Posting is the next step to Journalizing in accounting cycle. 10 Steps of Accounting Cycle are; Analyzing and Classify Data about an Economic Event. Journalizing the transaction. Posting from the Journals to General Ledger. Preparing the Unadjusted Trial Balance. Recording Adjusting Entries. Preparing the Adjusted Trial Balance. Preparing Financial Statements.
Outsider's claim against the assets of the business is called
Outsider's claim against the assets of the business is called Liability. Liabilities are defined as a company's legal financial debts or obligations that arise during the course of business operations.
An expenditure whose benefit is finished or enjoyed immediately is called