Accounting Names and Numbers Homework Answers
Chart of accounts is a produced list of various accounts which is assigned with a name and a number by which it can be easily recognised. It specifies the class of each product and services for which cash or any valuables is received or spent. It coordinates the monetary resources or funds of the organisation and also isolates the expenses, revenue, assets and liabilities for presenting financial situation of the company in a superior way.
It includes account description and all the transaction taking place. As it includes remembering the codes which make it hard for the students to remember and they need the accounting names and numbers homework answers help.
As students need to understand that Account is characterised by its name, number, subtitle or title. Account number can be of five or more digits, and it is important that each digit typifies the firm, type of account, administrative division, etc.
Most of the people like naming their account and avoid using number as it is a traditional way. In accounting community it is must to number your account as it helps in identifying it and in entrepreneurial community naming the account is mandatory. Essentially, using an account number or name would not affect the quality of work.
Â Advantages of naming an account:
- Names are easy to remember than numbers
- Account number is more time consuming than account names
- Account lined up in alphabetic order looks more sequentially
A better glimpse of this can be found in manuals as accounting names and numbers homework answers.
Types of accounts:
- Assets: It includes all the properties a firm have and expenses of the organisation such as land, building, machinery, etc.
- Liabilities: The amount which an organisation is obliged to pay to creditors or the amount by which an organisation is indebted with. Example: loans and payable
- Equity: The proprietor’s right to assert for the assets of the organisation such as capital expenses
- Revenue: It represents the earning of an organisation by sale of goods and services. Accounting names and numbers homework answers tip: sale of goods and services- revenue directly connected to daily operations.
*Expenses: Decrease in proprietor’s market value of a property resulting from fixed assets, price of goods and services, etc. Accounting Names and Numbers Homework Answer tip: cost of goods and services sold-cost of the products sold.
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Â Â Â Importance
- Ships money at the right a place–
In an organisation, it is important for the employers and owner are to know where the money is coming and is directly going into their accounts.
- Assures security–
It keeps the cash submitted into the account safely ensuring security of the goods.
- Incorporate all the information–
Charts of account consist of all the information about account and provide it at the right time to the right person at the time owner needs to operate it.
- Included in Journal–
All the account information such as account name, account number, coded number, transactions and all the coded data are admitted in the account book.
Â Account Number
Every account number is unique carrying out various security options. There are various PINS(personal identification number) to maintain the confidentiality of user’s account. It is tough to remember account number so in the beginning before starting any process we can go for the option of account name. It suggests the type of account, its location, department of the firm,etc.
There are various PINS to secure an account:
- Parental control PIN
- Security PIN
- Voice PIN
Function of account number:
- Online payment:
Remembering account number is must as at the time of any online shopping, booking tickets, booking hotels, etc. We need to give account number during the time of checkout only then payment is done.
When we use debit or credit card for any type of payment account number is mandatory asked by the authority. Thus, it is important to remember the account number.
- Account Code:
The 16 digit account number helps in identifying the account holder of the bank account.
Information about Coding
It may be a number, name, collection of both numbers and name which is used to present record and recognise the personal information such as zip code to identify the address of a particular place, telephone codes to find out telephone number of particular place, etc.It is related to any account, object, place only then a code has any meaning otherwise it is meaningless.
Features of Perfect codes:
Code must be different and unique as it related to personal details of a person containing all the important data such as avoid keeping a code by your name or birth date because such things can easily be recognised.
It uses your code in similar way you do to maintain the uniformity of the format.
Coding must be prÃ©cised and strictly correct combining numbers and names or may be alphanumeric. If the codes are dealt in wrong way, it may create problem for consumers.
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