ACC 210 Lecture Notes - Lecture 3: Accounting Equation, Trial Balance, Financial Statement

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A simultaneous exchange between one accounting entity and another . Such as customers, suppliers, employees, owners (shareholders), creditors, etc. Accounting information systems record transactions and rely on a process referred to as the accounting cycle. Journalize post trial balance adjusting entries adjusted trial balance financial statements closing entries post-closing trial balance. As one might guess these days most businesses use some type of computerized accounting system! Transactions are recorded in accounts using a variety of mechanisms (e. g. manually or. Accounts are categories of similar amounts like: (accounts are like shoe boxes/buckets) Key concepts to remember in accounting for business transactions. Remember - business activities can be categorized as: Each business activity consists of different events. Some are external, resulting from exchanges between the company and an entity outside of the company. Some are internal or due to the company"s own actions. In order to be recorded, items in the event must impact a financial statement element (asset,

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