Purpose of this section “accounting cycle” is to explain the flow of accounting system from initial recognition of business transactions…
After preparation of financial statements, last step of accounting cycle is the closure of books of account for an accounting…
In the accounting cycle, after recording journal entries and posting them in relevant ledger accounts, third step is the preparation…
Journal entries are recorded throughout the accounting period as and when financial transactions occur. However, at the end of an…
Trial balance (TB) is a compilation of all the general ledger accounts along with the account balances at any point…
Accounting cycle is a comprehensive process of accounting starting from identifying and recording the financial transactions and ending at preparation…