Фінансова енциклопедія

1 A B C D E F G H I J L M N O P Q R S T U V W X Y Z А Б В Г Д Е Ж З И І К Н О П Р С Т У Ф Ц Ч Э


The primary objectives of the accounting function in an organization are to process financial information and to prepare financial statements at the end of the accounting period. Companies must systematically process financial information and must have staff who prepare financial statements on a monthly, quarterly, and/or annual basis. To meet these primary objectives, a series of steps is required. Collectively these steps are known as the accounting cycle. The steps, applicable to a manual accounting system, are described below. Later, there will be a brief discussion of a computerized processing system.

1. Collect and analyze data from transactions and events: As transactions and events related to financial resources occur, they are analyzed with respect to their effect on the financial position of the company. As an example, consider the sales for a day in a retail establishment that are collected on a cash register tape. These sales become inputs into the accounting system. Every organization establishes a chart of accounts that identifies the categories for recording transactions and events. The chart of accounts for the retail establishment mentioned earlier in this paragraph will include Cash and Sales.
2. Journalize transactions: After collecting and analyzing the information obtained in the first step, the information is entered in the general journal, which is called the book of original entry. Journalizing transactions may be done continually, but this step can de done in a batch at the end of the day if data from similar transactions are being sorted and collected, on a cash register tape, for example. At the end of the day, the sales of $4,000 for cash would be recorded in the general journal in this form:
Cash 4000
Sales 4000

3. Post to general ledger: The general journal entries are posted to the general ledger, which is organized by account. All transactions for the same account are collected and summarized; for example, the account entitled ‘‘Sales’’ will accumulate the total value of the sales for the period. If posting were done daily, the ‘‘Sales’’ account in the ledger would show the total sales for each day as well as the cumulative sales for the period to date. Posting to ledger accounts may be less frequent, perhaps at the end of each day, at the end of the week, or possibly even at the end of the month.
4. Prepare an unadjusted trial balance: At the end of the period, double-entry accounting requires that debits and credits recorded in the general ledger be equal. Debit and credit merely signify position— left and right, respectively. Some accounts normally have debit balances (e.g., assets and expenses) and other accounts have credit balances (e.g., liabilities, owners’ equity and revenues). As transactions are recorded in the general journal and subsequently posted to the ledger, all amounts recorded on the debit side of accounts (i.e., recorded on the left side) must equal all amounts recorded on the credit side of accounts (i.e., recorded on the right side). Preparing an unadjusted trial balance tests the equality of debits and credits as recorded in the general ledger. If unequal amounts of debits and credits are found in this step, the reason for the inequality is investigated and corrected before proceeding to the next step. Additionally, this unadjusted trial balance provides the balances of all the accounts that may require adjustment in the next step.
5. Prepare adjustments: Period-end adjustments are required to bring accounts to their proper balances after considering transactions and/or events not yet recorded. Under accrual accounting, revenue is recorded when earned and expenses when incurred. Thus, an entry may be required at the end of the period to record revenue that has been earned but not yet recorded on the books. Similarly, an adjustment may be required to record an expense that may have been incurred but not yet recorded.
6. Prepare an adjusted trial balance: As with an unadjusted trial balance, this step tests the equality of debits and credits. However, assets, liabilities, owners’ equity, revenues, and expenses will now reflect the adjustments that have been made in the previous step. If there should be unequal amounts of debits and credits or if an account appears to be incorrect, the discrepancy or error is investigated and corrected.
7. Prepare financial statements: Financial statements are prepared using the corrected balances from the adjusted trial balance. These are one of the primary outputs of the financial accounting system.
8. Close the accounts: Revenues and expenses are accumulated and reported by period, either a monthly, quarterly, or yearly. To prevent their not being added to or comingled with revenues and expenses of another period, they need to be closed out—that is, given zero balances—at the end of each period. Their net balances, which represent the income or loss for the period, are transferred into owners’ equity. Once revenue and expense accounts are closed, the only accounts that have balances are the asset, liability, and owners’ equity accounts. Their balances are carried forward to the next period.
9. Prepare a post-closing trial balance: The purpose of this final step is two-fold: to determine that all revenue and expense accounts have been closed properly and to test the equality of debit and credit balances of all the balance sheet accounts, that is, assets, liabilities and owners’ equity.

A computerized accounting system saves a great deal of time and effort, considerably reduces (if not eliminates) mathematical errors, and allows for much more timely information than does a manual system. In a real-time environment, accounts are accessed and updated immediately to reflect activity, thus combining steps 2 and 3 as discussed in the preceding section. The need to test for equality of debits and credits through trial balances is usually not required in a computerized system accounting since most systems test for equality of debit and credit amounts as they are entered. If someone were to attempt to input data containing an inequality, the system would not accept the input. Since the computer is programmed to post amounts to the various accounts and calculate the new balances as new entries are made, the possibility of mathematical error is markedly reduced.
Computers may also be programmed to record some adjustments automatically at the end of the period. Most software programs are also able to prepare the financial statement once it has been determined the account balances are correct. The closing process at the end of the period can also be done automatically by the computer. Human judgment is still required to analyze the data for entry into the computer system correctly. Additionally, the accountant’s knowledge and judgment are frequently required to determine the adjustments that are needed at the end of the reporting period. The mechanics of the system, however, can easily be handled by the computer.

(SEE ALSO: Accounting; Accounting information systems) BIBLIOGRAPHY Dansby, Robert, Kaliski, Burton, and Lawrence, Michael (1999). College Accounting. St. Paul, MN: EMC Paradigm. Ingram, Robert W., and Baldwin, Bruce A. (1998). Financial Accounting: A Bridge to Decision Making. Cincinnati, OH: South-Western College Publishing.
Larson, Kermit D. (1997). Essentials of Financial Accounting. Boston: Irwin/McGraw-Hill.
Meigs, Robert F., Meigs, Mary A., Bettner, Mark, and Whittington, Ray. (1998). Financial Accounting. Boston: Irwin/McGraw Hill.
Needles, Belverd E., and Powers, Marian (1998). Financial Accounting. Boston: Houghton Mifflin.
Porter, Gary A., and Norton, Curtis L. (1998). Financial Accounting. Fort Worth, TX: Dryden Press.


Інші статті енциклопедії

Accounting - Бухгалтерский учет
Accounting: conceptual framework -
вертикальный график - Vertical line charting - вертикальное отображение в техническом анализе
Vertical merger - вертикальное слияние
Vertical spread - вертикальный спред
Vested interest - закрепленные законом сложившиеся права
наделение правами - Vesting - передача ценных бумаг
Veterans administration (va) mortgage - ипотечный заем, гарантируемый Администрацией по делам ветеранов
К-образный график - V formation - технический график К-образной формы
Vienna stock exchange - Венская фондовая биржа
Visible supply -
Void - недействительное
Voidable - оспоримый, не имеющий (юридической) силы
Volatile - неустойчивый
волантильность - Volatility - неустойчивость (цен)
Volume - объем
Volume deleted - без указания объема
Volume discount - скидка с объема
Voluntary accumulation plan - программа добровольного накопления ценных бумаг
Voluntary bankruptcy - добровольное банкротство

Пошук в Фінансовій енциклопедії


13:00 - НБУ выдал кредиты рефинансирования на 780 млн гривен
13:00 - Бюджетное возмещение НДС в ноябре стало самым большим за 2021 год
12:06 - Украинские металлурги нарастили экспорт металлов на 5%
12:06 - Премьер уверен, что на большинстве предприятий постоянно воруют
11:12 - Петру Порошенко скоро предъявят подозрение по делу о торговле углем из ОРДЛО
11:12 - “Нафтогаз” просит НКРЭКУ изменить тарифы для поставщика “последней надежды”
10:24 - Оперативна інформація про поширення та профілактику COVID-19
10:18 - Госпредприятия должны заплатить почти 49 млрд гривен дивидендов в 2022 году
10:18 - НБУ впервые приостановил лицензию коллекторской компании из-за жалоб
09:24 - Турецькі уроки
09:24 - Бывший “хозяин Одессы” скрывается то ли в Лондоне, то ли в Израиле
09:24 - Забрать рубильник. Как Зеленский с помощью Рады получит новое оружие против Ахметова
08:30 - Как на самом деле нужно отдыхать от работы
08:30 - НБУ обновил положения о применении мер воздействия
08:30 - Запах пороха: зачем вокруг Украины нагнетается напряженность
08:30 - Цена газа для 450 тыс потребителей “поставщика последней надежды” выросла до 47 грн за кубометр
18:06 - “Они 20 лет занимались мошенничеством”. Валерия Гонтарева о ПриватБанке перед национализацией. Блиц-интервью
18:06 - Экс-глава ПриватБанка Александр Дубилет дал первое интервью после национализации. Кого он обвиняет в падении Привата и что думает об уголовных делах против себя
18:06 - Министр обороны обещает в случае вторжения России 5 млн украинских беженцев в Евросоюзе
18:06 - “Забруднення повітря — це не менша загроза, ніж військове вторгнення”. National Geographic написали матеріал про Маріуполь
17:12 - “Грядет революция!”
15:30 - Сергій Шкарлет розповів деталі про бюджет на освіту
14:30 - Немецкая Bild показала план нападения России на Украину, который “лежит в ящике”
13:36 - Мининфраструктуры планирует собрать в фонды развития железной дороги и авиации 20 млрд гривен
13:36 - Зарплата Юрия Витренко в “Нафтогазе” уменьшилась в 960 раз
12:42 - В Польше количество украинских заробитчан выросло на четверть: в октябре прибыли рекордные 636 тысяч
12:42 - Турция приняла новый крупный заказ Украины на беспилотники Bayraktar
11:48 - Мининфраструктуры запланировало в 2022 году 4 концессионных конкурса в портах
11:48 - The Washington Post опубликовал карту нападения России на Украину
11:48 - Денис Шмыгаль поручил ускорить процесс трансформации угольных регионов

Більше новин

https://iqhotel.ua недорогие отели киева.
Австралійський долар19.2697
Канадський долар21.2884
Юань Женьміньбі4.2851
Чеська крона1.2133
Данська крона4.1457
Гонконгівський долар3.5024
Індійська рупія0.36339
Новий ізраїльський шекель8.6447
Мексиканське песо1.2857
Молдовський лей1.539
Новозеландський долар18.5231
Норвезька крона2.9958
Російський рубль0.37127
Саудівський ріял7.2766
Сінгапурський долар19.93
Шведська крона2.9882
Швейцарський франк29.6751
Єгипетський фунт1.7377
Фунт стерлінгів36.2464
Долар США27.2981
Білоруський рубль10.7393
Румунський лей6.2285
Турецька ліра1.9787
СПЗ (спеціальні права запозичення)38.1646
Болгарський лев15.7601
Алжирський динар0.19655
Вірменський драм0.055964
Іранський ріал0.00064796
Іракський динар0.01864
Ліванський фунт0.018053
Лівійський динар5.921
Малайзійський ринггіт6.4737
Марокканський дирхам2.9501
Пакистанська рупія0.1554
Дирхам ОАЕ7.4093
Туніський динар9.4268
Узбецький сум0.0025247
Туркменський новий манат7.7755
Сербський динар0.26319
Азербайджанський манат16.0319
Бразильський реал4.8554

Курси валют, встановлені НБУ на: 06.12.2021


Дані за 03.12.2021