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Homework - Essay Example

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The recording process in accounting and finance refers to the process of summarizing, organizing and recording evaluated transaction data according to Simplestudies LLC (2012). The data is a logically and chronologically analyzed in the journal then posted to the ledger. The…
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Download file to see previous pages Recording the information of the transaction in a journal: After recording data chronologically in the source document, it is transferred to the general journal, which may have other specific journals such as sales and cash journals as suggested by Simplestudies LLC (2012).
The journal information is transmitted relevant accounts in the ledger hence posting: The information from the general journal is transferred to ledger where information of all accounts in a business is maintained.
Posting in accounting is the process of transmitting the details of financial transaction to the ledger. These transactions are initially found in the business journals. Posting is important in double entry accounts as it transfers the debit and credit aspects of a financial to relevant accounts.
A trial balance in accounting refers to a statement, which has a conventional format of its own. It is not necessarily a ledger account. It provides a summary report used to check whether all financial transactions in the accounting system follow the double entry rules as suggested by Simplestudies LLC (2012). The trail balance is the sixth step in the accounting process and it can be prepared at anytime. However, it is mostly prepared before financial statements are prepared. The trial balance as opposed to the financial statement is prepared and applied by the internal accounting team.
A trial balance is usually prepared in order to check the accuracy calculations used in accounting process. In accounting a trial balance is also used to ensure that the rules of double entry are followed during the recording of financial transactions done at a specific time. This is usually done by summing all debit balances found in the general ledger. It is also done by ensuring that the sum of debit balances is equal to the sum of all credit balances of the general ledger according to Simplestudies LLC (2012). A trial balance usually provides a list of all the accounts found in the ...Download file to see next pagesRead More
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