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Financial Analysis:

The primary responsibility of the Financial Accountant is to prepare financial statements for stockholders, creditors, and/or regulators.

The accountant's goal is to prepare periodic output: management reports; tax returns (income tax, sales tax, payroll tax), and financial statements and reports.


The Accounting Cycle:

1) Pepare source documents (time cards, note payables, invoices)

2) Determine financial effects of said transactions

3) Make original journal entries

4) Post financial effects of transactions in accounts

5) Complete end-of-period transactions

6) Prepare adjusted trial balance

7) Close accounts for year


Journal Entry to Account

Each pair of changes in accounts is first recorded as an original journal entry. The financial effects of the transaction are then posted (recorded) in two separate accounts, one an asset and one a liability account.

An account is a separate record for each asset or each liability. An account is a separate record, or page, for each asset, each liability, and so on. One transaction affects two or more accounts. After posting all transactions, a trial balance is created which lists all the accounts and their balances as of a specific date.

Fundamental Accounting Equation

Assets = Liabilities + Owner's Equity, OR

Assets - Liabilities = Owner's Equity

 

Chart of Accounts

This is the list of all the accounts a business has, in a specific order. Each account includes a description of the type of account, and the transactions that should be entered into that account.

Every business will generate its own chart of accounts, determined by the nature of its business operations.