Introduction: The Accounting Cycle


By the end of this lesson, you will be able to:

  • Define an account
  • Define a journal
  • Define a ledger
  • Distinguish between a ledger and a journal
  • Explain how business transactions are recorded using the double-entry accounting method
  • List the general rules for debits and credits
  • Journalize in general journal form and post transactions to a general ledger
  • Prepare a trial balance