Page 5 - Account for Ag - 2019
P. 5
CONTENTS
I. INTRODUCTION TO ACCOUNTING FOR AGRICULTURE
CHAPTER ONE: INTRODUCTION
The Art of Accounting - Use of Accounting Data - Accounting and Bookkeeping - Accounting as a
Profession - The Study of Accounting- Objectives of Records & Accounts - Types of Records -
Recording Transactions and Costs - The Cost Principal in Recording Transactions - Property &
Business Operations.
CHAPTER TWO: THE ACCOUNTING EQUATION
and AGRICULTURAL BUSINESS UNIT
The Agricultural Business Unit - Transactions: the Exchange of Assets - Effect of Transactions on
the Accounting Equation - Accounting Statements - The Accounting Period or Fiscal Year.
CHAPTER THREE: THE AGRICULTURAL BALANCE SHEET
Forms of the Balance Sheet - Heading of the Balance Sheet - Classification of Balance Sheet Items -
Classification of Assets - Classification of Liabilities - Proprietorship and Owner Equity on the
Balance Sheet - The Question of Solvency - Balance Sheet Ratios.
II. RECORDING TRANSACTIONS
CHAPTER FOUR: LEDGERS
The Account - Classification of Accounts - Account Summary - Accounts Commonly Used: Asset
Accounts . Liability Accounts . Proprietorship Accounts - Capital Account, Withdrawals Account,
Income Accounts, Expense Accounts - The Chart of Accounts - The numbering of Accounts for
Organization - Sample Chart of Accounts.
CHAPTER FIVE: DOUBLE ENTRY ACCOUNTING &
THE ACCOUNTING EQUATION
Debit and Credit in the Account - Three Column Account Form with Balance Column - The Theory
of Debit and Credit - Income Statement Accounts - Transactions Between Accounts - Increases and
Decreases in Accounts - Analyzing Transactions - Illustration of a Complete Ledger - The Trial
Balance - Bookkeeping Techniques for the Trial Balance - Tips for Locating Errors found in the
Trial Balance - Correcting Errors - Proof Provided by the Trial Balance - Trial Balance and
Accounting Statements - Adjusting Accounts - The WorkSheet - Financial Statements - Adjusting
Entries - Closing Entries - Balancing and Ruling the Accounts - The Post-Closing Trial Balance -
The Accounting Cycle - Interim Statements.
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