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An introduction to the accounting concepts, principles, and techniques used in recording business transactions. The accounting cycle, reporting of financial position and results of operations for business enterprise are explored.
The accounting cycle has six major steps:
- Analyze and record transactions (looking over invoices, bank statements, etc.)
- Post transactions to the ledger (according to the rules of double-entry accounting)
- Prepare an unadjusted trial balance (this involves listing all of your business’s accounts and figuring out their balances)
- Prepare adjusting entries at the end of the period
- Prepare an adjusted trial balance
- Prepare financial statements
- Lectures 1
- Quizzes 0
- Duration 50 hours
- Language English
- Students 36
- Assessments Yes