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HomeHomework HelpaccountingAccounting Process

Accounting Process

The series of steps involved in recording, classifying, and reporting financial information, including identifying and recording transactions, preparing journal entries, posting to general ledger accounts, and preparing financial statements

beginner
3 hours
Accounting
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Overview

The accounting process is essential for businesses to maintain accurate financial records and make informed decisions. It involves several steps, including recording transactions, classifying accounts, summarizing data, and preparing financial statements. Each step builds on the previous one, ensuri...

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Key Terms

Asset
Resources owned by a business that have economic value.

Example: Cash, inventory, and property.

Liability
Obligations or debts that a business owes to others.

Example: Loans and accounts payable.

Equity
The owner's claim on the assets of the business after liabilities are deducted.

Example: Common stock and retained earnings.

Journal
A record of financial transactions in chronological order.

Example: Sales journal and purchase journal.

Debit
An entry on the left side of an account, increasing assets or expenses.

Example: Debiting cash when receiving payment.

Credit
An entry on the right side of an account, increasing liabilities or equity.

Example: Crediting revenue when a sale is made.

Related Topics

Financial Analysis
Examines financial statements to assess a company's performance and make investment decisions.
intermediate
Tax Accounting
Focuses on preparing tax returns and planning for tax obligations.
intermediate
Managerial Accounting
Involves using accounting information for internal decision-making and management.
advanced

Key Concepts

Recording TransactionsClassifying AccountsSummarizing Financial DataPreparing Financial Statements