ACCOUNTING PROCESS

1. SOURCE DOCUMENTS

2. ACCOUNTING EQUATION

2.1. ASSETS=CAPITAL + LIABILITIES

2.2. CAPITAL=ASSETS-LIABILITIES

2.3. LIABILITIES=ASSETS-CAPITAL

3. JOURNAL

3.1. DEBIT--- DR

3.1.1. AE-INCREASES DR DECREASES CR

3.2. CREDIT---CR

3.2.1. CLR-INCREASES CR DECREASES DR

3.3. DR AND CR

3.4. TYPES OF ACCOUNTS TRADITIONAL APPROACH

3.5. LETS REVISE