain functions

such as saws, hammers, pliers, scissors,screw drivers, and jacks. Tools in general,

have long useful life but do not have

significant to peso value.


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LiabilitiesAccounts Payable (A/P)obligations tosuppliers for items bought and are not

supported by promissory notes. It is often

referred to as arising from purchase on

open accounts.

Notes Payable (N/P)obligations covered

by promissory notes.


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Expenses Payable (Accrued Expenses)obligations for expenses already incurred

but not yet paid.

Loans Payableobligations arising from

loans obtained.


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Owners EquityOwners Capitalcapital of the sole

proprietor in his business. If the owner is

Jose P. Gonzales, the account becomesJose P. Golez, Capital. At the end of the

accounting period, it is adjusted for

withdrawals and net income ( net loss).


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Owners Drawingthis account title isused for withdrawals made by the owner.

If the owners name is Jose P. Golez, the

account title is Jose P. Golez, Drawing or

Jose P. Golez, Personal.


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RevenueService Incomerevenue realized by

providing services to customers.

Fees Incomerevenue realized by providingprofessionals service to clients.

Example: legal , dental, and medical fees.

Salesrevenue from sale of goods that were

previously acquired for sale.


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ExpensesTaxes and Licensescost of permits and

taxes incurred.

Advertising Expenseincurred in making

the public aware of the goods and

services being offered by the business.

Example: advertisement in the news

paper, and through radio and television.


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Salaries and Wagesthe compensation

earned by employees for service rendered tothe business.

Supplies Expensecost of supplies already

used.

Light, power and watercost of light,

power and water consumption as indicated

on bills presented by utility company.


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Telephone and Telegramtelephone and

telegraph charges as indicated on bills

presented by telecommunications

companies.

Rent Expensethe amount of rentals

incurred based on occupy of space or

usage of property equipment.


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Tools Expensecost of goods treated asexpense.

Depreciation expensethe portion of

property cost allocated to an accounting

period.

Insurance ExpenseInsurance premiums

related to current period.


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Bad Debtsprovision for uncollectiblereceivables.

Miscellaneous Expensethe different

minor expenses incurred and for which no

specific account title has been adopted.


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Seatwork. Write in pad paper.Instruction: Classify the following account title

according to Assets, Liabilities, Owners Equity

CHOICES

Furniture, Prepaid Expense, Dental Fees,

Supplies Used, Salaries Expense,

Loans Payable, Service Income,

Cruz Personal, Notes Receivable,

Notes Payable, Accounts Payable.

ASSETS LIABILITES OWNERS EQUITY


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Answers

ASSETS LIABILITIES OWNERS EQUITY

Furniture Loans Payable Dental Fees

Prepaid Expense Notes Payable Salaries Expense

Notes Receivable Accounts Payable Service Income

Cruz Personal

QUIZ


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Identify the following account titles. Write Asset,

Liability, Owners Equity and Revenue.

______1. Cash

______2. Service Income

______3. Dentals Fees

______4. Expenses Payable

______5. Accounts Receivables

______6. Buildings

______7. Notes Payable

______8. Cruz, Capital

1. Assets

2. Revenue

3. Revenue4. Liability

5. Assets

6. Assets

7. Liability

8. Owners

Equity

QUIZ


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Assignment:Identify the account titles in the

given statements.

1. Cost of placing advertisements is new paper.

2. Rentals incurred for spaces being used.

3. Revenue earned by professionals for servicerendered to clients.

4. Receivables covered by promissory notes.

5. Withdrawals by the sole proprietor J.Rizaldy.


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PRESENTE BY:

MS. LOUISSE MARCELINO AREVADA

Account Titles Presentation

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Transcript of Account Titles Presentation