Message About Reporting

In: Business and Management

Submitted By Nelly23
Words 269
Pages 2
Message About Reporting
Wendy Nelson XACC/280 Version 2 Financial Accounting Concepts and Principles
October 21, 2012
Allison Hubley

Message about Reporting
In order to bench mark a company and give a good reading on where they started and where they are is by keeping good record of sales, expenses, inventory, bills, invoicing, and investment. This is important in the terms of profitability and ability to have investors interest. Investors want to see the history of what the business is doing and has done. This is a way to see trends and habits. Find companies downfalls and control spending. The recording process is what gives us the ability to itemize and list in chronological order our credits and debits on the general journal. We then can organize them by grouping them in each chart of account. This will help get a better idea for how much you have of each group in what is called a general ledger. Last you can take the total for each column from the general ledger and you input it into the trial balance. Once you have everything entered into the trial balance you will be able to know if you balanced correctly. Both sides should equal each other. If this does not then you forgot to take something out or put something in and you have to go back and reconcile line by line. This is one of the only ways to be able to process accounting properly and supports the principles of accounting. It is a step by step process and makes you take something out where something was added…...

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