Accounts Terminology

------------------------------------------------- account statement Terminology: Common sense is a strange name for something so rare - Mark distich Fra Luca Bartolomeo de Pacioli was an Italian mathematician and Franciscan friar, collaborator with Leonardo da Vinci, and seminal 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 price reduction 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 excessively notability for including the first published description of the method of clerking that Venetian merchants used during the Italian Renaissance, known as the double-entry accountancy system system. Although Pacioli systematize rather than invented this system, he is widely regarded as the Father of Accounting. The sy stem he published include most of the account cycle as we know it nowadays The Accounting Cycle array of Accounting period 1. order of battle 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 revolve the journal). 1.

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

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