Category: Financial Accounting Review

CASH BASIS ACCOUNTING Under cash basis accounting, revenues are recognized when cash is received and expenses are recognized when cash is paid. ACCRUAL BASIS ACCOUNTING

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Steps of accounting cycle 1. Prepare journal entries 2. Post to the ledger 3. Prepare unadjusted trial balance 4. Prepare adjusting journal entries 5. Prepare

Accounting equation shows that the total assets should be equal to the total liabilities and stockholders’ equity. The left side of accounting equation represents the

The term debit refers to the left side of the accounting equation. The term credit refers to the right side of the accounting equation.  [Equation

$ Journal Accounting journal is the recording of transactions in order of occurrence. Journal Entries Journal entry is an entry to the journal. Journal entries