The Crucible (Abigial Williams) essays

The Crucible (Abigial Williams) articles Arthur Miller's play, The Crucible, is about the oppression of individuals being erroneously blamed for being witches in Salem, Massachusetts, in 1692. Numerous individuals bite the dust in the town after a progression of untruths and malice rehearses. Abigail Williams, in the wake of having had an unsanctioned romance with John Proctor, who is a hitched man, starts this pattern of falsehoods what's more, allegations trying to get her darling back. Her character incorporates both predominance and disdain all through the whole novel, and is appeared The creator shows Abigail's predominance as disarray from the earliest starting point. At the point when the entirety of the discussion about black magic difficulties her uncle, Abigail figures she ought to be the power. Abigail likewise considers herself better than the locals of Barbados. At the point when her uncle talks about her work for the Proctors, she says that they need slaves, not, for example, I. Let them send to Barbados for any of them! She is preferential against these individuals and her comments uncover her self importance. At long last, Abigail's pretentious character is obvious through her announcements to John Delegate about his significant other Elizabeth. She says, Goodness, I marval how such a tough man [can be with] such a debilitated spouse. Abigail clearly appreciates herself. She accepts she is deserving of Proctor's affection, however Elizabeth isn't. Abigail shows a character of predominance by her legitimate, partial, and pretentious comments. Of the significant characters, Abigail is the least intricate. She is unmistakably the antagonist of the play, more so than Parris or Danforth. She lies, controls her companions and the whole town, and in the end sends nineteen honest individuals to their demises. All through the madness, Abigail's inspirations never appear to be more complex than straightforward envy and a craving to have retribution on Elizabeth Proctor. Abigail appears to just be driven by sexual want and a desire for power. Abigail is a vagrant and an unmarried young lady. This could be the reason she ... <!

The darkness beckoned Essay Example

The murkiness enticed Essay He gazed out of the window. The trees tangoed to the delicate tune of the breeze. The branches influenced enticingly such that lone a sexual paunch artist could copy. His eyes were held by the branch, transfixed, entranced. At that point, he shook his head and his eyes kept on wandering over the barren, thick mass his mom called a nursery. An owl hooted out yonder, however he didnt mix. The dour state of mind of the night inundated him, subjugated him. He couldnt break out, he didnt attempt. He was at that point losing the battlewhy attempt to win the war?It was an inquiry he constantly posed himself.Would it have been any unique on the off chance that he had remained on the chemotherapy?He didnt lament falling off the drug however he regreted the agony he was getting his mom through. His poor mother who had experienced so much as of now. That is the reason he had made this decision.He moaned and got some distance from the horrid scene at the window. He couldnt pull out at this point . He had come this far as of now. Backing down was impossible. He had composed a note for his mom, to clarify, and he had left notes for those of his companions who made a difference. Presently, all there was left to do was to hang tight for the morning to come.He lay his head down on the cushion and trusted that rest will encompass him.He rose promptly the following morning. This was itno turning around. He went to a mirror that hung over his end table and painstakingly took a gander at himself.He scarcely perceived the individual gazing back at him.What he saw was a face with red rimmed, empty, depressed eyes, and skin so pale a pale skinned person feline would have shone like a splendid luminescent light remained close to him. This was distinctive in contrast with the one that stood apart on a photograph on the highest point of his cabinet. It demonstrated him and his mother.They were happy.Carefree.But then such changed, and now he was stuck in a spot where he didnt need to be. He went to take a gander at the clock behind him. There was no opportunity to lose. He needed to be gone before his mom got up. He quickly checked out the room, ensuring that everything was set up, and afterward slid out the entryway, quietly closing it behind him.On his way down the foyer, he passed the entryway to this moms room. He needed to head inside and bid farewell yet he didnt. He must be solid. He needed to give up. He shut his eyes and with a murmur, strolled on. The idea of disregarding his mom horrible and filled him with a seething resentment, difficult to portray. Be that as it may, it must be finished. Minuscule pinpricks developed behind his eyelids. He could feel the hot flood of tears getting ready to eject. He quickly ran down the steps, cautious not to make any clamor, and in through the principal entryway that showed up to his left side. He leant back against the cool divider and took a profound breath.There was no time for tears now. He realized that in the ev ent that he began crying, hed most likely never stop and his mom made certain to discover him there. He needed to stay away from that event no matter what. He turned out of the room and ended up in the corridor once more.He saw the entryway before him and hesitantly strolled towards it, as though it were a three-headed snake. He discreetly turned the door handle and let out a heave as daylight spilled through the corridor. He immediately made a stride outside and shut the entryway behind him.This was it. He could never go to that house again.He strolled not far off and along the verge of the sea shore. It was a way he knew well indeed. He had gone along this way ordinarily when he was a young man with his mom and father. The fog was simply clearing from over the outside of the ocean. It gave an encouraging, quieting state of mind that assisted with settling his nerves.He used to adore walking around this way. At the point when he was around five years of age he was energized on the grounds that his mom had revealed to him he was going to see the ocean. He was energized in light of the fact that he had never observed the ocean and he had no clue what's in store. He could recall his sentiments of jubilee and how his mom had snickered joyously when he said he would turn into an angler when he developed up.He recollected that specific day since his dad was with him. It was the last memory of his dad he had.He never observed him again.The war summoned him, overwhelmed himkilled him.He didnt get war. How could individuals celebrate in the demise of others? How could individuals hold on and watch while their friends and family were sent to their demise? In spite of the fact that it had been a long time since the war had finished, he could even now remember everything. The bombings late around evening time. Little youngsters shouting out restlessly in dread and fear. How much his mom cried.From then on, it had been simply him and his mom. They worked in association - whatever one required, the other provided.That was until he discovered he had a mind tumour.He recalled the day he originally saw something wasn't right. He fallen during one of his exercises at school. He was quickly raced to emergency clinic where after a progression of irritating, pointless tests, they arrived at the determination that he had a tumour.Funny thing was, he didnt really recollect how he felt. He couldnt even recall his response to being informed that except if he had an activity, his odds of endurance were a million to one. All he recalled was his mom and how horribly annoyed she was. She took some comfort in the way that the activity could help forever dispose of the tumour.But it never did. It just returned, greater and more remarkable than previously, however this time, there was zero chance of it going away.That was the reason he was doing this. On the off chance that the tumor wasnt going to leave, at that point he would need to. It wasnt a simple choice to mak e. He needed to consider every other person his choice was going to influence. His mom, his friendshis sweetheart. Just his mom comprehended what he was experiencing. Nobody else. It was presumably his issue. He didnt open up to them, however he couldnt help that. How was he expected to inform the individuals who minded regarding him that it was just only months before he kicked the bucket? His companions realized something wasn't right, however they never asked.He loathed that.His sweetheart had asked commonly, yet he had consistently disregarded it, accusing stress.So whose shortcoming right? His or theirs?He never let them know since they never asked, yet when they did, he lied. Where it counts, he realized it was all his flaw. He accused himself. He was brimming with what uncertainties? Imagine a scenario where he had carried on better when he was more youthful. Imagine a scenario where he had been more pleasant to the neighbors hound. Imagine a scenario where he hadnt underesti mated everything throughout everyday life. Would this happen him on the off chance that he had faith in God?When he was first analyzed, everything he could consider was whether he would be in this position in the event that he had trusted in God. His mom had been a severe Christian until the day his dad had kicked the bucket. From that point forward, her confidence had faltered and she hadnt went to chapel as much as she used to. He could comprehend why.His father had been a decent man for his entire life. He had never set a foot wrong. So for what reason did God take him from his family? Is it accurate to say that he was that barbarous? Did he like to force torment on individuals? He had posed his mom every one of these inquiries and she had answered no, God isn't pitiless. She said that his dad was such a decent, kind, caring individual that God had taken him to sit in the sky with Him.But he persisted.What pretty much every one of those other great, kind, caring individuals on th e planet? Shouldn't something be said about you? Youre great and kind, why didnt God take you? His mom didnt have a response to this. All she said was that passing was a piece of the normal lifestyle and that we didnt have a state in it. However, he was still not satisfied.Who was God? Is it true that he was a man or a brute? For what reason did He remove his dad from him? He didnt comprehend why individuals venerated God. Is it accurate to say that they were neglectful of the dread that happened day by day in this world brimming with abhor and infection? Shouldn't something be said about the shootings, the psychological warfare, the wars? In the event that there was a God, definitely He wouldnt permit these things to occur, would He? What's more, shouldn't something be said about every one of those poor, little kids living on the roads selling themselves for cash? On the off chance that a God existed, He wouldnt have permitted that to occur, nobody in their correct brain would.Howe ver, as he pondered it, possibly a God existed. Perhaps God was the person who gave us life and finished it. Perhaps it is up to us what occurs in the middle of the start and the end. Be that as it may, anyway much he pondered it, he couldnt convince himself it was true.What about his mind tumour?As far as Jacob knew, every single through hello life, he had been a decent kid. He wasnt great, this he knew. In any case, he wasnt terrible either. He had consistently attempted to assist his with mothering and he got great imprints at school.So for what reason did he have a mind tumour?He had been persuaded that on the off chance that you were a decent individual, at that point beneficial things would happen to you.So for what reason was this event to him?His mother had been asking herself a similar inquiry. He could comprehend why God needed to rebuff him for not having faith in Him, however he couldnt comprehend why his mom must be harmed in the process.The place was nearer now. He cou ld smell the salt noticeable all around, drifting in from the ocean. He could see her face when she woke up and acknowledged where he had gone. She would be upsetgrief blasted to put it daintily. In any case, by at that point, it would be past the point of no return. He would be gone.It would be over.He detected a way up ahead that drove directly to the highest point of the precipice. He started to climb it. As he got further and additionally up, he saw a greater amount of the ocean. He could see the waves commandingly slamming upon the stones down beneath him.In and out. In and out.His breathing coordinated the musicality of the waves.In and out. In and out.He shut his eyes and remained there for a moment, enjoying the experience. Here, he was really settled. Away from the crying of his mom. Away from the tick-tock of the clock.He abhorred watching that clock.Tick-tock. Tick-tock. Ticking his life away. Tick-tock.A sharp, ear-parting cry from a seagull above took him back to the re al world. He continued strolling up the lofty way. The highest point of the bluff was approaching at this point. He could feel the delicate breeze of the breeze gently brushing his b

Understanding the Accounting Cycle

Understanding the Accounting Cycle WHAT IS ACCOUNTING?Let us kick things off by talking about what accounting is. Accounting is the systematic process of identifying, measuring, recording, classifying, summarizing, and interpreting financial information, and communicating the results thereof by way of the preparation of financial statements.True to its other identity as the language of business, it provides relevant information on the resources available to a business, how these resources are being used in business operations, and the results of these operations.You may have already heard of several business functions, not realizing that they are actually part of the bigger picture that is accounting. You see, accounting is not just limited to the recording of transactions preparation of financial records, and maintaining or keeping these records. Performing internal audits is also an accounting function. Providing advise on taxation matters is also another. Evaluating the feasibility of potential projects or business ventures also falls under accounting.Beyond the simple acceptance of the statement that accounting is the language of business, what is the importance of accounting?Accounting aids in the decision-making processes of management.It can be said that this is the ultimate reason why accounting is in place. The information measured, recorded, maintained and communicated through accounting are used by the owners or management team of a business in making business decisions.Analysis of the financial reports and records generated through the accounting process will allow management to make important decisions on matters such as operations, investments, marketing, and the like.Budgeting is one area that greatly benefits from accounting, particularly from its recording function. The records and reports generated through accounting will be used as basis or benchmarks for budgeting and forecasting purposes.Accounting is useful in tracking the performance and growth of a business.Through accoun ting, a company is able to generate its income statement, also known as the Statement of Financial Performance, which shows if the company is earning money or losing it. Just by looking at the figures and conducting subsequent financial analyses, management and other stakeholders will have an idea if the business is profitable or not.Likewise, the Balance Sheet, or the Statement of Financial Position, will also indicate the status of the business for growth and continuous operations. Without accounting, there would be no way for the business to have quantified and objective information on the true state that the business is currently in.Interested in a career in accounting? Why are accountants super important? Accounting communicates to management whether the company is using its resources efficiently or not.Imagine a company that does not record its transactions, or keep records and reports of how the business is performing. There is a great chance that the business may be spending more than it should, increasing business inefficiencies.Prevention of fraud is also made possible by the implementation of the accounting process. Accounting entails having an effective and strong internal control in place within the company, which means that it facilitates the early detection and discovery of fraud, and prevent the occurrence of potential fraud.Accounting improves a company’s reputation and credit.If a company has a sound accounting system in place, and its accounting records are well kept and updated, it will make it look more appealing to others. This is already an indication of management’s effectiveness and efficiency, and it will also build trust among external parties, such as creditors, banks, financial institutions and regulatory agencies.Do not forget that businesses that seek financing through loans or outside investments are going to be asked to present their financial reports. If accounting is implemented well, these financial reports will be readi ly available, and help the company acquire the funding it needs.No one is exempt from implementing the accounting process or using the accounting cycle in business. Large multinational companies also employ accountants to do their accounting work for them, which is the same in small businesses.THE ACCOUNTING CYCLEDefining the “accounting cycle” is easy enough, because it is basically described by the definition of accounting. This cycle makes up the whole process, from identification and measurement of accounting events and recording them until the completion of the accounting process.The cycle begins when an accounting event, or a transaction, takes place. It will end when the event has been included in the financial statements or reports of the company, and the cycle begins anew when other accounting events take place.The accounting cycle is not to be confused with the Budget Cycle. There are two major differences between the two.Accounting cycle pertains to historical transac tions, or transactions that have already taken place. Budget cycle is more concerned with forecasting or predicting the future operations and performance of the business, meaning the transactions have not yet been incurred.Accounting cycle is concerned with information that will be used by both internal and external users. This means that management and members of the organization, as well as stakeholders and third parties outside the organization (including the general public) and will find the information relevant. The budget cycle is more focused on information that will be used primarily internally, or by management.Timing of the Accounting CycleBusinesses have their predetermined accounting periods, which could be monthly, quarterly, biannually, or annually, depending on several factors. The most common accounting period, however, is annual, since most regulatory agencies require the submission of financial statements on an annual basis, usually at the end of a fiscal year or a calendar year.The reporting dates usually mark the end of the accounting cycle for most businesses. The transactions take place throughout the year, but the end of the cycle, which is the preparation of the financial reports, takes place at the end of the year.Watch a full lecture on the accounting cycle. Importance of the Accounting CycleWhy is there a lot of emphasis put into the accounting cycle? We have already discussed why accounting, in general, is vital to the operations of a business, but what of the accounting cycle?For uniformity and consistencyWithout the accounting cycle serving as a guide in the accounting process, businesses may have chaos in its hands when it comes to recording its financial transactions. The accounting cycle provides order to the process, ensuring uniformity and consistency all throughout.The business will then follow the same recording and record-keeping guidelines and standards, allowing for comparability when it is time to perform analysis on th e operations of the business. This uniformity will also give a sense of commonality, since it basically means that the business is speaking the same “language” as everyone else.Keep in mind that businesses’ financial statements are viewed and referred to by various parties and entities, aside from management and employees. Other possible parties are investors, banks, financing institutions, competitors, customers, regulatory and other government agencies.Following the accounting cycle will ensure that these parties will also understand what they are seeing once they take a look at your financial statements or financial reports.For check and balanceThrough the accounting cycle, the company will be better able to catch any transaction errors. A very effective tool to catch these errors is the trial balance prepared at the end of the accounting period. And the trial balance is generated using the accounting cycle.For evaluation of company performanceProfitability is a primary con cern for management and other stakeholders of the company. By following the accounting cycle, assessing the performance or results of operations of a business from one accounting period to the next is easier.Comparative assessments of performance from period to period is facilitated by the accounting cycle, since the expense and income accounts are closed at the end of each accounting or reporting period, instead of the amounts being carried over to accumulate in succeeding periods.For complianceInternational and local accounting standards require compliance with the steps involved in the accounting cycle. There are also tax laws and federal regulations that have the same requirement.Government agencies often require public companies to periodically submit their financial reports, duly prepared by following the accounting cycle.For efficiency of business processesNotice how many processes tend to be cumbersome and inefficient when there is no order involved. The steps in the account ing cycle ensure efficiency in carrying out the accounting process.This will prevent accountants and bookkeepers from repeating steps or being redundant in carrying out their tasks, because they are following a sequence. Thus, time management is another advantage to be obtained from implementing the accounting cycle.THE STEPS IN THE ACCOUNTING CYCLE © Shutterstock.com | DusitIf we discuss anything related to business, we could never omit or altogether overlook the inclusion of accounting. Accounting, after all, is said to be the “language of business”.How could that be the case, you ask?Well, that is because accounting aids members of the organization (internal) and even the external parties, understand what exactly is going on with the business. In short, it is a means of communicating information about the business.In this guide, we explore 1) what is accounting, 2) what is the accounting cycle, and 3) the major steps of the accounting cycle.WHAT IS ACCOUNTING?Let us kick things off by talking about what accounting is. Accounting is the systematic process of identifying, measuring, recording, classifying, summarizing, and interpreting financial information, and communicating the results thereof by way of the preparation of financial statements.True to its other identity as the language of business, it provides relevant in formation on the resources available to a business, how these resources are being used in business operations, and the results of these operations.You may have already heard of several business functions, not realizing that they are actually part of the bigger picture that is accounting. You see, accounting is not just limited to the recording of transactions preparation of financial records, and maintaining or keeping these records. Performing internal audits is also an accounting function. Providing advise on taxation matters is also another. Evaluating the feasibility of potential projects or business ventures also falls under accounting.Beyond the simple acceptance of the statement that accounting is the language of business, what is the importance of accounting?Accounting aids in the decision-making processes of management.It can be said that this is the ultimate reason why accounting is in place. The information measured, recorded, maintained and communicated through accountin g are used by the owners or management team of a business in making business decisions.Analysis of the financial reports and records generated through the accounting process will allow management to make important decisions on matters such as operations, investments, marketing, and the like.Budgeting is one area that greatly benefits from accounting, particularly from its recording function. The records and reports generated through accounting will be used as basis or benchmarks for budgeting and forecasting purposes.Accounting is useful in tracking the performance and growth of a business.Through accounting, a company is able to generate its income statement, also known as the Statement of Financial Performance, which shows if the company is earning money or losing it. Just by looking at the figures and conducting subsequent financial analyses, management and other stakeholders will have an idea if the business is profitable or not.Likewise, the Balance Sheet, or the Statement of F inancial Position, will also indicate the status of the business for growth and continuous operations. Without accounting, there would be no way for the business to have quantified and objective information on the true state that the business is currently in.Interested in a career in accounting? Why are accountants super important? Accounting communicates to management whether the company is using its resources efficiently or not.Imagine a company that does not record its transactions, or keep records and reports of how the business is performing. There is a great chance that the business may be spending more than it should, increasing business inefficiencies.Prevention of fraud is also made possible by the implementation of the accounting process. Accounting entails having an effective and strong internal control in place within the company, which means that it facilitates the early detection and discovery of fraud, and prevent the occurrence of potential fraud.Accounting improves a company’s reputation and credit.If a company has a sound accounting system in place, and its accounting records are well kept and updated, it will make it look more appealing to others. This is already an indication of management’s effectiveness and efficiency, and it will also build trust among external parties, such as creditors, banks, financial institutions and regulatory agencies.Do not forget that businesses that seek financing through loans or outside investments are going to be asked to present their financial reports. If accounting is implemented well, these financial reports will be readily available, and help the company acquire the funding it needs.No one is exempt from implementing the accounting process or using the accounting cycle in business. Large multinational companies also employ accountants to do their accounting work for them, which is the same in small businesses.THE ACCOUNTING CYCLEDefining the “accounting cycle” is easy enough, because it is basic ally described by the definition of accounting. This cycle makes up the whole process, from identification and measurement of accounting events and recording them until the completion of the accounting process.The cycle begins when an accounting event, or a transaction, takes place. It will end when the event has been included in the financial statements or reports of the company, and the cycle begins anew when other accounting events take place.The accounting cycle is not to be confused with the Budget Cycle. There are two major differences between the two.Accounting cycle pertains to historical transactions, or transactions that have already taken place. Budget cycle is more concerned with forecasting or predicting the future operations and performance of the business, meaning the transactions have not yet been incurred.Accounting cycle is concerned with information that will be used by both internal and external users. This means that management and members of the organization, a s well as stakeholders and third parties outside the organization (including the general public) and will find the information relevant. The budget cycle is more focused on information that will be used primarily internally, or by management.Timing of the Accounting CycleBusinesses have their predetermined accounting periods, which could be monthly, quarterly, biannually, or annually, depending on several factors. The most common accounting period, however, is annual, since most regulatory agencies require the submission of financial statements on an annual basis, usually at the end of a fiscal year or a calendar year.The reporting dates usually mark the end of the accounting cycle for most businesses. The transactions take place throughout the year, but the end of the cycle, which is the preparation of the financial reports, takes place at the end of the year.Watch a full lecture on the accounting cycle. Importance of the Accounting CycleWhy is there a lot of emphasis put into the accounting cycle? We have already discussed why accounting, in general, is vital to the operations of a business, but what of the accounting cycle?For uniformity and consistencyWithout the accounting cycle serving as a guide in the accounting process, businesses may have chaos in its hands when it comes to recording its financial transactions. The accounting cycle provides order to the process, ensuring uniformity and consistency all throughout.The business will then follow the same recording and record-keeping guidelines and standards, allowing for comparability when it is time to perform analysis on the operations of the business. This uniformity will also give a sense of commonality, since it basically means that the business is speaking the same “language” as everyone else.Keep in mind that businesses’ financial statements are viewed and referred to by various parties and entities, aside from management and employees. Other possible parties are investors, banks, financing institutions, competitors, customers, regulatory and other government agencies.Following the accounting cycle will ensure that these parties will also understand what they are seeing once they take a look at your financial statements or financial reports.For check and balanceThrough the accounting cycle, the company will be better able to catch any transaction errors. A very effective tool to catch these errors is the trial balance prepared at the end of the accounting period. And the trial balance is generated using the accounting cycle.For evaluation of company performanceProfitability is a primary concern for management and other stakeholders of the company. By following the accounting cycle, assessing the performance or results of operations of a business from one accounting period to the next is easier.Comparative assessments of performance from period to period is facilitated by the accounting cycle, since the expense and income accounts are closed at the end of each accountin g or reporting period, instead of the amounts being carried over to accumulate in succeeding periods.For complianceInternational and local accounting standards require compliance with the steps involved in the accounting cycle. There are also tax laws and federal regulations that have the same requirement.Government agencies often require public companies to periodically submit their financial reports, duly prepared by following the accounting cycle.For efficiency of business processesNotice how many processes tend to be cumbersome and inefficient when there is no order involved. The steps in the accounting cycle ensure efficiency in carrying out the accounting process.This will prevent accountants and bookkeepers from repeating steps or being redundant in carrying out their tasks, because they are following a sequence. Thus, time management is another advantage to be obtained from implementing the accounting cycle.THE STEPS IN THE ACCOUNTING CYCLEDepending on the nature of the busi ness and the operations and transactions involved, there may be several steps that will be followed by a company in its accounting cycle.However, we will take a general approach and discuss the ten steps involved in this methodical process.Step #1 Identification and analysis of business transactions and eventsThe beginning of the accounting cycle (and the accounting process as a whole) is the identification and analysis of business transactions and economic events. Take note that businesses deal with numerous transactions and events, but not all of them will be included in the accounting cycle.The quantifiable transactions must be distinctly identified from the non-quantifiable transactions. Quantifiable transactions are those that can be expressed in monetary terms, using the currencies used by the business.Between the sale of products and services and the signing of an agreement with a distributor company, the former is clearly the quantifiable transaction, since it involves the e xchange of goods and services for cash or other forms of payment. The mere signing of the agreement is not quantifiable and will therefore be excluded from the accounting cycle.If, however, the signing involved the company spending a specific amount of money on incidental expenses such as meals and transportation in the conduct of the event, then it will be included in quantifiable transactions.Identification and analysis of these transactions begin from source documents, such as invoices, official receipts and other financial documents. These source documents will serve as the basis for the next step, which is recording in journals.Analysis of the identified transactions involves:Determination of the accounts affected; andDetermination of the amounts to be recorded;Step #2 Recording of transactions and events in the Accounting JournalsThe transactions or events that have been identified will now be recorded in the accounting journals.The Journal, or the “General Journal”, is al so referred to as the “book of original entry”, since this is where the transaction will first be recorded.Transactions are recorded in the journal, or journalized, in chronological order, as they happen.Transactions are recorded using the “double-entry bookkeeping system”, where two accounts are recorded: one account is debited while the other is credited.Businesses with frequently occurring similar transactions also make use of special journals to simplify the recording process. Examples of these special journals are Sales Journal, Purchase Journal, Cash Receipts Journal and Cash Disbursements Journal. Transactions that do not fall under these special journals are recorded in the General Journal. Step #3 Posting of the transactions and events to the LedgerThe transactions that have been journalized are then posted to the General Ledger, or the “book of final entry”. The ledger is where all accounts are shown, including the movements in the account or the changes that o ccurred because of past transactions. It also shows the current balances of the accounts.Journalized transactions are posted in their respective account ledgers, showing increases, decreases, and the current ending balances. Businesses with many transactions may also make use of Subsidiary Ledgers, which are basically breakdowns of the General Ledger.Step #4 Preparation of the Unadjusted Trial BalanceThe ending balances of the accounts in the ledger are extracted and placed in one financial report, which is the unadjusted trials balance.The unadjusted trial balance has two columns â€" Debit and Credit â€" that reflect the ending balances of the accounts in the ledger.The unadjusted trial balance is an excellent tool to test the accuracy of the recording and posting process, since the Debit and Credit sides must be equal or balanced. The total Debit should be equal to the total Credit amount.Errors must be corrected through the appropriate correcting entries to make the Debit and Cre dit balanced.Step #5 Preparation of Adjusting EntriesBusinesses make use of the accrual method of accounting, which upholds the matching principle, where the expenses are matched with the corresponding or related revenue or receipts.The accrual method also maintains that expenses must be recorded when they are incurred rather than when they are paid, and revenue must be recognized when they are earned, regardless of when they are received in cash.To adhere to the accrual basis of accounting, adjusting entries must be prepared.Step #6 Preparation of the Adjusted Trial BalanceEffecting the correcting and adjusting entries, you will now be able to prepare the Adjusted Trial Balance.This will further allow the evaluation of accuracy, to see whether the debits will still equal the credits after the adjustments have been incorporated.Step #7 Preparation of the Financial StatementsWe now come to the end-products or final outputs of the accounting process and the accounting cycle: the finan cial statements. There are five financial statements that are prepared, and will make up the financial reports of the company.Statement of Financial Position (Balance Sheet). There are three main components: Assets, Liabilities and Equity. The accounting equation must be adhered to in this statement, where the Assets will be equal to the combined Liabilities and Equity of the company.Statement of Performance (Income Statement). In other cases, they prepare the Statement of Comprehensive Income, which also includes income earned by the business from sources other than its main operations.Statement of Changes in Equity. This will include details of the Equity section in the Balance Sheet.Statement of Cash Flows. This will show the movement or flow of cash into and out of the company. Cash receipts and disbursements will be presented and classified appropriately, depending on whether they are for Operating activities, Investing activities, or Financing activities. The ending Cash balan ce must be equal to the Cash balance presented in the Asset section of the Balance Sheet.Notes to Financial Statements. This will contain notes and important disclosures regarding the items presented in the other four financial statements.The figures that will be presented in these financial statements will be lifted or extracted from the Adjusted Trial Balance.Step #8 Preparation of Closing EntriesThere is a need to “close” the nominal or temporary accounts to the appropriate capital accounts, in preparation for the next accounting period or cycle. Closing entries are required because the business will once again start on a clean slate.Nominal or temporary accounts are the accounts normally seen in the income statement, such as the income and expense accounts. Real accounts or permanent accounts â€" those that appear on the balance sheet â€" are not subject to closing entries.Step #9 Preparation of the Post-Closing Trial BalanceAfter effecting the closing entries, the Post-Clos ing Trial Balance will then be prepared. The purpose of this is to once again test accuracy and ensure that the debits and credits are still equal.Since all the nominal or temporary accounts have already been closed, this trial balance will contain only the real or permanent accounts. It basically resembles the Balance Sheet, although it is presented in two columns, Debit and Credit.Step #10 Preparation of Reversing EntriesTo maintain consistency of the accounting process and ensure a smooth transition into the next accounting cycle, there is a need to reverse the adjusting entries that were previously prepared to comply with the accrual method of accounting. These entries are called the reversing entries.This is actually an optional step, since the business may opt to prepare reversing entries at the beginning of the next accounting period, making it the first step in the succeeding accounting cycle.