PROCESS INVOLVED IN ACCOUNTING ASSIGNMENT HELP MATERIAL

With time, accounting systems have evolved from traditional to modern accounting cycle. Our accounting assignment help experts highlight the steps of accounting cycle in accounting homework help online free material; else can opt for taxation assignment help, accounting homework help online free suggestion through accounting help online chat.

Step 1.  Identify the transaction from source document like purchase orders, loan agreements, invoices, etc.

Step 2.  Record the transaction as a journal entry.

Step 3.  Post the entry in the individual accounts in ledgers. Traditionally, Ts represent the accounts with debits on the left and credits on the right.

Step 4.  After reporting, prepare preliminary trial balance of all the accounts by netting all the debits and credits in each account to calculate their balances. Make a total of the left and right side balances and make sure the two columns should be equal.

Step 5.  Adjust the entries that are not generated through particular source of documents. For example, depreciation expenses are recorded for items like equipment to account for the use of the asset and the loss of its value over time.

Step 6.  Prepare an adjusted trial balance of the accounts. The left-hand side (debits) and right-hand side (credits) must be equal in terms of the value.

Step 7.  Calculate the total of the sum of the various accounts and present them in financial statements. The statement is created for both internal and external use.

Step 8.  Wind up the books of the current month by recording the necessary reversing entries to start fresh in a new period. Our accounting assignment help gives you an overall idea about what accounting is, what the fundamentals of accounting are and how accounting process works. This above information is a trailer of our accounting assignment help composed in our accounting homework help online free samples. Our accounting assignment help provides in-depth knowledge that you can acquire from our experts through accounting help online chat. Our accounting assignment help experts are capable of providing you best possible accounting assignment help, accounting homework help online free and assist you through accounting help online chat.

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