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Business LibreTexts

2: The Accounting Process

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  • Page ID
    20077

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    • Contributed by Henry Dauderis and David Annand
    • Athabasca University
    • Sourced from Lyryx Learning

    Learning objectives

    • LO1 – Describe asset, liability, and equity accounts, identifying the effect of debits and credits on each.
    • LO2 – Analyze transactions using double-entry accounting.
    • LO3 – Prepare a trial balance and explain its use.
    • LO4 – Record transactions in a general journal and post in a general ledger.
    • LO5 – Define the accounting cycle.