hollyzed themes test: accounting cycle

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<li><a href="####"><span style="color: #38761d;">قسم رئيسي 1</span></a></li>
<li><a href="####"><span style="color: #38761d;">قسم رئيسي 2</span></a></li>
<li><a href="####"><span style="color: #38761d;">قسم رئيسي 3</span></a></li>
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<i class="icon-relatedtopic"></i> 
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<li class="relatedtopic"><a href="####"><span style="color: #38761d;">مقالة 1</span></a></li>
<li class="relatedtopic"><a href="####"><span style="color: #38761d;">مقالة 2</span></a></li>
</ul>

<i class="icon-topicappendix"></i>
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<li class="topicappendix"><a href="#6"><span style="color: #38761d;">فيديو / برنامج / صور</span></a> </li>
<li class="topicappendix"><a href="#6"><span style="color: #38761d;">فيديو / برنامج / صور</span></a> </li>
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<li><a href="#0"><span style="color: #38761d;">مقدمة الموضوع</span></a> </li>
<li><a href="#1"><span style="color: #38761d;">محتوى 1</span></a> </li>
<li><a href="#2"><span style="color: #38761d;">محتوى 2</span></a> </li>
<li><a href="#3"><span style="color: #38761d;">محتوى 3</span></a> </li>
<li><a href="#4"><span style="color: #38761d;">محتوى 4</span></a> </li>
<li><a href="#5"><span style="color: #38761d;">محتوى 5</span></a> </li>
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<h2><span class="link_open"><a name="0"><i id="dow2" class="icon-showpoint hide"></i><i id="up2" class="icon-hidepoint"></i> مقدمة الموضوع </a></span></h2>
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<div id="p2">محتوى الفقرة</div>

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<h2><span class="link_open" id="link_equation"><a name="1"><i id="dow1" class="icon-showpoint hide"></i><i id="up1" class="icon-hidepoint"></i> محتوى 1 </a></span></h2>
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<span>أسم الصورة هنا</span>
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<img alt="أسم الصورة هنا" height="199" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrgtm_VIU66BXxgzGwzunCur3XJM1JanS8TE1Vxsb_4BD-P8fe6vjw8H2LIVZvNWemECmfz_cUDcX9KY_UdvYu-C2ztYT_eR0_ihRqT92fHc1-MvOY1DGKWrfOH6WlWdBnwVA9Cgko3R0/s320/install-1.png" title="أسم الصورة هنا" width="320" />
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<h3>نقطة فرعية h3</h3>

<ul>
<li class="h3-li"><h4>نقاط فرعية h4</h4></li>
<li class="h3-li"><h4>نقاط فرعية h4</h4></li>
<li class="h3-li"><h4>نقاط فرعية h4</h4></li>
<li class="h3-li"><h4>نقاط فرعية h4</h4></li>
</ul>

<h4 class="h4-point" style="border-bottom: 1px solid #A9A5A5;"><span class="fst-scd-point"><b>1 . </b></span> نقطة فرعية h4</h4>

<ul>
<li class="h4-li"><h5>نقاط فرعية h5</h5></li>
<li class="h4-li"><h5>نقاط فرعية h5</h5></li>
<li class="h4-li"><h5>نقاط فرعية h5</h5></li>
<li class="h4-li"><h5>نقاط فرعية h5</h5></li>
</ul>

<p>وإليك شرح النقاط الأربع .... <i id="dow1" class="icon-hand-down"></i></p>

<h4>1 . نقطة فرعية لـ اتش 3</h4>

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<img alt="أسم الصورة هنا" height="199" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrgtm_VIU66BXxgzGwzunCur3XJM1JanS8TE1Vxsb_4BD-P8fe6vjw8H2LIVZvNWemECmfz_cUDcX9KY_UdvYu-C2ztYT_eR0_ihRqT92fHc1-MvOY1DGKWrfOH6WlWdBnwVA9Cgko3R0/s320/install-1.png" title="أسم الصورة هنا" width="320" />
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<p>شرح النقطة الفرعية لـ اتتش 3.. فقرة ثانية في الشرح - تجربة شكل الأسطر بمحاذاة الصورة الجانبية والفقرة الأولى.</p>

<p>شرح النقطة الفرعية رقم 1.. فقرة أولى في الشرح - تجربة شكل الأسطر بمحاذاة الصورة الجانبية.</p>

<p>شرح النقطة الفرعية رقم 1.. فقرة ثانية في الشرح - تجربة شكل الأسطر بمحاذاة الصورة الجانبية والفقرة الأولى.</p>

<p class="note">ملحوظة على شئ سبق شرحة <i class="icon-note"></i></p>

<div class="note"><p>ملحوظات : <i class="icon-note"></i></p>
<ul>
<li>ملحوظة متعددة النقاط</li>
<li>ملحوظة متعددة النقاط</li>
<li>ملحوظة متعددة النقاط</li>
</ul>
</div>

<p class="note">تم الإنتهاء من النقطة هذه <i class="icon-check"></i></p>

<div class="note"><p>تم الإنتهاء من : <i class="icon-check"></i></p>
<ul>
<li>النقطات هذه</li>
<li>النقطات هذه</li>
<li>النقطات هذه</li>
</ul>
</div>

<p class="note">نصيحة أو يوصى بـ أو من المستحب <i class="icon-advice"></i></p>

<div class="note"><p>يوصى بـ : <i class="icon-advice"></i></p>
<ul>
<li>النقطات هذه</li>
<li>النقطات هذه</li>
<li>النقطات هذه</li>
</ul>
</div>

<p class="note">بهذا يكون أفضل أو نقطة التمام <i class="icon-ok"></i></p>

<div class="note"><p>نقاط التمام : <i class="icon-ok"></i></p>
<ul>
<li>النقطات هذه</li>
<li>النقطات هذه</li>
<li>النقطات هذه</li>
</ul>
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<h2><span class="link_open"><a name="2"><i id="dow2" class="icon-showpoint hide"></i><i id="up2" class="icon-hidepoint"></i> محتوى 2 </a></span></h2>
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<div id="p2">محتوى الفقرة</div>

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<h2><span class="link_open"><a name="3"><i id="dow3" class="icon-showpoint hide"></i><i id="up3" class="icon-hidepoint"></i> محتوى 3 </a></span></h2>
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<div id="p3">محتوى الفقرة</div>

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<h2><span class="link_open" id="link_equation"><a name="4"><i id="dow4" class="icon-showpoint hide"></i><i id="up4" class="icon-hidepoint"></i> محتوى 4 </a></span></h2>
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<div id="p4">محتوى الفقرة</div>

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<h2><span class="link_open"><a name="5"><i id="dow5" class="icon-showpoint hide"></i><i id="up5" class="icon-hidepoint"></i> محتوى 5 </a></span></h2>
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<div id="p5">محتوى الفقرة</div>

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قسم رئيسي 1 قسم رئيسي 2 قسم رئيسي 3 مقالة 1 مقالة 2 فيديو / برنامج / صور فيديو / ب...

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the frist introduction to accounting bookkeeping

<div style="text-align: center;">the frist introduction to accounting bookkeeping</div><div style="text-align: center;">and the archive for our topics ( step by step )</div><div style="text-align: center;"><br /></div>Financial accounting involves identifying - measuring - <b>recording - </b>and communicating in dollar terms the economic events and status of an organization.<br />This information is summarized and presented in ﬁnancial statements... the three most important being the <b>income statement</b> - <b>the balance sheet</b> - and <b>the statement of cash ﬂows</b>. Because these statements communicate ﬁnancial information about an organization, organizations must understand the basics of ﬁnancial accounting because ﬁnancial statements are the best way to summarize a business’s ﬁnancial status and performance.<br />Our coverage of ﬁnancial accounting extends over several Topics.<br />This topic begins with an introduction to basic ﬁnancial accounting concepts and then explains how organizations report ﬁnancial performance - speciﬁcally <b>revenues</b>, costs, and proﬁts. In other topics, the discussion is extended to the reporting of ﬁnancial status, which includes <b>assets - liabilities - and equity</b>.<br /><br />In addition, the reporting of <b>cash ﬂows</b>. another topics, discusses <b>ﬁnancial statements</b> - ﬁnancial statement analysis can be better understood after learning more about the ﬁnancial workings of a business.<br />Bookkeeping blog will provide you with a basic understanding of how ﬁnancial statements are created and used to make judgments regarding the ﬁnancial condition of an organization.<br /><br /><a href="http://bookkeeping-course.blogspot.com/2012/07/introduction-to-bookkeeping-historical.html"><b>Historical Foundations of Financial Accounting</b></a><br /><br /><a href="http://bookkeeping-course.blogspot.com/2012/07/introduction-to-bookkeeping-users-of.html"><b>The Users of Financial Accounting Information</b></a><br /><br /><b>Regulation and Standards in Financial Accounting</b><br />Financial Accounting Standards Board (FASB)<br />Generally accepted accounting principles (GAAP)<br />American Institute of Certiﬁed Public Accountants (AICPA)<b><br /></b><br /><br /><b>Basic Concepts of Financial Accounting</b><br />The preparation and presentation of ﬁnancial accounting data is based ona set of principles, the most important of which are:<br />(1) accounting entity,(2) going concern, (3) accounting period,<br />(4) objectivity, (5) reliability,(6) monetary unit,<br />(7) relevance, (8) full disclosure, (9) materiality,<br />(10) conservatism, (11) consistency, and (12) comparability.<br /><br /><br /><a href="http://bookkeeping-course.blogspot.com/2012/06/introduction-to-bookkeeping-accounting.html"><b>The financial Accounting flowchart</b></a><br />This topic describes  the  financial accounting process.  It shows how  information about <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">transactions</a> and events is accumulated to produce <b>the balance sheet</b> and <b>the income  statement</b>. This early presentation is quite basic; subsequent chapters  will present more complex issues. the cash flow effects of various  transactions are addressed in another topic, the statement of cash flows  is actually covered in detail in other topic, “<b>Statement of Cash  Flows</b>.” <br /><br /><a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-equation-and-basic-elements.html"><b>accounting equation</b></a> <br /><br /><br /><a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html"><b>Recording and Compiling Accounting Data</b></a><br />explain the following terms used in the recording and compiling of accounting data:<br />• Transaction<br />• Account<br />• Posting<br />• Chart of accounts<br />• General ledger<br />• T account<br />• Double entry system<br /><br /><br />

the frist introduction to accounting bookkeeping

the frist introduction to accounting bookkeeping and the archive for our topics ( step by step ) Financial accounting involves identifying -...

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Bookkeeping : Posting of closing entries

<b>POSTING</b>   <br /><br />The process of transferring information from the journal to the ledger for the purpose of summarizing is called posting. Primarily a clerical task, posting is ordinarily carried out in <b>the following steps:</b><br /><br />1.  Record the amount and date.  The date and the amounts of the debits and credits <br />are entered in the appropriate accounts. <br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnxhHffKNFI53gf0DwBegFJ6zwOidYBjb_oNNEFOycwzJc2c4j8EJ-cpvF7EoG2KrL6GK8QYJLDD0Ny2_zELw4g3ghZpQEzCtr4QmnNzmVr4MT3okT-3ID6zWyARQPtu9Rnruc2MlDP6c/s1600/General+Journal-posting.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="282" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnxhHffKNFI53gf0DwBegFJ6zwOidYBjb_oNNEFOycwzJc2c4j8EJ-cpvF7EoG2KrL6GK8QYJLDD0Ny2_zELw4g3ghZpQEzCtr4QmnNzmVr4MT3okT-3ID6zWyARQPtu9Rnruc2MlDP6c/s640/General+Journal-posting.JPG" width="640" /></a></div><br />2.  Record the posting reference in the account.  The number of the journal page is entered in the account. <br /><br />3.  Record the posting in the journal.  For cross-referencing, the code number of the account is now entered in the P.R. column of the journal (solid line). <br /><br /><br /><b>Preparing closing Entries</b> <br /><br />  At the end of the accounting fiscal year, the balances of the nominal accounts are to be transferred from the trial balance to the profit and loss account through closing entries, these entries produce a zero balance in each nominal account. <br /><br />Journalizing and posting closing entries is an essential step in the accounting cycle. <br /><br />Separate closing entries could be prepared for each nominal account, but the following two <br />entries satisfy the desired result: <br /><br />1.  Debit each revenue account for its balance and credit profit and loss account for total revenues. <br /><br />2.  Debit profit and loss account for total expenses and credit each expense account for its balance. <br /><br />Below, is closing entries illustration: <br /><br />To illustrate the journalizing and posting of  closing entries, we will assume that  Banana, lawyer closes his books monthly.  The closing entries at December  ٣١ are shown in the following illustration. <br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMgGV_cy03MusKyh50Xorssuwo-P-ANszAg2o9H9CzytJYVF2gQoQMasvaXHVvOytjLVhgXpIJnaMSntZD-j5o1GHDU72vEjyuAKCp4x7OVad2azbGfA4ixEudWxl2QA_m_AGZe3MqPkI/s1600/General+Journal-2.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="268" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMgGV_cy03MusKyh50Xorssuwo-P-ANszAg2o9H9CzytJYVF2gQoQMasvaXHVvOytjLVhgXpIJnaMSntZD-j5o1GHDU72vEjyuAKCp4x7OVad2azbGfA4ixEudWxl2QA_m_AGZe3MqPkI/s640/General+Journal-2.JPG" width="640" /></a></div><b>Posting of closing entries </b><br /><br />  The posting of the closing entries are  shown in the following accounts, all the nominal accounts have zero balances. <br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNJ1hC6FGTN3TZsdGn4PMfPuZQntpsSVjU0mDm21spQEWUBD1snJEVQPDst0nRJ1p3bW60ZD7AlAxv1ZWYXt3RmJd4gRrDU_etFHoVibK3vUxyekmOapqLXHAMKocGfDstOfTekpQE_lE/s1600/T+account-closing+entries.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNJ1hC6FGTN3TZsdGn4PMfPuZQntpsSVjU0mDm21spQEWUBD1snJEVQPDst0nRJ1p3bW60ZD7AlAxv1ZWYXt3RmJd4gRrDU_etFHoVibK3vUxyekmOapqLXHAMKocGfDstOfTekpQE_lE/s1600/T+account-closing+entries.JPG" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3QJjC741xxjm7GZmbqcWSjKBma5fdKWDVP6uLfAUub0kQWjAGOBrVx29X9UpKb4s5tpjbcLgDBnEuI4w07WOfA5Z4g276xGoee9OOz8ssV69CF8fxWdZBlrvMBxqIvMWMPjdIyT4u4MY/s1600/T+account-closing+entries+2.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3QJjC741xxjm7GZmbqcWSjKBma5fdKWDVP6uLfAUub0kQWjAGOBrVx29X9UpKb4s5tpjbcLgDBnEuI4w07WOfA5Z4g276xGoee9OOz8ssV69CF8fxWdZBlrvMBxqIvMWMPjdIyT4u4MY/s1600/T+account-closing+entries+2.JPG" /></a></div><div style="text-align: left;">*   Note that profit and loss account is used only in closing.  No entries are journalized and posted to this account during the year. <br /> </div><div style="text-align: left;"><b>Preparation of income statement </b><br /><br />  The income statement is designed the  report the results of earning activities <br />(operations) for a specific time period such as a month, quarter, or year. <br /><br /><b>Net income</b> for the period is the excess of revenues over expenses for that time. <br /><br />The heading of the income statement indicates the name of the business, the name of the statement, and the time period covered by the statement.   Below an illustration of  Banana lawyer income statement for the month of December 2011.</div><div style="text-align: left;"><br /></div><div style="text-align: center;"><b>Banana,  Lawyer <br />Income Statement <br />For the month of December 2011</b></div><div style="text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4Wkv_do8sDS7mKB-qsfWMACSlu6brS8gfhpKEB5qDwaf-ux60l0o0OW_lIaE2LUKlm2mG4Aecjv1aEhkYTbMv_Kv05Sx4bm1VYm7wlVvolshe0D7xas_rOARmvvQBnvfHNfD5WB7TMPw/s1600/Income+Statement.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4Wkv_do8sDS7mKB-qsfWMACSlu6brS8gfhpKEB5qDwaf-ux60l0o0OW_lIaE2LUKlm2mG4Aecjv1aEhkYTbMv_Kv05Sx4bm1VYm7wlVvolshe0D7xas_rOARmvvQBnvfHNfD5WB7TMPw/s1600/Income+Statement.JPG" /></a></div><div style="text-align: left;"><br /></div><div style="text-align: left;"><b style="color: red;">Note : </b><br /><br />1.  Revenues are defined as in flows of assets either from the sale of goods or the performance of services. <br />2.  Expenses are defined as out flows or other uses of assets to produce revenue.</div><div style="text-align: left;">٣.  Net income is defined as the excess of revenues over expenses, and will be transferred to the balance sheet as either profit or loss. </div><div style="color: #666666; text-align: left;"><br /></div><div style="color: #666666; text-align: left;">----------------------------------------------------------------------------------------------------------</div><div style="text-align: center;"><a href="http://bookkeeping-course.blogspot.com/"><span style="color: #666666;">Bookkeeping course</span></a></div>

Bookkeeping : Posting of closing entries

POSTING The process of transferring information from the journal to the ledger for the purpose of summarizing is called posting. Primaril...

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Accounting Transaction: General Journal

In the <a href="http://bookkeeping-course.blogspot.com/">Bookkeeping course</a> we showed the <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html"><b>effects of transactions by making entries in T accounts</b></a>. However- these entries do not provide the necessary data for a particular transaction - nor do they provide a chronological record of transactions. <br /><br />The missing information is furnished by the use of an accounting form known as <b>the journal</b>.<br /><br /><b>General Journal </b><br />The  journal, or day book, is the book of original entry for accounting data. <br />-  It is the first book to record financial transaction in chronological order. <br />-  It has spaces for date, accounts titles & explanations, references, and two money columns, as illustrated below: <br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwS9TQPEDjU0SGLLt1EhydgmhEUDh44DzKh6SwK8lj5_viJngilpPIxu7auj0p7Jq0lICh6asKG7niI0_0umGdX7wGFzBSHfuvG5OPaLQKxF-vo8uFAlUhbJ5ySyBIWyebt6ly_cFDQos/s1600/General+Journal.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="258" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwS9TQPEDjU0SGLLt1EhydgmhEUDh44DzKh6SwK8lj5_viJngilpPIxu7auj0p7Jq0lICh6asKG7niI0_0umGdX7wGFzBSHfuvG5OPaLQKxF-vo8uFAlUhbJ5ySyBIWyebt6ly_cFDQos/s640/General+Journal.JPG" width="640" /></a></div><br />Afterward - the data is transferred or posted to the ledger, the book of subsequent or secondary entry. The various transactions are evidenced by sales tickets, purchase invoices, check stubs, and so on. On the basis of this evidence, the transactions are entered in chronological order in the journal. The process is called journalizing. A number of different journals may be used in a business. For our purposes, they may be grouped into general journals and specialized journals.<br />The latter type - which are used in businesses with a large number of repetitive transactions, are described in Chapter 6. To illustrate<b> journalizing -</b> we here use the general journal, whose standard form is shown be<br />low. <br /><br /><b>Journalizing </b><br /><br />Entering transaction data into Journal is known as Journalizing. <br /><br />Steps for journalizing a transaction <br />-  Analyze the transaction to determine which accounts are affected. <br />-  Analyze the accounts to determine which account is the debit part and which one is the credit part. <br />-  Record the transaction following the example illustrated below. <br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwzieJfyhZ3wlirrHhZ8lynHcy2kBC_7dppPAMDh4rTOlLt2R45qre38wsamrDQjTID3uXZucTaDnHnyIliQJo_0dIi3ah56DrnuiMgQVkdhmsAVAIp0hiXVbIcga7H3nxPlD6G-dpIdI/s1600/General+Journal-Journalizing.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="260" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwzieJfyhZ3wlirrHhZ8lynHcy2kBC_7dppPAMDh4rTOlLt2R45qre38wsamrDQjTID3uXZucTaDnHnyIliQJo_0dIi3ah56DrnuiMgQVkdhmsAVAIp0hiXVbIcga7H3nxPlD6G-dpIdI/s640/General+Journal-Journalizing.JPG" width="640" /></a></div><br /><b style="color: red;">Note:</b>   The date should be entered in the date column. <br />-  The year and the month are not repeated until the start of a new page or a new month.<br /><br />-  The title of the account to be debited is entered against the left margin of the title & explanation column.<br /><br />-  The amount to be debited to each account is entered in the debit column on the same line as the account title. ( The debit amount for each account is entered in this column.  Generally, there is only one item, but there could be two or more  separate items.) <br /><br />-  The account to be credited follows the same steps except being in the credit side. <br />( The credit amount for each account is entered in this column. Here again, there is generally only one account, but there could be two or more accounts involved with different amounts. )<br /><br />-  An explanation of the transaction may be entered on the next line below the journal entry. <br /><br />-  The posting reference column is left blank till the transaction is being posted.<br /><br /><div style="text-align: center;">  <b>The Next : Posting</b></div>

Accounting Transaction: General Journal

In the Bookkeeping course we showed the effects of transactions by making entries in T accounts . However- these entries do not provide the...

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Introduction to bookkeeping: Accounting flowchart process

<div style="text-align: center;"><b>Accounting Flowchart</b></div><div style="text-align: center;"></div><h3 class="r" style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: medium; margin: 0px; overflow: hidden; padding: 0px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">   <span style="font-weight: normal;">Financial <i style="font-style: normal;">Accounting & Bookkeeping</i> Cycle Steps</span></h3><h3 class="r" style="background-color: white; color: #222222; font-family: arial,sans-serif; font-size: medium; margin: 0px; overflow: hidden; padding: 0px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">  <span style="font-weight: normal;"><span style="font-size: x-small;">( <a href="http://bookkeeping-course.blogspot.com/search/label/Basic%20Concepts">Basic Concepts</a> of Financial Accounting ) </span></span></h3><h3 class="r" style="background-color: white; color: #222222; font-family: arial,sans-serif; font-size: medium; margin: 0px; overflow: hidden; padding: 0px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"> <span style="font-weight: normal;"> </span></h3><h3 class="r" style="background-color: white; color: #222222; font-family: arial,sans-serif; margin: 0px; overflow: hidden; padding: 0px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">  <span style="font-size: x-small; font-weight: normal;">describes  the  financial accounting process and shows how  information<br />about transactions and events is accumulated to produce the balance sheet and the in-<br />come statement. This early presentation is quite basic; subsequent chapters will pre-<br />sent more complex issues. Also, although the cash flow effects of various transactions<br />are addressed in another topic, the statement of cash flows is actually covered in detail<br />in other topic, “Statement of Cash Flows.” </span></h3><br /><div style="text-align: center;"><b><br /></b></div><b>Introduction:</b><br />Accounting is the art of <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html"><b>recording</b></a>, summarizing, classifying and reporting <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html"><b>financial transactions</b></a> and other events of an enterprise.<br /><br />The following flowchart shows the steps in the accounting cycle.  These are the accounting procedures normally used by enterprises to record transactions and prepare financial statements<br /><br /><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0C-w7aw6g6DVvzgDQV5JWLDtSrsToYeq3yIqVX0eAympSx1qw_nZlR3bwAS7iBVZ8snomFJY9I3sISc5m4HgIrhBGFh6f3Pd57beIHgY3gguPsSAU__mpH70eSnM0NOJMH2vrx25eirY/s1600/record+transactions-1.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0C-w7aw6g6DVvzgDQV5JWLDtSrsToYeq3yIqVX0eAympSx1qw_nZlR3bwAS7iBVZ8snomFJY9I3sISc5m4HgIrhBGFh6f3Pd57beIHgY3gguPsSAU__mpH70eSnM0NOJMH2vrx25eirY/s1600/record+transactions-1.JPG" /></a></div><div style="text-align: center;"><span style="font-family: inherit;">Image of Accounting flowchart <span style="background-color: white; color: #222222; white-space: nowrap;">Cycle Steps</span></span></div><div style="text-align: center;"><br /></div><div style="text-align: center;"><span style="text-align: left;">and Below, the flowchart steps have been explained in detail:</span></div><div style="text-align: left;"><br /></div><span style="font-size: large;"><b><a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">1. Transaction: </a></b></span><br />  The processing of accounting data begins with an <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">economic transaction</a>, where two <br />or more parties engage in an exchange  of goods or services for some form of <br />consideration. Evidence of this happening is the receipt  of some form of a source <br />document. Common examples of such a source document include: <br /><br />•  A sales receipt - this can be in a variety of forms. <br />•  A purchase invoice. <br />•  A debit/credit memorandum. <br />•  A copy of a contract entered into. <br />•  A billing statement. <br />•  A remittance statement. <br /><br />There are a multitude of source documents, in type, shapes, and format used to record <br />the significant data. It is these documents, which become the basis for data input to the <br />accounting processing. But, prior to the actual data entry, the documents must be <br />subjected to a series of analysis and classification. <br /><br /><br /><br /><span style="font-size: large;"><b>2. Analyze and classify: </b></span><br /><br /><b>2٫1.  Analyze: </b><br />  This phase of the accounting process includes the application of several of the <br />accounting principles, namely: <br /><br /><b>The Entity Concept</b> - This is probably the most basic of all concepts in accounting. <br />As applied here in this phase of the accounting process, the analysis must determine that the transaction in question, first relates to the entity in question. If not it must be rejected and not allowed to continue through the process.<br /><br /><b>Monetary Concept</b> - In addition the analysis must determine that the transaction can be measured in terms of a monetary basis. Those transactions, which cannot be measured in terms of amount (for e.g., Saudi Riyals), are eliminated from further consideration for inclusion in the accounting process.<br /><br /><b>Cost Principle</b> - All transactions are recorded at cost and not at current market value. <br />Cost is determined from the source documents used as evidence of the transaction.<br /><br /><br /><b>2٫2.  Classify: </b><br />  Once past the analysis phase, the transaction is then properly classified in preparation for entry into the accounting database, commonly using a Chart of Accounts.<br /><br />Chart of Accounts - The design of a good accounting system begins with the Chart of Accounts. This is a list of the accounts, which comprise the particular accounting system (it is designed with the particular company and its needs for information).<br />Accounts are grouped according to their  relationship in the <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-equation-and-basic-elements.html"><b>accounting equation</b></a> (i.e., assets, liabilities, owner's equity, revenues and expenses). The numberings scheme assigns a block of numbers to the respective groups. A typical assignment of numbers might be as follows:<br /><br /><div style="text-align: center;"><b>Assets ......................  100-199 <br />Liabilities .................  200-299 <br />Owner’s Equity .........  300-399<br />Revenues .................  400-499 <br />Expenses ..................  500-599</b></div>  <br />  The numbering blocks should provide a convenient manner for adding new accounts without having to renumber the accounts. Sometimes the account numbers are designed to provide additional information as to location, cost codes, etc. In any event they assist in arranging the accounts for convenience of  financial statement preparation, account location, and category identification.<br /><br />The next consideration is that of determining whether this <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">transaction when recorded in the account</a> will  cause the balance of that account to be increased or decreased. Depending upon the type of account and what side of the accounting equation it appears, this means it must be reported as a debit or a credit. Of course the basic rule of having debits and credits equal must be followed. That means each transaction will require at lease one debit and one credit identity to be recorded correctly. Finally, a transaction can affect multiple accounts, requiring more than one debit and/or one credit in order to properly record it in the accounting process.<br /><br /><br /><br /><br /><b><span style="font-size: large;">3. Journalize:</span></b><br /><br />This step in the accounting cycle represents the first time that the transaction enters the accounting database. It is the data entry phase. Here the <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">transaction</a>, having been analyzed and classified, is recorded in the Accounting Voucher. <br /><br /><br /><br />In entering the transaction, various types  of vouchers depending on the type of organization are used.  However, the most  commonly used format of an accounting voucher is attached in Appendix.   <br /><br />Sometimes, accounting vouchers are not prepared and transactions are directly entered into Journals and this is for this reason that the journal is referred to as the "book of original entry."  The journal can be likened to a diary in which events are recorded in chronological order of their occurrence. In the accounting process, two types of journals are used: <br /><br /><b>3٫1.  General Journal</b><br />  In the General Journal, transactions are recorded as they were analyzed and classified. First the event is dated as to when it actually happened. Then the debit side of the transaction is recorded first by itemizing the account(s) that must be debited. The amount(s) to be debited are then entered in the column to the left. This<br />process is continued until all of the debits have been recorded. The recording shifts to the account(s) to be credited. The recording(s) for the credits are indented to offset them from the debit recording(s). After recording the account(s) to be credited, the amounts are then entered into  the column to the left of that of the debits. <br /><br />If the <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">transaction required only one debit  and one credit</a>, this is referred to as a simple entry. On the other hand, it is requires more than one <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">debit and/or credit</a>; it is referred to as a compound entry. <br /><br /><b>3٫2.  Special Journals </b><br />  As their name implies, these journals  are used to record uniquely classified types of transactions by use of specially  designed journals. They are designed to meet the needs of the specific entity, which uses them. There is no common format for their design, as this is determined by the individual entities. However, the most commonly used special journals are as follows: <br /><br />•  Sales Journals - generally used to record  all credit sales of merchandise inventory items.<br />•  Purchases Journals - generally used to record all credit purchases of merchandise inventory items. <br />•  Cash Receipts Journals - generally used to record all inflows of cash. <br />•  Cash Payments (Disbursement) Journals - generally used to record all outflows of cash. <br />•  NOTE: The check register is sometimes used in place of the Cash Receipts and Cash Payments Journals.<br /><br /><br /><br /><br /><b><span style="font-size: large;">4. Post: </span></b><br />  Posting refers to the process of transferring or transcribing the information contained in the journal entries to the appropriate accounts in the general ledger. During this process debits in the journal entry are posted as debits in the ledger, and credits in the journal entry are posted as credits in the ledger. Along with the debits and credits, the information transferred includes the date of the journal entry and the voucher reference. This cross-reference is the audit trail by which a transaction can be traced from its entrance into the system via the journal/voucher to the final destination in the general ledger. This is an important part of the processing of accounting data. <br /><br /><b>General Ledger </b><br />  The general ledger is the heart of any accounting system. It is the permanent record of the consequences resulting from the accumulation of transaction throughout the life of the entity. Each account in the accounting system has its separate page in the general ledger. In addition each account has its unique identification in the form of an account number as specified in the Chart of Accounts.<br /><br /><b>Subsidiary Ledger </b><br />  An enterprise constantly needs detailed information about its dealings with individual customers and creditors.  To provide this information, companies with several thousand customers and  creditors, use a subsidiary  ledger to keep track of individual balances.  Thus  a typical merchandising enterprise has subsidiary ledgers containing accounts with customers (customers’ ledger)  and creditors (creditors’<br />ledger).  An account in the general ledger is maintained that summarizes the details in the accounts receivable and accounts payable  ledgers.  This summary account in the general ledger is called a control account, because the summary account controls the subsidiary ledger. <br /><br /><br /><b><span style="font-size: large;">5. Trial balance: </span></b><br /> Simply defined, a Trial Balance is a list of all of the general ledger accounts having a balance amount as of that date. It contains the following columns: <br />•  Account Number (from chart of accounts)<br />•  Account Title(s). <br />•  Applicable debit amounts. <br />•  Applicable credit balance. <br /><br />A trial balance provides a check on the accuracy of the postings, which occurred during the period by showing that the  total debits posted equals the total credits posted. It is prepared at any time, following the posting  of all journal entries. However, it is routinely prepared at the end of the accounting period, prior to making any adjustments to the books. Thus, the trial balance is a test of the mathematical equality of debits and credits after all postings have been completed. Its preparation is essential to the processing events leading up to the preparation of the financial statements. <br /><br /><br /><b><span style="font-size: large;">6. Adjusting entries: </span></b><br />  Throughout an accounting period, an entity will continue to be engaged in a variety of <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">economic transactions</a>. Some of those will affect the current period, while some of them will affect future periods throughout the life of the entity. At  the time that they occur, each of these transactions, are supported by a source document (see step 1 above). If they are applicable to the current period, their  flow through the accounting system is straight forward and without the need for any special handling or<br />considerations. <br /><br />  However, those transactions, which effect the present and future accounting periods, will at some future date require special considerations and  handling. The special considerations are caused by absence of a source document, which gives cause to their existence. Keep in minds that these transaction either happened in a prior period or have not yet happened The special handling is a continuation of the special consideration, in that these  transaction must be dealt with in a manner which adjusts their effects in the current  period, by means of special  journal entries. Many have already been recorded in the accounting system. What is needed then is to ensure that their consequences are applied to the proper accounting period.  Some of the examples of adjusting entries are:<br /><br />•  Accruals<br />•  Amortization of prepayments and intangibles<br />•  Deferred revenues and expenses<br /><br />  Also some, balances have to be reclassified from one account to another for the purpose of proper presentation in the financial statements.  Some of the examples of such transactions are as follows:<br /><br />•  Reclassification of current portion of long-term loan from long term liability to current liability<br />•  Reclassification of debit balances in creditors account<br />•  Reclassification of credit balances in debtors account<br /><br />This, then, is accomplished through the use of <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">Adjusting Entries</a> and Reclassifying entries. <br /><br /><br /><br /><br /><b><span style="font-size: large;">7. Adjusted trial balance: </span></b><br /> After all Adjusting Entries and Reclassifying Entries have been journalized and posted an ADJUSTED TRIAL BALANCE is prepared from the ledger accounts. It shows the balance of all accounts, including those that have been adjusted, at the end of the accounting period.  The purpose of an adjusted trial balance is to show the effects of all financial events that have occurred during the accounting period.   The financial<br />statements are usually prepared from this trial balance.<br /><br /><br /><br /><b><span style="font-size: large;">8. Financial statements: </span></b><br />  The following are the basic financial statements, which are prepared at the end of each accounting period. Each portrays a different representation of the entities financial status and results of activities. All of them are linked together in a manner, which presents the financial position and results of economic activities, and therefore all three must always be presented together. <br /><br /><b>Income statement: </b><br />•  Presents the results of economic activities, which occurred during the specific accounting period.<br />•   Bridges the balance sheet of the previous accounting period with that of the current accounting period. Therefore, it covers a period of time. <br />•  Develops the net income for the current accounting period. This is used to reflect the profitability of that period. <br />•  is linked to the balance sheet via the net income amount, which appears in both of those statements. <br /><br /><b>Statement of Changes in Owners’ Equity  </b><br />  Presents the changes that have occurred  in the owner's equity as a result of the current period's activities. Therefore its results represent what occurred within a period of time. It is linked to the balance sheet via the capital account, retained earnings, and any reserves. <br /><br /><b>Balance Sheet  </b><br />  Sometimes referred to as  the statement of financial  position, reports the assets, liabilities, and owner’s equity of an enterprise at a specific date.<br /><br /><br /><b>Statement of Cash Flows </b><br />  The basic purpose of a statement of cash  flows is to provide relevant information about the cash receipts and cash payments of an enterprise during a period.  To achieve this purpose, the statement of cash flows reports the cash effects of:<br />•  Operations during a period<br />•  Investing transactions<br />•  Financing transactions; and<br />•  Net increase or decrease in cash during the period<br /><br /><br /><b><span style="font-size: large;">9. Closing entries </span></b><br /> Closing an account means to "bring the balance to zero". We close what we call the  temporary (or nominal) accounts. In the closing process all of the revenue and expense account balances (income statement items) are  transferred to a clearing or suspense account called Income Summary (or Income for the year), which is used only at the end of each accounting period (yearly).  Revenues and Expenses are matched in the Income Summary account and the net result of this matching, which represents the net income or net loss for the period, is then transferred to an owners’ equity account i.e., retained earnings.  All closing entries are posted to the appropriate general ledger accounts.<br /><br /><br /><b><span style="font-size: large;">10.  Post closing trial balance </span></b><br />  A trial balance is prepared after all temporary accounts have been closed. The accounts, which remain open are called  real accounts and include:  Asset accounts, Liability accounts and the Capital account. In other words, the balance sheet accounts remain open.<br /><br /><b>Practical Session: </b><br />  Although, an attempt has been made above to explain how an accounting cycle works, but in order to make the students understand the whole process of flow of transactions from beginning till the financial statements are produced, a practical session including the following steps is recommended:<br /><br />•  A chart of accounts should be created  keeping in view requirements of a service enterprise.<br />•  Accounting vouchers must be prepared  for transactions affecting all aspects of the financial statements .<br />•  Vouchers must be posted to their individual General Ledger Accounts using the form in Appendix ٢.<br />•  A trial balance should be prepared using the final balances in general ledger.<br /><br />•  Adjusting and reclassifying entries must be prepared and then posted to general ledger.<br />•  Adjusted trial balance should be prepared.<br />•  Financial statements should be prepared from the adjusted trial balance.<br />•  Closing process should be performed.<br />•  A post closing trial balance should be prepared.<br />•  Opening of a new accounting period in the books should be demonstrated using the post closing trial balance.<br /><br /><br /><div style="background-color: white; color: #333333; font-family: Tahoma; font-size: 13px; line-height: 20px; text-align: center;">------------------------------------------------------------------------------------------------------</div><div style="background-color: white; color: #333333; font-family: Tahoma; font-size: 13px; line-height: 20px; text-align: center;"><span style="color: #666666; font-size: xx-small;">bookkeeping and financial accounting training</span><span style="color: #666666; font-size: xx-small;"> course</span></div><br /><br /><br /><br /><br />

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Accounting Flowchart Financial Accounting & Bookkeeping Cycle Steps ( Basic Concepts of Financial Accounting ) describes t...

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