write the steps of accounting process
Answers
Answered by
3
Explanation:
Steps of the accounting cycle.
Step 1: Analyze and record transactions.
Step 2: Post transactions to the ledger.
Step 3: Prepare an unadjusted trial balance.
Step 4: Prepare adjusting entries at the end of the period.
Step 5: Prepare an adjusted trial balance.
Step 6: Prepare financial statements.
Plz mark me as a brainlist
Answered by
12
.
- Identify the transactions, which that are recorded.
- . Record transactions in journal. Only those transactions are recorded which are
measured in money terms. Thesystem. followed. for. recording. is called. double entry system .
- The entries appearing in the above books are posted in the respective accounts in the ledger.
- The accounts are balanced and listed in a statement called trial balance. If the total amounts of debit and credit balances agree, accounts are taken as free from
- arithmetical errors. The trial balance forms the basis for making the financial statements, i.e. trading and profit and loss account and balance sheet
Similar questions
Computer Science,
5 months ago
Social Sciences,
11 months ago
English,
1 year ago
Geography,
1 year ago
Math,
1 year ago