2830940
Description
Flashcards by Sophee-Ann G, updated more than 1 year ago
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Created by Sophee-Ann G
over 9 years ago
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| Question | Answer |
| Cash Receipt Journal | |
| Cash Payments Journal | |
| Statement of Receipts and Payments | |
| Profit and Loss Statement | |
| The four steps in the accounting cycle: ARSP | The four steps in the accounting cycle: 1. Analyse the transactions 2. Record the effect of transactions in a journal entry 3. Summarise the effects of transactions • Post journal entries to the ledger • Prepare a trial balance 4. Prepare reports • Make adjusting entries • Prepare financial statements • Close the books |
| Keeping Business Records & Keeping Financial Records | . Monitor the progress of your business . Prepare your financial statements Identify sources of your income Keep track of your deductible expenses . Keep track of your basis in property . Prepare your tax returns . Support items reported on your tax returns |
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