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Process of Accounting Assignment Help, Accounting Theory & concepts
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Process of Accounting
Accounting is the process of identifying measuring and communicating economic information to permit informed judgments and decisions by the users of information. The process of accounting starts from recording classifying summarizing and interpretation of monetary transaction
Recording is the first stage of transaction in which each monetary transaction is recorded chronologically
In the second stage transaction is similarly posted in the ledger.
In the third stage all the necessary data and information are summarized on the basis of classified record of transaction and communicated to the management and other interested persons
Interpretation is the last step of the process in order to ascertain the true positions of the business, all the accounting data and information relating to it are analyzed and interpreted.
All the above functions are performed in a well defined and under well coordinated rules and principles and accountants must be familiar with all these rules and principles
The first step is to identify the transaction and determine its amount and impacts, then record it in the book of original entry. After this, recorded entry is posted in the ledger and the effects are taken to the trial balance.
The trial balance will provide the information to the financial statements. At this stage after the period end adjustment for the accruals and deferrals are made. These are called adjusting entries.
At the period end some closing adjustments are also made in the financial statements and finally a trial balance is made to match both debit and credit effects.
Identification-------- transaction----journal ---ledger—trial balance--- financial statements-----adjusting and closing entry—final trial balance.
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