ACCOUNTING EXPERTISE

ALL ABOUT ACCOUNTING : 43rd BLOG           💎 ACCOUNTING💎 ★ Accounting exercise and practices :   Lesson : 4 [Part : 4] Hi friends  🙏 Today's discuss remaining part of summarizing changes in financial position                               So let's discuss .... ★  SUMMARIZING CHANGES IN FINANCIAL POSITION :   ⭐ ACCOUNT BALANCES : Once journal entries have been made and the general journal completed, the account balances for each ledger account must be determined. This is done by listing all of the debits and credits by ledger account into the general ledger. The process of copying journal entry information from the general journal to the general ledger is called posting. In the posting process, journal debits become ledger account debits, and likewise, journal credits become ledger account credits. An account balance can be determined at any point in this proces...

ALL ABOUT ACCOUNTING : 42nd BLOG           💎 ACCOUNTING💎 ★ Accounting exercise and practices :   Lesson : 4 [Part : 3] Hi friends  🙏 Today's discuss remaining part of summarizing changes in financial position                               So let's discuss .... ★  SUMMARIZING CHANGES IN FINANCIAL POSITION :         🔥 THE LEDGER ACCOUNTS : A ledger accounts represent the accumulation of all information ℹ️ about changes in an asset, liability, equity, revenue or expense item in one palce. For example,  a ledger account for the asset cash would record each cash disbursement the organization made in a period as well as all cash which was received by the organization. By recording all cash that goes into and out of the organization, the ledger account provides a record of how much cash the organization has at any given time.  Each ledger acc...

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...

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 acco...

ALL ABOUT ACCOUNTING : 39th BLOG        💎 💎 ACCOUNTING💎💎 ★ Accounting exercise and practices :   Lesson : 3 [Part : 2] Hi friends  🙏 Today's discuss remaining part of recording changes in financial position.....                                       So let's discuss .... ♤ RECORDING CHANGES IN FINANCIAL POSITION : * Indicates, with a check mark ☑️ how the following would be recorded : Transactions   Debit   Credit Increase in cash         ☑️   Income           ☑️ Decrease in cash            ☑️ Expenses incurred        ☑️   * Ge neral format of journal vouchers: Doc.no. :                Date :                           Discr...