Objective of recording business transactions, Accounting Basics

Assignment Help:

Q. Objective of Recording business transactions?

- Use the account as the essential classifying and storage unit for accounting information.

- Articulate the effects of business transactions in terms of debits and credits to different types of accounts.

- List the points in the accounting cycle.

- Record the results of business transactions in a journal.

- Post journal entries to an account in the ledger.

- Organize a trial balance to test the equality of debits and credits in the journalizing and posting process.

- Use and Analyze the financial results-horizontal and vertical analyses.


Related Discussions:- Objective of recording business transactions

Accounting changes - significant accounting policies, The Company changed i...

The Company changed its process of accounting for pre-opening costs. These changes had no cash impact and the pro forma amounts accessible in the consolidated statement of income r

Explain about accounting transaction, Q. Explain about Accounting transacti...

Q. Explain about Accounting transaction? An accounting transaction is a business event or activity that causes a measurable change in the accounting equation Assets = Liabiliti

Assess the solvency of a business, Identify and explain the two ratios that...

Identify and explain the two ratios that are used to assess the solvency of a business.

What is a user account, User accounts are the primary means of access for a...

User accounts are the primary means of access for actual people to the system (computer), and these accounts insulate the user and the environment, preventing the users from damagi

Illustrate the cases of financial accounting, Illustrate the cases of finan...

Illustrate the cases of financial accounting ?Enron, an energy-trading business which is based in Texas, and was accused of entering into complicated financial arrangements in

STATEMENT OF CASH FLOW, #2, The comparative balance sheets and income state...

#2, The comparative balance sheets and income statements of Worsley Ltd are shown below. Worsley Ltd. Statement of Financial Position as at December 31 Current Assets 20x3

Advantages of weighted-average, Q. Advantages of Weighted-average? Weig...

Q. Advantages of Weighted-average? Weighted-average: Advantages because of the averaging process the effects of year-end buying or not buying is lessened. Drawback Manipulation

What are the golden rules of accounts, Personal accounts --> Debit the bene...

Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses

Accounts payable subsidiary ledger, An accounting ledger that reveals the t...

An accounting ledger that reveals the transaction history and amounts owed independently for each supplier from whom the business gets credit for purchases. The balance in the cust

Quote please, Hi there, I was just wondering I''m not to sure how to descri...

Hi there, I was just wondering I''m not to sure how to describe my assignment, the subject is ACCOUNTING for university level... and it is 100 Level never don''t this paper in high

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd