Lecture Note 2

The document outlines the steps in the accounting cycle, which include identifying transactions, recording them, posting to the ledger, and preparing financial statements. Key tools used in this process are the journal, ledger, trial balance, and adjusting entries. The cycle culminates in closing the books after preparing an adjusted trial balance.

Uploaded by

maxwellloughty

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as PDF, TXT or read online on Scribd

0% found this document useful (0 votes)

12 views1 page

Lecture Note 2

Uploaded by

maxwellloughty

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as PDF, TXT or read online on Scribd

You are on page 1/ 1

Lecture Note 2: The Accounting Cycle

Steps in the Accounting Cycle:

1. Identify and analyze transactions

2. Record transactions in the journal

3. Post journal entries to the ledger

4. Prepare a trial balance

5. Adjust entries at period end

6. Prepare adjusted trial balance

7. Create financial statements

8. Close the books

Key Tools:

- Journal (Book of Original Entry)

- Ledger (Book of Final Entry)

- Trial Balance

- Adjusting Entries

Fabm1 13 The Accounting Cycle
No ratings yet
Fabm1 13 The Accounting Cycle
6 pages
Accounting Cycle Info
No ratings yet
Accounting Cycle Info
3 pages
ACCOUNTING CYCLE OF A SERVICE BUSINESS (Midterm)
No ratings yet
ACCOUNTING CYCLE OF A SERVICE BUSINESS (Midterm)
3 pages
03 - Basic Financial Accounting and Reporting Recording Business Transactions
No ratings yet
03 - Basic Financial Accounting and Reporting Recording Business Transactions
7 pages
Accounting Cycle Steps Explained
No ratings yet
Accounting Cycle Steps Explained
3 pages
Accounting Cycle Steps
No ratings yet
Accounting Cycle Steps
4 pages
Accounting Cycle Steps
100% (1)
Accounting Cycle Steps
3 pages
Module 11 ICT 141
No ratings yet
Module 11 ICT 141
3 pages
Accounting Reviewer 2: Business Documents
No ratings yet
Accounting Reviewer 2: Business Documents
2 pages
Accounting Cycle
No ratings yet
Accounting Cycle
3 pages
The Accounting Cycle
No ratings yet
The Accounting Cycle
3 pages
Acccounting Cycle (Notes Only)
No ratings yet
Acccounting Cycle (Notes Only)
2 pages
AP-115-Unit-4 RECORDING BUSINESS TRANSACTIONS
100% (1)
AP-115-Unit-4 RECORDING BUSINESS TRANSACTIONS
40 pages
7 The Accounting Cycle
100% (1)
7 The Accounting Cycle
3 pages
The Accounting Cycle
No ratings yet
The Accounting Cycle
13 pages
Accounting Cycle
No ratings yet
Accounting Cycle
2 pages
Accounting Cycle Steps Explained
No ratings yet
Accounting Cycle Steps Explained
21 pages
The Accounting Cycle: 9-S Tep Accounting Process
No ratings yet
The Accounting Cycle: 9-S Tep Accounting Process
11 pages
The Accounting Cycle
No ratings yet
The Accounting Cycle
3 pages
The Accounting Cycle: 9-Step Accounting Process
No ratings yet
The Accounting Cycle: 9-Step Accounting Process
2 pages
Accounting Cycle
No ratings yet
Accounting Cycle
2 pages
The Accounting Cycle Is A Series of Steps. Starts With Making Accounting Entries For Each Transaction and Goes Through Closing The Books
No ratings yet
The Accounting Cycle Is A Series of Steps. Starts With Making Accounting Entries For Each Transaction and Goes Through Closing The Books
15 pages
Accounting Cycle
No ratings yet
Accounting Cycle
2 pages
Accounting Cycle
No ratings yet
Accounting Cycle
17 pages
The Accounting Cycle: 9-Step Accounting Process Inshare
No ratings yet
The Accounting Cycle: 9-Step Accounting Process Inshare
3 pages
Accounting Cycle
No ratings yet
Accounting Cycle
11 pages
Acc Cycle
No ratings yet
Acc Cycle
3 pages
General Accounting
100% (3)
General Accounting
94 pages
Financial Accounting: Daksh Gautam 22/834 Topic: Accounting Process
No ratings yet
Financial Accounting: Daksh Gautam 22/834 Topic: Accounting Process
13 pages
Journalization
100% (1)
Journalization
36 pages
Chapter 2 FAR
No ratings yet
Chapter 2 FAR
1 page
CFAS Lecture 1 - Accounting Process
No ratings yet
CFAS Lecture 1 - Accounting Process
2 pages
Reviewer - Accounting Cycle
No ratings yet
Reviewer - Accounting Cycle
2 pages
Accounting Cycle
No ratings yet
Accounting Cycle
21 pages
Accounting Process 2
No ratings yet
Accounting Process 2
2 pages
Topic 1 - Accounting Cycle and Accounting Information Users
No ratings yet
Topic 1 - Accounting Cycle and Accounting Information Users
4 pages
Lecture Note 2 Expanded
No ratings yet
Lecture Note 2 Expanded
4 pages
The Accounting Cycle: 9-Step Accounting Process
No ratings yet
The Accounting Cycle: 9-Step Accounting Process
3 pages
Accounting Cycle
No ratings yet
Accounting Cycle
11 pages
FABM1 Lesson4 Module
No ratings yet
FABM1 Lesson4 Module
3 pages
Worksheet 4 Accounting Cycle-2
No ratings yet
Worksheet 4 Accounting Cycle-2
2 pages
Par Reviewer
No ratings yet
Par Reviewer
2 pages
Module 2 - Objective 5 - The Steps in Accounting Cycle
No ratings yet
Module 2 - Objective 5 - The Steps in Accounting Cycle
3 pages
Steps in The Accounting Process Assignment AIS
No ratings yet
Steps in The Accounting Process Assignment AIS
2 pages
Accounting Cycle Steps Explained
No ratings yet
Accounting Cycle Steps Explained
1 page
Comprehensive Guide to Accounting Cycle
No ratings yet
Comprehensive Guide to Accounting Cycle
2 pages
Accounting Cycle
No ratings yet
Accounting Cycle
13 pages
State The Three Fundamental Steps in The Accounting Process
No ratings yet
State The Three Fundamental Steps in The Accounting Process
5 pages
Flow Chart - Trial Balance - WikiAccounting
No ratings yet
Flow Chart - Trial Balance - WikiAccounting
6 pages
Understanding The Accounting Cycle in Trading Business
100% (1)
Understanding The Accounting Cycle in Trading Business
4 pages
Major Steps in Accounting Cycle1
No ratings yet
Major Steps in Accounting Cycle1
15 pages
Accounting Cycle Learning Material
No ratings yet
Accounting Cycle Learning Material
2 pages
2 Reveiw of Financial Statements Preparation
No ratings yet
2 Reveiw of Financial Statements Preparation
5 pages
10 Steps of Accounting Cycle
0% (2)
10 Steps of Accounting Cycle
8 pages
Ten Steps of Accounting Cycle
No ratings yet
Ten Steps of Accounting Cycle
1 page
Accounting Cycle Paper
No ratings yet
Accounting Cycle Paper
3 pages
Recording Adjusting and Closing Entries For A Service Business
No ratings yet
Recording Adjusting and Closing Entries For A Service Business
3 pages
Chapter 2 Business Finance
No ratings yet
Chapter 2 Business Finance
7 pages
Accounting Cycle Explained
No ratings yet
Accounting Cycle Explained
5 pages
Lecture 14 Corporate
No ratings yet
Lecture 14 Corporate
2 pages
Lecture Note 4 Expanded
No ratings yet
Lecture Note 4 Expanded
4 pages
Lecture 15 CostAccounting
No ratings yet
Lecture 15 CostAccounting
2 pages
The Accounting Equation
No ratings yet
The Accounting Equation
1 page
Lecture Note 3
No ratings yet
Lecture Note 3
1 page

Lecture Note 2

Uploaded by

Lecture Note 2

Uploaded by

Lecture Note 2: The Accounting Cycle

Steps in the Accounting Cycle:

1. Identify and analyze transactions

2. Record transactions in the journal

3. Post journal entries to the ledger

4. Prepare a trial balance

5. Adjust entries at period end

6. Prepare adjusted trial balance

7. Create financial statements

8. Close the books

- Journal (Book of Original Entry)

- Ledger (Book of Final Entry)

You might also like