ACCOUNTING CYCLE ARKANSAS
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Created by:
dmphmo1986 on January 17, 2012
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ACCOUNTING CYCLE ARKANSAS
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8 terms
Terms | Definitions |
|---|---|
 STEP ONE | ANALYZE TRANSACTIONS - SOURCE DOCUMENTS ARE CHECKED FOR ACCURACY, AND TRANSACTIONS ARE ANALYZED INTO DEBIT AND CREDIT PARTS. |
| STEP TWO | JOURNALIZE - TRANSACTIONS, FROM INFORMATION ON SOURCE DOCUMENTS, ARE RECORDED IN A JOURNAL |
| STEP THREE | POST- JOURNAL ENTRIES ARE POSTED TO THE GENERAL LEDGER |
| STEP FOUR | PREPARE WORKSHEET- A WORK SHEET, INCLUDING A TRIAL BALANCE, IS PREPARED FROM THE GENERAL LEDGER |
| STEP FIVE | PREPARE FINANCIAL STATEMENTS- FINANCIAL STATEMENTS ARE PREPARED FORM THE WORK SHEET. |
| STEP SIX | JOURNALIZE ADJUSTING AND CLOSING ENTRIES- ADJUSTING AND CLOSING ENTRIES ARE JOURNALIZED FROM THE WORK SHEET |
| STEP 7 | POST ADJUSTING AND CLOSING ENTRIES- ADJUSTING AND CLOSING ENTRIES ARE POSTED TO THE GENERAL LEDGER |
| STEP 8 | PREPARE POST-CLOSING TRIAL BALANCE- A POST-CLOSING TRIAL BALANCE OF THE GENERAL LEDGER IS PREPARED |
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