Last Updated 06 Jul 2020

Xacc/280 Wk2 Assignment Journalizing, Posting, and Preparing a Trial Balance

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Journalizing, Posting, and Preparing a Trial Balance XACC/280 November 27, 2011 Journalizing, Posting, and Preparing a Trial Balance The general goals of financial reporting are to keep an accurate and ethical record of all financial transactions of a company, while maintaining integrity and adhering to the generally accepted principles of accounting. The steps I took in the recording process for this assignment were to first make journal entries to accurately depict all financial transactions for the fictitious company.

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. Lastly I prepared the trial balance report for the same fictitious company. The steps I took support, and are in strict adherence to, the principles of accounting because: there are no fictitious entries, I made no attempts to understate income nor to overstate expenses, and I double checked my work to ensure accuracy. I made certain that I accurately recorded the information I was given, and ensured that it balanced out.

The basic accounting equation (Assets = Liabilities + Owners’ Equity) is fully satisfied, and the financial information I was given is accurately reported. I once had a wonderfully wise employer who was a CPA. He told me that all we can do is report the numbers we are given by our clients. If it does not pass the “smell test” then we can bring it to the client’s attention, but we should never accuse them of attempting anything resembling fraud. Make copies of the information given to us by the client, and keep those copies in the client’s file

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Xacc/280 Wk2 Assignment Journalizing, Posting, and Preparing a Trial Balance. (2018, Jan 21). Retrieved from https://phdessay.com/xacc280-wk2-assignment-journalizing-posting-and-preparing-a-trial-balance/

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