Chapter2

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Author:
kirstenp
ID:
300629
Filename:
Chapter2
Updated:
2015-04-13 02:55:41
Tags:
acc1000
Folders:
ACC1000
Description:
chapter 2
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  1. Difference between cash and accrual accounting
    • cash: record transactions when cash is received or paid
    • accrual: record expenses and revenues when they are incurred or earned
  2. What is an account and how it helps int he recording process
    an account is a record of all increases/decreases in a specific asset, liability or OE
  3. Basic steps of the accounting process:
    • 1. identify the transaction from source documents
    • 2. analyse each transaction in terms of its effects on the accounts
    • 3. record the transaction in a journal
    • 4. transfer the journal info to the appropriate accounts in the ledger
  4. what is a ledger and how it helps in the recording process
    • entire group of accounts maintained by an entity
    • keeps in one place all the info about changes in specific account balances
  5. what is posting
    the procedure of transferringg journal entries to the ledger acounts
  6. trial balance
    a list of all accounts and their balance at a given time

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