Scribd
Upload
183 views6 pages

Financial Accounting Assignment Overview

This document appears to be an assignment from a financial accounting course. It includes multiple choice questions and exercises answered by students named Abraam Fahmy and Amany Fayek. The questions and exercises cover topics from chapters 1 and 2, including the basic accounting equation, journal entries, debits and credits, the duality principle, and distinguishing between different types of accounts such as assets, liabilities, and equity.

Uploaded by

abraam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
183 views6 pages

Financial Accounting Assignment Overview

This document appears to be an assignment from a financial accounting course. It includes multiple choice questions and exercises answered by students named Abraam Fahmy and Amany Fayek. The questions and exercises cover topics from chapters 1 and 2, including the basic accounting equation, journal entries, debits and credits, the duality principle, and distinguishing between different types of accounts such as assets, liabilities, and equity.

Uploaded by

abraam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Financial Accounting

Assignment 1 (Chapter 1&2)


Prepared by
Abraam Fahmy & Amany Fayek
M1-1
(1)-(B)

(2)-(D)

(3)-(A)

(4)-(C)

(5)-(C)

(6)-(D)

(7)-(A)

(8)-(D)p

E1-2
(1)-(A)

(2)-(A)

(3)-(R)

(4)-(L)

(5)-(L)

(6)-(SE)

(7)-(E)

(8)-(E)

(9)-(E)

(10)-(L)

(11)-(A)

(12)-(A)

(13)-(L)

(14)-(A)

(15)-(E)
E2-1

1-E

2-F

3-B

4-P

5-L

6-M

7-S

8-H

9-I

10-Q

11-O

12-A

13-C

14-W

15-D

16-J

17-N

18-U

19-T

20-R
E2-2
1-

a- Cash (A), Received – Contributed Capital (SE), Given.


b- Cash (A), Given – Equipment (A), Received.
c- Nothing, it is a PO.
d- Equipment (A), Received – Note Payable (L), Received.
e- Cash (A), Given – Equipment (A), Received.
f- Cash (A), Given – Intangibles (A), Received.
g- Cash (A), Given – Retained Earnings (SE), Received.
h- Cash (A), Given – Land (A), Received.
i- Intangibles (A), Received - Cash (A), Given - Note Payable (L), Received.
j- Nothing, it is for personal use.
k- Investments (A), Received – Cash (A), Given.
l- Cash (A), Received - Note Payable (L), Received.
m- Cash (A), Given - Note Payable (L), Given.

2-

18,000 & 50,000 & Historical Cost Principle.

3-

Duality of effects & Separate entity


E2-12
Date Account Title Ref Debit Credit
(in million euros)

Retained Earnings (SE) c 694


Cash (A) c 694

Cash (A) d 2,655


Note Payable (L) d 2,655

Cash (A) e 285


Equipment (A) e 285

Equipment (A) f 1,255


Cash (A) f 970
Note Payable (L) f 385

Investments (A) g 2,220


Cash (A) g 2,220

a. Dividends not yet paid - No Duality of Effects.


b. PO without receiving equipment - No Duality of Effects.
P2-1
1- CL, Credit.
2- CA, Debit.
3- SE, Credit.
4- NCA, Debit.
5- CL, Credit.
6- NCL, Credit.
7- CA, Debit.
8- NCA, Debit.
9- SE, Credit.
10- CA, Debit.
11- NCA, Debit.
12- CA, Debit.
13- CL, Credit.
14- NCA, Debit.

You might also like