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Journal phase of accounting is to journalize the business transaction in Journal as a first record in books of accounts.
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What is recording phase of accounting?
Recording phase of accounting is to record the transactions into journal after transactions occured.
When was Journal of Accounting Research created?
Journal of Accounting Research was created in 1963.
What a journal?
A journal is a magazine. Or for accounting it is a ledger book.
Matching in accounting means to make an entry in the journal?
Matching" in accounting means to make an entry in the journal
What are the advantages and disadvantages of journal entries in accounting?
what is the disadvantages of general journal
What are the four special journals in accounting?
Following are four special journals in accounting: 1 - Sales Journal 2 - Purchase journal 3 - Cash receipt journal 4 - Cash payment journal
What are the activities in the accounting process?
The accounting process or accounting cycle consists of activities that are performed in three phases. Each phase is performed over certain time periods.Phase 1The activities in the first phase are performed daily:Analyze transactions that occurEnter transactions into the journalPost the journal entries to the ledger accountsPhase 2The activities in the second phase are performed periodically depending on how a company's accounting department is structured. They may be performed weekly, monthly, quarterly, or annually:Prepare trial balancesEnter adjusting entries into the journal and post to ledger accountsPrepare an adjusted trial balancePhase 3These activities are performed by the company annually at the end of a fiscal year:Prepare financial statementsMake closing entries in the journal and post to ledger accountsPrepare a post-closing trial balance
What is the basic summary device of accounting?
account or accounting equation
What is the principal book of accounting?
Journal Book
Why do you need to reverse a journal entry?
According to my understanding and my study in accounting, the reversal of journal entry merely is for the opening balances for a new year of accounting period
What is posting in accounting cycle?
Posting is recording in the ladgers information from journal. Posting is always from journal.
Accounting transactions from source documents are recorded in a?
journal
