Class notes
Accounts
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Learn about transactions, debit, and credit, double entry accounting and the accounting cycle.
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Types of AccountsAssets
Cash
Marketable securities
Accounts reievable
Inventory
Prepaid expemses
What is an account
Records of increases and decreased in an asset, liability or equity item
Information is taken from accounts, analyses, summarized, and presented in useful reports and
financial statements for users
Transaction analysis
What happens in a business
Business activities are also shown
The accounting cycle
The steps involved in creating financial statements
Why is it called a cycle
● Repeated every time financial statements are prepared by a hospitality business
Double entry accounting
Journal entries
2. General ledger
Unadjusted trial balance
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