Question

What are the basic accounting procedures?

Answer 1

The basic accounting procedures are:

• Identifying the transactions.
• Posting the transactions into journal books.
• Posting from journal books to ledger accounts.
• Determining the trial balance.
• Creating a worksheet.
• Adjusting the journal entries if any.
• Preparing the financial statements.
• Closing the books of accounts after determining the profit or loss of the organization.

Also see: MCQs on Journal Entries