Journalizing.

This refers to the systematic and chronological recording of the effects of financial
transactions on the elements of financial statements in the general and special journals. f. Posting. After
the transactions have been recorded in the journals, entries are posted or entered in the general
ledgers. g. Taking an Unadjusted Trial Balance. After posting on the general ledgers, balances of debits
and credits are determined by adding all debits and the credits of every account. h. Preparation of
Worksheet. To facilitate the preparation of adjusting journal entries and financial statements, a
worksheet is prepared with columns for unadjusted trial balance, adjustments, adjusted trial balance,
income statement, and balance sheet, all with debit and credit columns. i. Preparing Financial
Statements. After the worksheet is accomplished, income statement and balance sheet are now ready
for preparation. j. Journalizing and Posting Adjusting Journal Entries. At this point, adjusting journal
entries can be recorded in the general journal and posted in the general ledgers k. . Journalizing and
Posting Closing Journal Entries. To reflect changes brought about by transactions affecting the
operations, in the capital account, all revenue and expense accounts are closed to capital account. l.
Taking a Post-Closing Trial Balance. After posting all the closing entries, preparation of post-closing trial
balance is next. The trial balance shows only the real accounts. m. Communicating the Processed
Information. The information is relayed to users in the form of financial statements. n. Journalizing and
Posting Reversing Entries. These entries are made to reverse some of the adjusting journal entries.
Recommendation: Government accounting is a key in preventing corruption in our government, if and
only if the officials will report with complete honesty the funds that they’ve been spending for the
development of our country. Funds are given to implement projects and programs that will aim to
improve the state of our country and to solve problems in our society but unfortunately some officials
were implementing programs and projects just to get more funds that they will be using for their
personal interests. To avoid such things there must be transparency in the report of the government
officials and agencies on the way budgets were used. Agencies assigned to evaluate the government
expenditures must perform their task honestly and avoiding conspiracy between them.