Anyone lost at ACCT1501? (1 Viewer)

[Eagles]

I'm not too sure about this, but lets consider a positive number for revenue - expense (ie - the net profit). So, there is greater figure in revenue (which is a credit account). As you close off this credit account, you debit it. And cr retained earnings (which is your OE account, and one that also increases with a cr).

Having said that, I think you close off all revenue accounts and all expense accounts separately to a p/l summary account, rathat than close off net profit. That is the way I've learnt it.

Yeah, that'll be right. I've forgoten all about the p & l summary hahah..
I blame silly myob accoutants office

 

[seremify007]

This wk's tute hw for Acct1501 was a real *****! Stayed up till 1am finishing it... and turns out noone else in my class did it at all. But at least I got it all right ... grr.. stupid thing wouldn't balance for ages because I made a typo ><

 

[know_it_all]

hey i cant make it to pass classes cos im a cadet
do they give u like notes or something that i could pick up from somewhere?

 

[redslert]

hey i cant make it to pass classes cos im a cadet
do they give u like notes or something that i could pick up from somewhere?

No there isn't because if there was then no one would be showing up to class.
What you can do is get in contact with one of the PASS Leaders and try to get them to email you the notes each week.

 

[addz]

yo redslert, who r u?

i'm a pass leader too, if u can't figure out who i am, shame on you

 

[redslert]

yo redslert, who r u?

i'm a pass leader too, if u can't figure out who i am, shame on you

I don't think I know you. Are you doing accounting pass?
I'm doing QMA/QMB...

 

[Eagles]

I don't think I know you. Are you doing accounting pass?
I'm doing QMA/QMB...

hawhawhaw, lies

 

[mr_shittles]

hey i cant make it to pass classes cos im a cadet
do they give u like notes or something that i could pick up from somewhere?

Unfortunately, PASS leaders are not allowe to give out notes to students because Caitlin strictly does not allow it. If the current PASS times aren't convenient for cadets, if you and a few friends email Caitlin, and you have a time that is convenient, she might oblige and set up a new class.

 

[redslert]

hawhawhaw, lies

Bah! What ever!

Stop picking on me!!:mad1:

 

[turtleface]

The only thing that fucked my up was when Claudia said that in Accounting when Assets go up they're called debits and when they go down they're called credits. Now that is the most retarded thing I have ever heard.

No its quite correct, and logical, continue reading this post

I absolutely agree with Minai. Everyone must forget the common use of the terminology debit & credit. It will make more sense when you have to reconcile accounts at the end of the financial year. DEBIT always increase in ASSETS, CREDIT always increase in LIABILITIES. Just relate to the formula A=L+OE

Actually, the common use of debit and credit is consistent with Accounting

yeh thats actually my main "what the fuck", initially she talks about debits/credits i get her, then she flipped terminology without me realising so she refers too it in its opposite sense and i had no idea why so i thought she was on drugs

But fuck, you're right. Assets going up SHOULD be a credit because you've sort of gained, but it's the opposite. Quite bullshit.

No, you're wrong!

LOL I'll be stuffed trying to explain why increase in Asset is called a debit... feel sorry for the PASS people.

I would think of it as, when you are taking on debt (Liabilities) you are getting Credit, but this will actually be a debt to pay back, so in Assets this is a Debit.

er...see below

I think you guys are confused (about debits increasing assets) cause for your bank accounts, and on your bank statements, when your cash goes down its a debit (despite accounting saying when your cash goes down, its a credit). I think this is like the no.1 issue first year accounting students have.

this should give the answer to your questions, although the author says he/she's unsure whether he/she is correct, I've checked and it is correct.

read the last page (page 8) of this document: http://www.geocities.com/trekkieaccountant/ara_rr1.pdf.
It talks about this difference. Hopefully it will clarify the confusion for you!
Warning: big file, 174K may take a while to load

 

[Raginsheep]

Short answer is because the bank statement is prepared from the bank's point of view; not the account holder's.

 

[turtleface]

Short answer is because the bank statement is prepared from the bank's point of view; not the account holder's.

thanks lol

I always like to back up my points though, with evidence, even if in this case its a first year student's opinion

 

[redruM]

No its quite correct, and logical, continue reading this post



Actually, the common use of debit and credit is consistent with Accounting




No, you're wrong!


er...see below

I think you guys are confused (about debits increasing assets) cause for your bank accounts, and on your bank statements, when your cash goes down its a debit (despite accounting saying when your cash goes down, its a credit). I think this is like the no.1 issue first year accounting students have.

this should give the answer to your questions, although the author says he/she's unsure whether he/she is correct, I've checked and it is correct.

read the last page (page 8) of this document: http://www.geocities.com/trekkieaccountant/ara_rr1.pdf.
It talks about this difference. Hopefully it will clarify the confusion for you!
Warning: big file, 174K may take a while to load

I'm a third year, but thanks for that link.

Having a really strong understanding of the basics is incredibly important when you go on to do further accounting subjects.

 

[Raginsheep]

thanks lol

I always like to back up my points though, with evidence, even if in this case its a first year student's opinion

It's Claudia's answer so it must be right.....

 

[yook]

i just started studying for acct and now its hit me how awful i ammmm...
i did the multi choice on webct.. and i dont know how to calculate dividends...?! any idea??

 

[blackfriday]

which question?

 

[yook]

this question..

 

[Jago]

revenue = 500
exp = 650
profit = -150

retained profits @ dec = 225
retained profits @ jan = 400
final retained profit = -175

the difference between those two is the dividends. aka (a)

p.s. im sure i used the wrong phrasing but the mathematics should be sweet

 

[yook]

thanks jago

its much clearer now

 

[blackfriday]

if anyone has tried the 2005 paper from webct, please let me know how you did qs 1-3 and 46-50.