Summary
Summary Accounting cycles- Grade 9 skills
- Course
- Institution
This is just basic skills that every accounting grade 9 learner should know
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Ems summaries accountingThe accounting cycles
Step 1- for each transaction, a source document is kept as proof of
transaction
Step 2- source document is used to record each transaction in the
appropriate subsidiary’s such as CJ, CAJ, CPJ, CRJ
Step 3- at the end of each month the totals in each journal are added up and
posted to the general ledger as well as a creditors ledger and a debtor’s ledger
Step 4- the accounts in the general ledger are closed off and a trial balance
is prepared
Step 5- amounts in trail balance are used to prepare financial statements of
business
Step 6- certain ratios are calculated from the financial statements (analysis
and interpretation) and this info is then used to make desions regarding the
best way forward for the business.
Cheque/ cash/ Eft / BS- CPJ
Debit note/ credit note- CAJ
Issue resive
Invoice/ credit purchase- CJ
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