Accounting Process Flashcards
1
Q
Steps
A
Identifying
Measuring
Recording
Communication
2
Q
Identifying
A
Take into consideration all transactions which affect the business entity
3
Q
Measuring
A
Quantifying in monetary terms
4
Q
Recording
A
Analysing, recording, classifying and summarising transactions
5
Q
Communication
A
Preparing accounting reports, analysing and interpreting
6
Q
Accounting cycle
A
Source documents Journals Ledgers Trial balance Adjusting entries Closing entries Post-closing trial balance Financial statements
7
Q
Debit/Credits
Which accounts increase with debits?
A
Assets
Dividends
Expenses
