Fund Acc Exercise Workbook Final PDF

Preview

Summary

a short piece of writing that is used to help someone remember something. : an informal written record of things that are said and done. : a short piece of writing that gives you information : a brief comment or explanation....

Description

SAP B1 on Cloud – Fundamentals of Accounting

Fundamentals of Accounting EXERCISE WORKBOOK

F FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

Page 1 / 33 5615f6b03525b32a5632dc86d9496462.docx printed on 6/19/2021 13:23 a6/p6

SAP B1 on Cloud – Fundamentals of Accounting

Table of Contents 1. Basic Navigation.......................................................................................................................................4 Exercise 1.1..............................................................................................................................................4 Exercise 1.2..............................................................................................................................................4 2. Introduction to Fundamentals of Accounting..........................................................................................5 Exercise 2.1..............................................................................................................................................5 3. Chart of Accounts....................................................................................................................................6 Exercise 3.1..............................................................................................................................................6 4. Subsidiary Ledgers...................................................................................................................................7 Exercise 4.1..............................................................................................................................................7 5. The Accounting Cycle...............................................................................................................................8 Journalizing..................................................................................................................................................8 Exercise 5.1..........................................................................................................................................8 Exercise 5.2..........................................................................................................................................9 Manual Journal Entry and Journal Vouchers..........................................................................................10 Exercise 5.3........................................................................................................................................10 Exercise 5.4........................................................................................................................................11 Exercise 5.5........................................................................................................................................12 Exercise 5.6........................................................................................................................................13 Special Journals (Purchase)....................................................................................................................14 Exercise 5.7........................................................................................................................................14 Exercise 5.8........................................................................................................................................15 Exercise 5.9........................................................................................................................................16 Special Journals (Disbursements)..........................................................................................................17 Exercise 5.10......................................................................................................................................17 Exercise 5.11......................................................................................................................................18 Exercise 5.12......................................................................................................................................19 Special Journals (Sales)..........................................................................................................................20 Exercise 5.13......................................................................................................................................20 Exercise 5.14......................................................................................................................................21 F FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

Page 2 / 33 5615f6b03525b32a5632dc86d9496462.docx printed on 6/19/2021 13:23 a6/p6

SAP B1 on Cloud – Fundamentals of Accounting

Exercise 5.15.........................................................................22 Special Journals (Collection)..................................................................................................................23 Exercise 5.16......................................................................................................................................23 Exercise 5.17......................................................................................................................................24 General Ledger..........................................................................................................................................25 Exercise 5.18......................................................................................................................................25 Adjusting Entries........................................................................................................................................26 Exercise 5.19......................................................................................................................................26 Exercise 5.20......................................................................................................................................27 Exercise 5.21......................................................................................................................................28 Unadjusted Trial Balance...........................................................................................................................29 Exercise 5.22......................................................................................................................................29 Adjusted Trial Balance...............................................................................................................................30 Exercise 5.23......................................................................................................................................30 Financial Statements.................................................................................................................................31 Exercise 5.24......................................................................................................................................31 Exercise 5.25......................................................................................................................................32 Period End-Closing.....................................................................................................................................33 Exercise 5.26......................................................................................................................................33

F FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

Page 3 / 33 5615f6b03525b32a5632dc86d9496462.docx printed on 6/19/2021 13:23 a6/p6

SAP B1 on Cloud – Fundamentals of Accounting

1. Basic Navigation Exercise 1.1 Fill each blank with the appropriate words or terminologies that will make the statements correct. 1. The ______________ displays at the top of the screen. It contains the Windows standard menu (File, Edit, W window, Help) as well as generic SAP Business One functions. Menu Bar 2. The _____________ is a collection of icon buttons that grant you easy access to commonly-used functions. Tool Bar 3. Navigation in SAP Business One is done using the _____________. It arranges the functions of the individual applications in a tree structure. Modules Menu 4. The users of SAP Business One are defined in the _____________ window. User-Setup 5. Accessing SAP Business One on Cloud is done using _____________ like Google Chrome, Mozilla Firefox or Safari. Web Browsers

Exercise 1.2 Identify the terminologies being described by each sentence. 1. This is a business management software that allows an organization to use a system of integrated applications to manage the business. It aims to serve as a backbone for your whole business. ERP System

2. This is also known as Internal Cloud, is a cloud based infrastructure operated exclusively for a single organization with all data protected behind an internal firewall. Private Cloud 3. This is also known as External Cloud, is available to the public where data are created and stored on third-party servers. Public Cloud 4. This is a key feature of cloud computing where resources can be accessed anywhere (except on limitations set by company's internal control). Location Independence 5. This the place where SAP, a European multinational software corporation, was founded in 1972. Waldorf Germany

F FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

Page 4 / 33 5615f6b03525b32a5632dc86d9496462.docx printed on 6/19/2021 13:23 a6/p6

SAP B1 on Cloud – Fundamentals of Accounting

2. Introduction to Fundamentals of Accounting Exercise 2.1 Fill each blank with the appropriate words or terminologies that will make the statements correct. 1. _____________ is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. Accounting 2. _____________ is known as the Father of Accounting. Fra Luca Pacioli 3. A _____________ an organization that uses economic resources or inputs to provide goods or services to customers in exchange for money or other goods and services. Business Entity 4. _____________ is the fundamental concept underlying present-day bookkeeping and accounting. This is based on the fact that every financial transaction has equal and opposite efects in at least two diferent accounts. Double Entry Bookkeeping 5. _____________ is the concept that accounting transactions should be recorded in the accounting periods when they actually occur, rather than in the periods when there are cash flows associated with them. Accrual Principle 6. _____________ is the concept that a business will remain in operation for the foreseeable future. Going concern principle 7. _____________ is the concept that the transactions of a business should be kept separate from those of its owners and other businesses. Economic entity principle 8. _____________ is the concept that a business should only record transactions that can be stated in terms of a unit of currency. Monetary Unit Principle 9. _____________is the concept that you should include in or alongside the f inancial statements of a business all of the information that may impact a reader's understanding of those financial statements. Full Disclosure Principle 10. Double entry bookkeeping is used to satisfy the equation that Assets = ______+_______. Liabilities + Equity

F FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

Page 5 / 33 5615f6b03525b32a5632dc86d9496462.docx printed on 6/19/2021 13:23 a6/p6

SAP B1 on Cloud – Fundamentals of Accounting

3. Chart of Accounts Exercise 3.1 Fill each blank with the appropriate words or terminologies that will make the statements correct. 1. _____________ is a financial organizational tool that provides a complete listing of every account in an accounting system. Chart of Accounts 2. An _____________ is a unique record for each type of asset, liability, equity, revenue and expense. Account 3. The _____________ accounts reflect the monitory value of the company - stock, assets, debt, etc. These accounts are carried over from one fiscal year to the next. Balance Sheet/Permanent 4. _____________ accounts has to be cleared at the end of each fiscal year through Period End Closing process. Profit and Loss/Income Statement/Temporary 5. Chart of Accounts of SAP Business One can be viewed and managed through the _____________ module. Financial

F FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

Page 6 / 33 5615f6b03525b32a5632dc86d9496462.docx printed on 6/19/2021 13:23 a6/p6

SAP B1 on Cloud – Fundamentals of Accounting

4. Subsidiary Ledgers Exercise 4.1 What are the purpose of subsidiary ledgers? A subsidiary ledger is a ledger designed for the storage of specific types of accounting transactions. Once information has been recorded in a subsidiary ledger, it is periodically summarized and posted to an account in the general ledger, which in turn is used to construct the financial statements of a company. By having the details of the accounts receivable activity in a subsidiary ledger, a company can better control its financial information. For example, the credit manager and others in the credit department of a company will have access to any and all of the credit sales information through the subsidiary ledger without having access to any other account in the company‘s general ledger.

F FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

Page 7 / 33 5615f6b03525b32a5632dc86d9496462.docx printed on 6/19/2021 13:23 a6/p6

SAP B1 on Cloud – Fundamentals of Accounting

5. The Accounting Cycle Journalizing Exercise 5.1 Fill each blank with the appropriate words or terminologies that will make the statements correct. 1. _____________ is a record of financial transactions in order by date. It is often defined as the book of original entry. Journal 2. _____________ is a special or specialized journal i s u s e d to record sales of merchandise to customers. Sales Journal 3. _____________ is a special journal used to record money received. Cash Receipts Journal 4. _____________ is a record of all acquisitions made on credit during a period. Purchase Journal 5. _____________ is a record kept by accountants to record all financial expenditures made by a company. Cash Disbursements Journal

F FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

Page 8 / 33 5615f6b03525b32a5632dc86d9496462.docx printed on 6/19/2021 13:23 a6/p6

SAP B1 on Cloud – Fundamentals of Accounting

Exercise 5.2 Record the following transactions using the Manual Journal Entry: On January 20, 2020, the company received billings for the following utilities: Dr. Light Expense P 6,750 Dr. Water Expense P 4,400 Cr. Accrued Expense Payable P 11,150 On January 25, 2020, billings received were paid for cash. Dr. Accrued Expense Payable Cr. Cash on Hand

P 11,150 P 11,150

Insert the screenshot of your output here:

F FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

Page 9 / 33 5615f6b03525b32a5632dc86d9496462.docx printed on 6/19/2021 13:23 a6/p6

SAP B1 on Cloud – Fundamentals of Accounting

Manual Journal Entry and Journal Vouchers Exercise 5.3 Record the following transactions using the Manual Journal Entry: On February 10, 20XX, the owner of the company had an additional cash investment of P 500,000, deposited on the company’s BDO Bank Account. Dr. Cash in Bank – BDO P 500,000 Cr. Aquino, Capital P 500,000 Insert the screenshot of your output here:

F FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

Page 10 / 33 5615f6b03525b32a5632dc86d9496462.docx printed on 6/19/2021 13:23 a6/p6

SAP B1 on Cloud – Fundamentals of Accounting

Exercise 5.4 Record the following transactions using the Manual Journal Entry: On March 15, 20XX, the owner withdrawn some of his cash investment to pay for his personal expenses amounting to P 25,000. The Disbursement Officer withdrew the amount from the company’s BDO account. Dr. Aquino, Drawing P 25,000 Cr. Cash in Bank - BDO P 200,000 Insert the screenshot of your output here:

F FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

Page 11 / 33 5615f6b03525b32a5632dc86d9496462.docx printed on 6/19/2021 13:23 a6/p6

SAP B1 on Cloud – Fundamentals of Accounting

Exercise 5.5 Record the following transactions using the Manual Journal Entry: On March 30, 20XX, the company recorded a Salary Expense worth of P 100,000, paid for through the company’s BDO Bank Account: Dr. Salaries and Wages

P 100,000

Cr. Cash in Bank, BDO

P 100,000

Insert the screenshot of your output here:

F FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

Page 12 / 33 5615f6b03525b32a5632dc86d9496462.docx printed on 6/19/2021 13:23 a6/p6

SAP B1 on Cloud – Fundamentals of Accounting

Exercise 5.6 Create the following entries in journal entry through the journal vouchers. Date April 01, 20XX April 02, 20XX April 03, 20XX

Transaction Sansa Aquino invested office equipment for the business The owner invested additional cash through a bank deposit in Metrobank Paid transportation for business related travels

Amount Php 850,000 Php 72,000 Php 1,750

Submit the screenshot of the journal voucher created and the transaction journal report from April 01, 20XX – April 03, 20XX. Insert the screenshot of your output here:

F FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

Page 13 / 33 5615f6b03525b32a5632dc86d9496462.docx printed on 6/19/2021 13:23 a6/p6

SAP B1 on Cloud – Fundamentals of Accounting

Special Journals (Purchase) Exercise 5.7 On April 10, 20XX, the company received the billing from PLDT worth Php 11,200 (tax inclusive). It is to be recorded as Communication Expense on the A/P invoice. Screenshot the journal entry created from the A/P invoice. Insert the screenshot of your output here:

F FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

Page 14 / 33 5615f6b03525b32a5632dc86d9496462.docx printed on 6/19/2021 13:23 a6/p6

SAP B1 on Cloud – Fundamentals of Accounting

Exercise 5.8 On April 11, 20XX, the company received the billing from Philhealth, worth P 3000, ...