Basic financial accounting and reporting by win ballada

1. Basic financial accounting and reporting by win ballada

BASIC FINANCIAL ACCOUNTING AND REPORTING BY WIN BALLADA, CPA (DIGEST NOTES)ACCOUNTING AND ITS ENVIRONMENTDEFINITION OF ACCOUNTING

Is the system that measures business acvies, processes that informaon into reports and communicates the results to decision-makers.

It is called the
“language of business”

It is a service acvity

Provides quantave informaon, primarily nancial in nature, about economic enes that is intended to be useful in making economic decisions

An informaon system that measures, processes and communicates nancial informaon about an economic enty

Is a process of idenfying, measuring and communicang economic informaon to permit informed judgments and decisions by users of the informaon

One of the oldest skills

Art of recording, classifying and summarizing in a signicant manner, and in terms of money, transacons and in events, which are in part at least of a nancial character and interpreng the results thereof.-Accountants can be called the
“scorekeepers of the business”

2. Azardon, Ballada and Castro are partners. their contributions are as follows: Azardon, P600,000; Ballada P400,000 and Castro, services. Partners Arzadon, Ballada and Castro agreed to devide profits and losses in the ratio of 35:25:40, respectively. How should a loss of P100,000 be shared by the partners?​

Answer:

Arzadon, Ballada and Castro are partners. Their contributions are as follows:

Arzadon - P600,000.00

Ballada - 400,000.00

Castro- services

Partners Arzadon, Ballada and Castro agreed to divide profits or losses in the ratio of 35:25:40, respectively and the cipher to get the money.

You should a loss of P40,000 minim wght/ be shared by the partners 130,000