Runtime 2 hours; Access period 30 days from registration date; Learners Accounting students, entrepreneurs, non-accountant professionals; Recommended previous course Accounting Cycle Recommended next course Posting
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Before journal entries can be prepared, transactions and events are analyzed to determine their accounting significance, applying principles of recognition and measurement. The accountant identifies the elements of financial statements and accounts involved. Journal entries are prepared following the rules of debit and credit.
COURSE OBJECTIVES
Recording transactions uses accounting records and journals following certain procedures to ensure completeness and accuracy. The first step in the process is journalizing, which seeks to record an event or transaction applying the rules of debit and credit.
RECOMMENDED NEXT COURSE
The recommended next course, Posting, describes the structure of the General Ledger or the Book of Final Entry. Posting prescribes the procedure for entering transactions of a similar nature into specific pages or accounts in the ledger. The course also discusses the procedures for determining account balances.
