Class Notes (835,872)
Canada (509,458)
MGAC01H3 (13)
Daga (1)
Lecture

Chapter 3 – The Accounting information system.docx

4 Pages
83 Views
Unlock Document

Department
Financial Accounting
Course
MGAC01H3
Professor
Daga
Semester
Summer

Description
Chapter 3 – The Accounting information system Learning Objectives:  Understand the basic accounting terminology It is important to understand the following terms: event, transaction, account, permanent and temporary accounts, ledger, journal, posting, trial balance, adjusting entries, financial statements, closing entries  Explain double-entry rules  Identify the steps in the accounting cycle The basic steps in the accounting cycle are: identification and measurement of transactions and other events, journalizing, posting, the unadjusted trial balance, adjustments, the adjusted trial balance, statement preparations, and closing  Record transactions in journals, post journal entries to ledger accounts, and prepare a trial balance  Explain the reasons for preparing adjusting entries Adjustments achieve a proper matching of revenues and expenses  Prepare closing entries All revenue and expense ac
More Less

Related notes for MGAC01H3

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit