Womack Report

January 25, 2007

Accounting, Jan 25

Filed under: Accounting,Notes,School — Phillip Womack @ 11:15 am

Going to stop listing classes by day number, because I’ve caught myself miscounting days.

The Accounting Cycle

The accounting cycle is a process that is conducted each accounting period to record and reconcile monetary events of that month. The accounting period is the segment of time in which you report on accounts. Frequently the accounting period is one month, or one year, or both.

  1. Analyze transactions
  2. Journalyze transactions
  3. Post to ledger
  4. Trial Balance
  5. Adjusting Entries
    1. Post
    2. Trial Balance
  6. Closing Entries
    1. Post
    2. Trial Balance
  7. Prepare financial statement

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