⭐ SUMMARIZING CHANGES IN FINANCIAL POSITION [Part : 2] ⭐
ALL ABOUT ACCOUNTING : 41st BLOG 💎 💎 ACCOUNTING💎💎 ★ Accounting exercise and practices : Lesson : 4 [Part : 2] Hi friends 🙏 Today's discuss remaining part of summarizing changes in financial position So let's discuss .... ★ SUMMARIZING CHANGES IN FINANCIAL POSITION : ⭐ THE GENERAL LEDGER : A credit organization typically has many accounting transactions each day, such as the disbursement of loans, the payment of employee salaries and the receipt 📜 of loan payments. It would not be practical to prepare financial statements after each transaction. Instead as we discussed in the last session, individual transactions are recorded in the general journal, and at the end of the month (or other designeted accounting periods), financial statements are prepared from these records. Accounting systems include a separate record for each item listed on the financial statements. For example, a separate record is kept for the asset "