PHASES OF ACCOUNTING
Recording, Classifying, Summarizing, Interpreting
Identifying transactions and events - source documents
Journalizing transactions - the journal
Posting to the ledger - general ledger
Trial balance preparation
Adjusting journal entries
Preparing the worksheet
Preparing financial statements
Post-closing trial balance
Profitability - How much is the increase in capital as a result of business operation?
Liquidity - Are there available funds to fincance the business operation?
Solvency - Can the business pay it's long-term obligations to others?
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