Financial Accounting

Chapter 4a

Accounting Process — Journal

LEARNING OBJECTIVES

After studying this chapter, you will be able to understand

1. Concept of Accounting Process — Important Stages

2. Meaning of Business Transaction and Its Classification

3. Meaning of Account and Its Classification

4. Classification of Accounts — Identification of Category

5. Meaning of Double Entry

6. Methods of Recording Business Transactions

7. Traditional Approach for Recording Business Transaction and Debit-Credit Rules for Three Types of Accounts

8. Meaning and Format of Journal

9. Meaning of Journalising

10. To Analyse Business Transactions

11. To Record the Result of Analysis in Journal

12. Types of Entries

13. Source Documents — Format and Uses

14. Trade Discount and Cash Discount — Features and Method of Recording ...