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| − | An '''asset''' is an economic resource owned by a person or company that is expected to provide them future benefits. Examples include, but are not limited to, cash, accounts receivable, supplies, furniture, land, and buildings.
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| − | A '''liability''' is an obligation that will have to be satisfied at some time in the future. Satisfaction of the liability may be by payment of money, transfer of other assets, or the performance of a service.
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| − | '''Example:'''
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| − | Company A bought $10,000 worth of widgets from Company B. Company B says that
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| − | Company A has until the end of the month to pay the $10,000. Company A has a $10,000 liability to Company B.
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| − | '''Example:'''
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| − | Amy sends $25 to Reader's Digest for a year's magazine subscription. Reader's Digest then has a liability to Amy to send her a year's worth of magazines.
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| − | <div class="mw-translate-fuzzy">
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| − | </div>
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| − | A '''debit''' is an entry on the left side of an account. It represents an increase in an asset or expense and represents a decrease in a liability or owner's equity.
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| − | Information about transactions is collected in journals. Typically a business will have a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal (where transactions affecting accounts other than cash are accumulated). ''' Posting''' is the process of transferring the debits and credits recorded in the journals to individual accounts.
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| − | '''Example:'''
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| − | At the end of the week the Cash Disbursements Journal is totaled. Checks totaling $3,694.32 were written that week. $2,075.00 of those checks were written to pay bills (Accounts Payable) and $1,000 was written in salary checks to employees. The remaining $619.32 was used to purchase office supplies. The bookkeeper would post a debit of $2,075.00 to Accounts Payable, a debit of $1,000 to Salary Expense, a debit of $619.32 to Office Supplies Expense, and a credit to Checking Account of $2,075.00.
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| − | A '''trial balance''' is a listing of all the business's accounts with their balance at a specific date and time. It is used as a check to determine that both sides of each double-entry transaction have been posted. Asset and expense accounts (accounts that normally have a debit balance) are added together in one column. Liabilities, owner's equity, and income accounts (accounts that normally have a credit balance) are added together in another column. If the bookkeeper has added and subtracted properly, the two columns should have equal totals.
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| − | A '''voucher''' is basically a "permission slip" authorizing a transaction. It details the transaction approved and is signed by one or more company officials with authority to approve the transaction. At a minimum the voucher would show what item(s) may be purchased and at what price per unit.
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| − | An '''invoice''' is an itemized bill with detailed list of goods shipped or services provided, each with their individual costs. For example, the invoice might show that a company bought 10 trashcans @ $15.00 a piece and 2 packages of trash can liners at $7.00.
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| | {{ansreq|page={{#titleparts:{{PAGENAME}}|2|1}}|num=2i}} <!--T:22--> | | {{ansreq|page={{#titleparts:{{PAGENAME}}|2|1}}|num=2i}} <!--T:22--> |
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| − | '''Interest''' is a charge made for the use of money. It is usually expressed in an annual percentage rate (APR). One may pay interest (such as on a mortgage loan) or earn interest (such as from money deposited in a savings account).
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| | <!-- 3. ¿Cuál es la diferencia entre contabilidad por partida doble y contabilidad por partida sencilla? --> | | <!-- 3. ¿Cuál es la diferencia entre contabilidad por partida doble y contabilidad por partida sencilla? --> |
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| − | In single-entry bookkeeping, the effect of a transaction ''on one account only'' is recorded. For example, if a business spent $7 million to buy a new office building, a $7 million decrease to cash would be recorded. This could be compared to when an individual writes a check and records it in his or her checkbook.
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| − | Single-entry bookkeeping is '''not''' a prevalent method used in business. All definitions in the section above presume that double-entry bookkeeping is being discussed.
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| − | Double-entry bookkeeping recognizes that a transaction has several effects. While the purchase of the office building mentioned above did decrease the business's cash by $7 million it also increased the business's assets by $7 million -- they now own an office building that hopefully is worth $7 million.
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| − | (Note that it is more likely that the business would not have $7 million cash on hand and would obtain a mortgage loan for the purchase. Cash was used in this example for simplicity's sake.)
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| | <!-- 4. ¿Qué educación es necesaria para ser un contable? ¿Qué otra educación es útil para una carrera de contaduría? --> | | <!-- 4. ¿Qué educación es necesaria para ser un contable? ¿Qué otra educación es útil para una carrera de contaduría? --> |
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| − | One could become a bookkeeper having only taken a high school bookkeeping course, given the computer software currently available. This would be especially true of a bookkeeping position at a very small business. A two-year degree at a technical college would probably open up bookkeeping jobs at a somewhat larger company or as a paraprofessional at an accounting firm. Other courses that further one's understanding of business are helpful in advancing in one's career. These would include economics and marketing, which are part of the course work needed to earn one's Bachelor's degree in accounting.
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| − | A person who has enjoyed being a bookkeeper may well enjoy furthering their education and becoming an accountant. The job accountant can cover''' many''' different types of jobs including C.F.O. (Chief Financial Officer) of a company, a C.P.A. (Certified Public Accountant) auditing businesses' financial statements, a tax return preparer, or a financial advisor to wealthy individuals.
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| | {{ansreq|page={{#titleparts:{{PAGENAME}}|2|1}}|num=6}} | | {{ansreq|page={{#titleparts:{{PAGENAME}}|2|1}}|num=6}} |
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| − | <!-- 6. Conduct an interview with your church treasurer, asking the following questions: <br />a. How much time do you spend each week at your job as church treasurer? <br />b. What do you do with the money collected in the offering plates? <br />c. How do you keep track of who contributed how much money? <br />d. What money is sent to the conference? <br />e. What money is kept in our local church? <br />f. Are your records ever reviewed by an accountant? How often? <br />g. How do you report the church finances to the church board? <br />h. How do you report the church finances to the conference? --> | + | <!-- 6. Realizar una entrevista con el tesorero de la iglesia, haciéndole las siguientes preguntas: --> |
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| − | Make arrangements with your church treasurer well ahead of time so that she has plenty of time to work you into her schedule. Be flexible in scheduling your guest's time with your club. It may be necessary to have "honor time" earlier or later in the meeting to accommodate her schedule. Remember (and remind your Pathfinders) that she is doing you a favor by taking time out of her schedule to help you with this requirement. You may wish to provide the questions to her in advance so she doesn't have to come up with the answers on the spot. Write the questions down on index cards and pass them out to your Pathfinders so that they can take turns asking them.
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| | {{CloseReq}} <!-- 6 --> | | {{CloseReq}} <!-- 6 --> |
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| − | ==About the Author==
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| − | Virginia Thomas, C.P.A.,received her B.S. in Accounting from George Mason University in 1988. Her work experience includes public accounting firms Laventhol & Horwath and Hariton, Mancuso, & Jones.
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| − | [[Category:Adventist Youth Honors Answer Book|{{SUBPAGENAME}}]]
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| | {{CloseHonorPage}} | | {{CloseHonorPage}} |
