Accounting

Sophee-Ann G
Flashcards by Sophee-Ann G, updated more than 1 year ago
Sophee-Ann G
Created by Sophee-Ann G almost 6 years ago
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Humanities ~ Semester One, Accounting

Resource summary

Question Answer
Cash Receipt Journal
Cash Payments Journal
Statement of Receipts and Payments
Profit and Loss Statement
The four steps in the accounting cycle: ARSP The 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
Keeping 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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