Sunday, February 16, 2020

THE ACCOUNT CYCLE Research Paper Example | Topics and Well Written Essays - 750 words

THE ACCOUNT CYCLE - Research Paper Example This is done so that non-accounting professional would be able to comprehend the journal entries themselves and to make it easier for them to read the financial records. As soon as these transactions take place, they are recorded in the day books or books of prime entry. After a predetermined interval, the balances in the books of prime of entry are summed up and posted to ledger accounts. These ledger accounts are generally prepared in T-form, each having a debit and credit side. There are five categories of accounts, which include: assets, liabilities, revenues, expense and capital. There are also separate journals for each category for accounts. They include general journal, purchase ledger and sales ledger. The balances of these ledgers appear either on debit or credit side based on the type of accounts. Capital account usually has a credit balance. Similarly, liabilities and revenue accounts have credit balances, whereas expense and asset accounts have debit balances. However, t he main task of accountants is to determine the type of entry and determine the double entry accounts that are going to be used in each transaction. Sometimes, whenever accountants forget to make a double-entry of a transaction, they can still reconcile the accounts at a later date using the available records. At the end of the period, all the accounts, which are made in T form are balanced. The balance of each of these accounts is then posted to trial balance. The accounts having a debit balance is posted on debit side of a trial balance, whereas accounts having credit balance is entered on the credit side of the trial balance. Accounts which have equal debits and credit and there is no balance are ignored and not posted in trial balance. At the end of the period ending and closing entries are recorded in the journal format and then posted to the trial balance to prepare the adjusted trial balance. This is done to give a better picture of a business transaction.

Sunday, February 2, 2020

Webquest Assignment Example | Topics and Well Written Essays - 1000 words

Webquest - Assignment Example In his theory of cognitive development, Piaget relates the development process of children to different cultures and visualizes their environments of growth. Piaget describes the development stages to undergo the following process Assimilation - Assimilation stage is acquired at birth when a child conceptualizes the reflexes that transform gradually pertaining to the environment where one grows up. It mainly constitutes determination of schema that varies according to a particular situation (Wadsworth, 2004). Equilibrium - Piaget describes equilibrium as determinants enhancing human development process. Piaget articulates that it is never a direct process because different challenges are associated with it. For instance, every stage of development that is coupled by retarded challenges may require replacement by alternative schemas (Wadsworth, 2004). Oral stage - It requires the development stage of duration from birth to a maximum of 1 year. This period determines the principle part of social development where the body seeks to acquire its form of pleasure thus entail behaviors such as chewing of button and biting of nails (Seorang, 2014). Anal stage - This is the stage between one to two years where much of the development is relayed on mastery of the right behavioral practices. At this stage, for instance, a child gets to understand toilet manners and desist from attending to their clothes (Seorang, 2014). Phallic stage - It forms the third stage of human social and emotional development. It mainly focuses on sexuality and the determinants to identify the difference in the genital composition. According to Sigmund, the scene draws many conflicts as boys develop sexual feelings towards their mothers with a comparative fear that their fathers’ who are against such feelings may punish them (Seorang, 2014). Latency stage - This stage embraces numerous skills development and related activities with much sexual motivation