PHASES OF ACCOUNTING

Recording, Classifying, Summarizing, Interpreting

PHASE 1:

Identifying transactions and events - source documents

PHASE 2:

Journalizing transactions - the journal

PHASE 3:

Posting to the ledger - general ledger

PHASE 4:

Trial balance preparation

PHASE 5:

Adjusting journal entries

PHASE 6:

Preparing the worksheet

PHASE 7:

Preparing financial statements

PHASE 8:

Closing entries

PHASE 9:

Post-closing trial balance

PHASE 10:

Reversing entries

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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