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Accounting

Accounting. Week 11 & 12. Assets = Liabilities + Owners’ Equity. Single-entry /Double-entry Bookkeeping. ?. Accounting Equation. Account categories. Financial Transactions. Basic terms & concepts. Asset accounts Liability accounts Owners’ equity accounts Revenue accounts

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Accounting

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  1. Accounting Week 11 & 12

  2. Assets = Liabilities + Owners’ Equity Single-entry /Double-entry Bookkeeping ? Accounting Equation Account categories Financial Transactions Basic terms & concepts Asset accounts Liability accounts Owners’ equity accounts Revenue accounts Expense accounts Posting transactions General Ledger Balance Sheet Chart of Accounts Income statement (Profit and Loss Statement)

  3. Accounting Financial (FI) Managerial (CO) External reporting Certain Statutory Requirements • Internal Management Reporting • Cost Center Accounting • Overhead Expense allocation • - Product Costing • - Profitability Analysis

  4. Example Uses raw materials for production Charge cost against Production Order • Product cost • Cost in profit center • Profitability calculations

  5. Example Pay utility bills Charge cost against Cost Center Eventually allocated to: • Product cost • Profitability calculations

  6. How to Allocate Overhead Cost? Marketing Finance Purchasing 2,000 sqft 2,500 sqft 1,000 sqft Rent: $100,000 Statistical Key Figure Distribution

  7. How to Allocate Overhead Cost? Utility bills Marketing Finance Purchasing 20% 40% 40% Cost: $10,000 Percentages Assessment

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