O'Reilly logo

Financial Accounting, IFRS Edition: 2nd Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Chapter 2The Recording Process

image

image

Learning Objectives

After studying this chapter, you should be able to:

1 Explain what an account is and how it helps in the recording process.

2 Define debits and credits and explain their use in recording business transactions.

3 Identify the basic steps in the recording process.

4 Explain what a journal is and how it helps in the recording process.

5 Explain what a ledger is and how it helps in the recording process.

6 Explain what posting is and how it helps in the recording process.

7 Prepare a trial balance and explain its purposes.

image

Feature Story

Accidents Happen

How organized are you financially? Take a short quiz. Answer yes or no to each question:

  • Does your wallet contain so many debit card receipts that you've been declared a walking fire hazard?
  • Was Yao Ming playing high school basketball the last time you balanced your bank account?
  • Have you ever been tempted to burn down your house so you don't have to try to find all of the receipts and records that you need to fill out your tax return?

If you think it is hard to keep track of the many transactions that make up your life, imagine what it is like for a major corporation like Bank of ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required