🔥 SUMMARIZING CHANGES IN FINANCIAL POSITION [PART : 1]🔥

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ALL ABOUT ACCOUNTING : 40th BLOG

      💎💎ACCOUNTING💎💎

★ Accounting exercise and practices : 
Lesson : 4 [Part : 1]

Hi friends 🙏

Today's discuss summarizing changes in financial position 

                             So let's discuss ....


★ SUMMARIZING CHANGES IN FINANCIAL POSITION :

The purpose of this lesson is to show how to summarize the transactions which were recorded 
during the last session. The general ledger 📒 and ledger accounts are explained leading to account balances and finally a trial balance, adjustments are made resulting final account balances which are transferred to the corresponding accounts on the financial statements.
     
you will develop a good understanding of how transactions move from individual records to the creation of the balance sheet and income statement. Topics include :

  • The general ledger 
  • Ledger accounts 
  • Account balances 
  • Trial balance
  • Adjustment 
In the last lesson. We covered journal entries and how they are recorded in the general journal, the information is consolidated and enter into ledger accounts which make up the general ledger. This is the next step in the process of creating financial statements. 

This lesson covers the step from the general journal to the general ledger, the trial balance, adjustments, and finally the creation of the balance sheet and the income statement. 





Remaining part of  summarizing changes in financial position discuss in 41th blog... 

                            So wait my 41th blog... 
 
                                                                             
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