Category: Financial Accounting Review

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Steps of accounting cycle 1. Prepare journal entries 2. Post to the ledger 3. Prepare unadjusted trial balance 4. Prepare adjusting journal entries 5. Prepare

Accounting equation shows that the total assets should be equal to the total liabilities and stockholders’ equity. The left side of accounting equation represents the

The term debit refers to the left side of the accounting equation. The term credit refers to the right side of the accounting equation.  [Equation

  Journal Accounting journal is the recording of transactions in order of occurrence.   Journal Entries Journal entry is an entry to the journal. Journal

Elements of Income Statement Revenues and expenses are the elements of income statement. Revenues Expenses Revenue 1. Revenue represents an increase in resources from the