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2. • Accounting cycle is a sequence
of accounting procedure which
is used to record, classify and
summarize the business
transactions.
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3.  Source document
 Recording in journal
 Posting in ledger
 Trial balance
 Financial statement

4. • A source document refers to includes any
document that is received and issued against
any business transactions, which is needed to
be recorded in a journal.
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5. • The first step of accounting cycle is recording
transactions in the journal. The any type of
business transactions occurred are entered in
the journal.
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6. • After recording the transactions in journal
the debit and credit entries in account
balances are posted from journal to ledger.
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7. • A trial balance proves and authenticates the
equality of debit and credit entries in the
ledger.
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8. Final accounts or financial statements
can be divided in two parts:-
1. Trading and profit & loss account
2. Balance sheet
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9. • Trading account based on direct income and
expenses.
• A trading account represents either gross
profit or gross loss.
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10. • Profit & loss account based on indirect
income and expenses.
• A profit & loss account represents either
net profit and net loss.
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11. • Balance sheet is a combination of assets
and liabilities.
• A balance sheet represents the financial
statement of accounts.
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