Journalising of household transaction for a month project presentation
Answers
Journalising in a household is the process of summarizing all the transactions that takes place in a month. This can be used for purposes of analyzing and recording for future references.
Also time to time analysis of this can help keep the expenses and savings in check. This is particularly heplful for middle class people.
Accounting can be termed as the art of classifying, recording and summarizing the financial transactions.
It also interprets the results.
The accounting cycle involves various stages i.e. recording of the transitions, classifying transactions, summarizing the transactions and interpreting the results.
One must record all the transactions in the journal. The stages of the accounting cycle must be identified in this process.