Flashcards
Accounting
Cards in this deck (6)
- 1Cash Receipt Journal
- 2Cash Payments Journal
- 3Statement of Receipts and Payments
- 4Profit and Loss Statement
- 5The four steps in the accounting cycle: ARSPThe four steps in the accounting cycle:
1. Analyse the transactions
2. Record the effect of transactions in a journal entry
3. Summarise the effects of transactions
• Post journal entries to the ledger
• Prepare a trial balance
4. Prepare reports
• Make adjusting entries
• Prepare financial statements
• Close the books - 6Keeping Business Records & Keeping Financial Records. Monitor the progress of your business
. Prepare your financial statements
Identify sources of your income
Keep track of your deductible expenses
. Keep track of your basis in property
. Prepare your tax returns
. Support items reported on your tax returns
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- Humanities ~ Semester One, Accounting
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- Sophee-Ann G
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