Accounting Cycle

Meaning of Accounting InformationAccounting is the process of recording, analyzing, summarizing, and interpreting the financial information of a business organization. Accounting information thus generated… Read Article

Doing all the accounting work manually in an organization is not possible. Even if accounting managers do so manually, it may have errors and… Read Article

A chart of accounts is an important part of the accounting system and serves as a base for preparing accounts. It lists all the… Read Article

A Chart of Accounts lists all the accounts in the general ledger. The purpose is to organize the accounts and group similar ones together.… Read Article

Organizations usually make Adjusting Entries on the last day of an accounting period to ensure that the accounts are in line with the accrual… Read Article

A Post-closing Trial Balance lists all the balance sheet accounts with a non-zero balance at the end of a reporting period. Hence, Companies use… Read Article

Closing entries are the journal entries that are made at the end of an accounting year to transfer the balance from temporary accounts to… Read Article

Journal entries are the first step in the accounting cycle. They are used to record all business transactions and events in the accounting records… Read Article

‘For every action, there is an equal and opposite reaction.’ A couple of hundred years ago, Sir Newton gave this phrase to the world.… Read Article

A chart of accounts is a list of all the general ledgers (accounts) organized in groups and sub-groups of accounts. This is the heart… Read Article