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Cues Notes: 1. Introduction To Accounting Process

The document discusses accounting and the accounting process. It defines accounting as identifying, measuring, and communicating economic information to allow for informed decisions. It then outlines the steps in the accounting process as journalizing transactions, posting them to accounts, preparing worksheets, and producing financial statements.

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61 views2 pages

Cues Notes: 1. Introduction To Accounting Process

The document discusses accounting and the accounting process. It defines accounting as identifying, measuring, and communicating economic information to allow for informed decisions. It then outlines the steps in the accounting process as journalizing transactions, posting them to accounts, preparing worksheets, and producing financial statements.

Uploaded by

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TOPIC NAME

1. Introduction to Accounting Process


DATE

CUES NOTES

 a process of identifying, measuring, and communicating economic


Accounting information to permit informed judgment and decisions by users of
the information.

 The process starts with


Accounting Process 1. identifying business transactions that affect the accounting equation
and their economic impact.
2. After that, these transactions are classified based on their nature,
3. and are summarized and reported to decision makers. Basically, the
steps would simply be:

Journalizing > Posting > Worksheet > Financial Statements


1. Journalizing  is the activity of recognizing the business transaction into the
accounting equation together its economic impact in terms of monetary
value.

2. Posting

 is the process of classifying business transactions into their similar


3. Worksheet accounts.
Preparation
 is the process of making adjustments to the recorded business
transaction to include additional information.
4. Financial
Statements
 are the financial reports that results from the accounting process

Adjusting entries, closing and reversing entries happen along the process.

© templatelab.com
SUMMARY (Brief summary of notes highlighting main ideas in your own words)
Accounting - (IMC)
Accounting Process - Journalizing > Posting > Worksheet > Financial Statements

© templatelab.com

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