ACCOUNTING CYCLE Flashcards
(8 cards)
1
Q
Recognise transaction
A
Identify transaction
2
Q
Ensure transaction are documented
A
Record transaction in journal
3
Q
Transfering info, categorise transaction
A
Post to general ledger
4
Q
Help identify discrepancies
A
Prepare unadjusted balance
5
Q
Made to accured and deffered
A
Adjusting entries
6
Q
Verify dr and cr remained balance
A
Prepare an adjusted balance
7
Q
Generate financial statement from adjusted balance
A
Preoare financial statement
8
Q
Closing temporary accounts
A
Close the books
