Finance - the nine steps in the accounting cycle
5 important questions on Finance - the nine steps in the accounting cycle
Describe the phases of the acounting cycle
divided by nine steps:
- collection of data and analysis of transations
- journalizing
- recording the journals into the ledger accounts
- creating unadjusted trial balance
- performing adjusting entries
- creating adjusted trial balance
- creating financial statements from the trial balance
- closing the books
- creating the post -closing trial balance
What categories belong in the balance sheet?
- fixed assets (equipment, buildings, machines)
- intangible assets (goodwill, licences)
- long - term investments (stocks)
- cash and cash equivalents
- inventory (goods available for sale)
- accounts receivale (goods or services that are deliverd but not yet paid for by customers)
- prepaid expenses (represents the value that already has been paid for (insurance, rent))
equity
current liabilities
- interest payable
- current portion of the long-term debt
- customer prepayments
long-term liabilities
- long term debt (interest)
- pension fund liability
- deferred tax liablity
What categories belong in the cash flow statement
important for investors since it helps them determine if the company is on a solid financial footing.
Creditors on the other hand, can use the CFS to determine how much cash is available for the company to fund its operating expenses and pay its debts.
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What is the difference between the balance sheet and the income statement
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