Financial Accounting-Accounting Cycle

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Financial Accounting-Accounting Cycle, complete financial accounting cycle recording transactions, entering adjusting entries, creating financials & Closing

Created by Robert (Bob) Steele

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What Will I Learn?

• We will discuss what accounting is and whey is it used
• We will learn accounting concepts including accrual accounting, the revenue recognition principle, and matching principle
• We well learn to record transaction using the accounting equation
• We will record transactions using debits and credits
• We will describe the adjusting process
• We will discuss the categories of adjusting entries
• We will create an adjusting entry worksheet
• We will enter adjusting entries
• We will create the financial statements from the adjusted trial balance
• Describe what the closing process is
• Perform closing process in one step
• Perform closing process in two step
• Perform closing process in four steps
• Prepare a post closing trial balance