Accounting assignment essay

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Accounting assignment essay in 2021

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What is the essay about accounting cycle accounting?

What Is Accounting Cycle Accounting Essay. What is accounting. Accounting is a practice and body of knowledge concerned primarily with : (1) methods for recording transactions, (2)keeping financial record, (3)performing internal audits, (4) advising on taxation matters.

How are transactions recorded in double entry accounting?

Remember that double-entry accounting means that each transaction must be recorded in at least two accounts or that the debits must equal the credits. After applying the rules of debits and credits, the accountant should then record the transactions in a journal/ journalize. A journal is a complete record of each transaction.

What are the steps in the accounting process?

Step 10:reversing entries. The accounting process begins with (step 1)identifying and analyzing the business transaction. The company first looks at the source documents which describe the transactions and events. Source documents can be either hard copy or soft copy/electronic.

Last Update: Oct 2021


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23.10.2021 12:54

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