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

Journalizing, Posting, and Preparing a Trial equilibrise XACC/280 November 27, 2011 Journalizing, Posting, and Preparing a Trial Balance The general goals of financial reporting argon 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 diary entries to accurately depict all financial transactions for the fictitious company. later on making and double checking my journal entries, I entered them into the general ledger.This step superpower seem a bit redundant, but it is vital to have this selective information available in both formsa mean solar day by day account, and an account by account analysis. Lastly I prep ard the running balance report for the identical fictitious company. The steps I took support, and be 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 reliable that I accurately recorded the information I was wedded, and ensured that it balanced out.The underlying 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 clients attention, but we should never charge up them of attempting anything resembling fraud. Make copies of the information given to us by the client, and keep those copies in the clients file. That way, we can prove that the numbers we reported were the same numbers we were given to report.