Steps in Accounting (Junior Cert Business Studies): Flashcards
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No. of main steps in accounting process
No. of main steps in accounting process
Four
The 4 steps in accounting (in order)
The 4 steps in accounting (in order)
Books of first entry, Ledgers, Trial balance, Final accounts
Books of first entry definition
Books of first entry definition
Records where transactions are initially recorded from source docs
Examples of source documents (3)
Examples of source documents (3)
Sales invoices, purchase receipts, bank statements
ACB stands for
ACB stands for
Analysed cash book
What ACB records
What ACB records
All cash receipts and payments
Ledgers definition
Ledgers definition
Books where totals transferred & organised by account type
Main ledger used in basic accounting
Main ledger used in basic accounting
General ledger
4 categories general ledger organises into
4 categories general ledger organises into
Assets, liabilities, income, expenses
Trial balance definition
Trial balance definition
List of balances from ACB & GL to verify accuracy
Purpose of trial balance
Purpose of trial balance
Accuracy check before preparing final accounts
When trial balance is completed
When trial balance is completed
Before preparing final accounts
Final accounts definition
Final accounts definition
Shows complete financial position & performance over a period
3 types of final accounts
3 types of final accounts
Income statement 1, Income statement 2, Statement of fin. pos.
When final accounts are prepared
When final accounts are prepared
End of the financial year