Acounting Cycle
learn the steps to the accounting cycle.
8 Simple steps.
The 8 steps are,
- Analyze transactions and look over all the account details.
- journalize by putting the transactions into the general journal properly.
- Post to ledger so that you have back up records and don't make mistakes with account totals.
- prepare a work sheet to show your assets and liabilities.
- next up you have to prepare a financial statement to have formal records of the financial activities.
- journalize adjusting and closing entries to show the changes made to accounts.
- post adjusting and closing entries with the new account totals.
- Prepare a post closing-trial balance which is totaling your remaining accounts.
Money
Accounting deals with lots of money and accounts.
T Accounts
Basic account in accounting. Debit on the left, Credit on the right.
Jail
You can get jail time for recording false numbers and stealing money from a company.
The Accounting Cycle