Financial Accounting

Accounting Process Steps

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Financial Accounting by Mind Map: Financial Accounting

1. 2- Prepare Journal Entries

1.1. A- Record of financial Transactions

1.2. B- Double Entry Accoutring

1.3. C- Two Accounts in one transaction will affected

1.4. D- Total debit are equal to total credit

2. 1- Identify Transactions

3. 3- Post to General Ledger (GL)

3.1. A- Accounts

3.2. B- Type Of Account

3.2.1. Assests

3.2.2. Labilities

3.2.3. Equity

3.2.4. Revenue

3.2.5. Expenses

3.2.6. Dividends

4. 4-Unadjusted Trial Balance

4.1. Closing Period

5. 5- Post Adjusting Entire

5.1. A- Accounting Rule Book

5.1.1. * International Financial Reporting Standard (IFRS)

5.1.2. * Generally Accepted Accounting Principals (GAAP)

5.1.2.1. Cash Accounting Base

5.1.2.2. Accrual Accounting Base

5.1.2.2.1. Matching Reconcile

6. 6- Adjusted trial Balance

7. 7- Create Financial Statements

7.1. Trial Balance

7.1.1. A- Balance Sheet

7.1.2. B- Income Statement

7.1.3. C- Cash Flow Statement

8. 8- Post Closing Entries