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Abc

The document discusses the key steps in accounting transactions which are identifying transactions, recording transactions in a journal, posting to the ledger, preparing a trial balance, making adjusting entries, preparing an adjusted trial balance, creating financial statements, making closing entries, and preparing a post-closing trial balance.

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Janhavi More
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24 views2 pages

Abc

The document discusses the key steps in accounting transactions which are identifying transactions, recording transactions in a journal, posting to the ledger, preparing a trial balance, making adjusting entries, preparing an adjusted trial balance, creating financial statements, making closing entries, and preparing a post-closing trial balance.

Uploaded by

Janhavi More
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Identifying transaction identifyinf step of accounting trancations

Recording transaction in journal concideration must be taken when numbers are inpitted into the debit and credit section
Posting to the ledger the process of enteing all tranctions from the journal to the ledger
Preparing trial balance serves to detect any mathematical errors that have occurred in the double entry accounti
Adjusting entries an entry made to assign the right amount of revenue and expenses to each accounting pe
Adjusted trial balance an entry made to assign the right amount of revenue and expenses to each accounting pe
Preparing financial statement a report of all transactions entered during an accounting period after the adjusting entrie
Closing entries a report of all transactions entered during an accounting period after the adjusting entrie
Post closing trial balance the final trial balance prepared before the new accounting period begins
nto the debit and credit sections

ed in the double entry accounting system


expenses to each accounting period
expenses to each accounting period
eriod after the adjusting entries have been completed
eriod after the adjusting entries have been completed
g period begins

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