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Erstellt / Aktualisiert 20.03.2020 / 24.03.2020
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Fenster schliessen

the five fundamental reporting elements

-Assets

-Liabilities

-sharehoalders' equity

-Revenues

-Expenses

Fenster schliessen

The accounting cycle

1, Journalization

2. Posting

3. Trial balance

4. adjustments (work sheet 4.-->6.)

5. adjusted trial balance

6. financial statements

7. closing entries

8. post-closing trial balance

9. reversing entries

Fenster schliessen

What type of events are there?

  • External – between a business and its environment.

  • Internal – event occurring entirely within a business.

Fenster schliessen

Which accounts belong to the "Assets"?

Cash

accounts receivable

inventory

building

Fenster schliessen

Which accounts belong to "liabilites"?

accounts payable

note payable

Fenster schliessen

which accounts belongt to "equity"?

common stock

retained earnings

Fenster schliessen

which accounts belongt to "revenues"?

Sales

Fenster schliessen

which accounts belongt to "Expenses"?

cost of goods sold