Accounting Notes

Introduction

Here I detail out some of the rules to be applied in the financial reporting process. To begin with we run through a variety of different transactions. For each transaction below are the details of what credit and debit entry must be made in the journal and ledger. This should explain the impact on the balance sheet and income statement of any transaction.

The format of the balance sheet is as follows:

The format of the income statement is as follows:

The format of the cash flow statement is as follows: