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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