Name: Ka Apeydin

Accounting and Finance Year 3

The Process of Accounting

1. ADJUSTED TRIAL BALANCE

An adjusted trial balance may be prepared after adjusting entries are
made and before the financial statements are prepared. This is to test if
the debits are equal to credits after adjusting entries are made.
2.FINANCIAL STATEMENTS
Financial statements are written records that convey the business activities and
the financial performance of a company.

3. CLOSING ENTRIES
A closing entry is a journal entry made at the end of accounting periods that
involves shifting data from temporary accounts on the Income Statement to
permanent accounts on the Balance Sheet.

4. TRIAL BALANCE
A trial balance is a worksheet with two columns, one for debits and one for
credits, that ensures a company’s bookkeeping is mathematically correct.

5. GENERAL LEDGER
A general ledger represents the record-keeping system for a company’s financial
data, with debit and credit account records validated by a trial balance
6. GENERAL JOURNAL

The general journal is the book that entity firstly records all of the daily
financial transactions in it. It is also called a book of original entries
because all of the transactions are records in this book before moving to
other books.