Accounts Terminology

------------------------------------------------- account statement Terminology: Common sense is a strange name for something so rare - Mark brace Fra Luca Bartolomeo de Pacioli was an Italian mathematician and Franciscan friar, collaborator with Leonardo da Vinci, and creative ratifier to the field now known as invoice. Summa de arithmetica, geometria, proportioni et proportionalita (Venice 1494), a schoolbook for use in the schools of Northern Italy. It was a entailment of the numerical knowledge of his time and contained the first printed work on algebra create verb bothy in the vernacular (i.e. the spoken language of the day). It is also notability for including the first published description of the method of bookkeeping that Venetian merchants used during the Italian Renaissance, known as the double-entry report system system. Although Pacioli systematize rather than invented this system, he is widely regarded as the Father of Accounting. The system he publishe d include most of the account statement cycle as we know it directly The Accounting Cycle array of Accounting period 1. accretion of raw economic data. 2. Transaction analysis- the terms for developing the accounting entries. 3. Journalizing - Original data inputs, chronological testify expressed in terms of debits and credits to particular account.(most computerized accounting system avoid the journal). 1.

Special Journal - allow for the plane section of labor. 1. gross sales Journal - based on sale invoices or bestir sales. 2. Purchases Journal - fo r credit purchases. 3. Cash Re! ceipts - all emolument of notes are recorded 4. Cash Payments - for all cash payments. 5. coupon Journal - 4. Posting to ledger - reclassifying the in formattingion from the chronological format in the journal to an account classification in the ledger. 5. aim trial balance(unadjusted). 6. Prepare worksheets(adjusting entries). 2. Prepare financial statements...If you sine qua non to adopt a full essay, order it on our website: OrderCustomPaper.com

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