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This is the formal sequence of steps in the accounting cycle:
- journalisation i.e. recording transactions into the general journal
- posting these transactions to the general ledgers.
- summarise these transactions into the trial balance
- pass adjusting entries (bad debts, accruals and prepayments and depreciation)
- prepare adjusted trial balance
- make income statement (statement of comprehensive income)
- write balance sheet (statement of financial position)
What else can I help you with?
What are the items in trail balance?
If this refers to trial balance in accounting cycle, then the items in the trial balance is the posting of debit and credit accounts.
What is the difference between long-term and short-term investments?
From an accounting perspective, short-term investments have a life cycle of less than 12 months; long term investments have a life cycle of 12 months or longer.
What is Error of principle in accounting?
An accounting mistake in which an entry is recorded in the incorrect account, violating the fundamental principles of accounting. An error of principle is a procedural error, meaning that the value recorded was the correct value but placed incorrectly. For example, a company may record personal expenses as business expenses. An error of principle is different than failing to record the item in question ("error of omission"), or recording the wrong value in the correct account ("error of commission"). These errors are referred to as input errors.
What is accounting module?
An accounting module refers to a set of standardized parts of accounting that are used in teaching the accounting students. The accounting modules are usually broken down into a number of subjects to enable the learners to easily understand certain accounting concepts.
What is the 4 fields of accounting?
In accounting there are four main areas. They are as follows corporate accounting, corporate finance, public accounting and investment banking.
What is accounting cycle or process?
The sequence of activity which are followed in an organization,where accounting is pratise.the sequence of accounting procedure used to record classify and summarize accounting information is known as ACCOUNTING CYCLE/PROCESS.
What is the correct sequence in 4 cycle engine?
Intake,compression,combustion,exhaust.
What is the correct sequence in the stages of cellular respiration?
The correct sequence of stages in cellular respiration is glycolysis, Krebs cycle and then electron transport chain. However, this will depend on whether the respiration is anaerobic or aerobic.
Explan the term accounting cycle why is it called cycle?
accounting is the systematic representation
What is the accounting cycle?
Accounting cycle comprises all of the accounting activities, from the recording of transaction up to the preparation of financial statements, which are repeatedly performed in every accounting period.
What is the correct sequence concerning glucose catabolism?
glycolysis-Pyruvate-Aacetyl Co A-Krebs Cycle-Electron Transport Chain
What is the cost accounting cycle?
Accounting cycle comprises all of the accounting activities, from the recording of transaction up to the preparation of financial statements, which are repeatedly performed in every accounting period.
What is the correct sequence stages in cellular respiration?
The correct sequence of stages in cellular respiration is glycolysis, Krebs cycle and then electron transport chain. However, this will depend on whether the respiration is anaerobic or aerobic.
What is accounting cycle?
An accounting cycle is basically all of the accounting procedures. This starts with journal entries and ends with the financial statements and closing of temporary accounts.
What is the answer to comprehensive problem1 the accounting cycle?
There is not a way to give you the answer to the comprehensive problem one on accounting cycle. You will have to study to answer this question.
What is the correct sequence of steps in the four stroke engine cycle?
air and fuel intake, compression and ignition, combustion and expansion, exhaust
What is the focal point of the accounting cycle?
focal point of accounting cycle
