Accounting Quiz or Test Your Knowledge On Completing The Accounting Cycle

Tweet Refresh or test your accounting knowledge by answering the following questions on Completing The Accounting Cycle:- QUESTIONS: 1.0  Explain how the matching concept is related to the accrual basis of accounting2.0  Describe the nature of adjusting process 3.0  Explain how to prepare the adjusted trial balance 4.0  Describe the nature of closing entries   […]

The Different Types Of Journals Or Books Of Prime or Original Entry Shown In The Accounting Cycle

Tweet Journal is also called the Book Of Prime Or Original Entry.   The purposes of Journal are as follows:   Records in one place the complete effects of a transaction Provides a chronological record of transaction Helps to prevent or locate errors because the debit and credit amounts  for each entry could be readily […]

What is The Accounting Cycle And The Steps Involved

Tweet Accounting Cycle is a series of accounting process which begins with the identification of an economic activity or transaction, recording of the economic activity and ends with the prepration of the financial statements. The Accounting Cycle is a repeated process where one cycle ends and another cycle (as above) is repeated again The steps […]