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REVIEW OF THE ACCOUNTING PROCESS

Overview of the Accounting Process

Technical definitions of accounting have been published by different accounting bodies and one of them is the
American Institute of Certified Public Accountants (AICPA). AICPA, the world’s largest member-association
representing the accounting profession and with a history of serving the public interest since 1887, defines
accounting as:

“the art of recording, classifying, and summarizing in a significant manner in terms of money, transactions,
and events which are, in part least of financial character, and interpreting the results thereof.”
This definition states the phases in the accounting process. Recording is the process of systematically
maintaining a record of all business transactions. The recording of transactions either manually or electronically
is usually done in chronological order or according to the date of occurrence. Classifying is the sorting or
grouping of similar and interrelated transactions in their respective class. For instance, all transactions involving
cash are grouped to report a single net cash figure. Classifying is accomplished by posting to the ledger.
Summarizing involves the preparation of financial statements.

Accounting is an information system that measures business activities, processes information into reports, and
communicates the reports to the users. It is for this reason that accounting has been called the language of
business because it serves as the link between the business enterprise and the users of financial information.
Therefore, the primary task of an accountant is to provide financial information to financial statement users so
that they could make informed judgment and sound decisions. Accounting consists of three basic activities—it
identifies, records, and communicates the economic events of an organization to interested users (Weygandt
et al., 2018).

Figure 1. The activities of the accounting process

Source: Accounting Principles, 2018, p. 1-4

An accounting process or accounting cycle involves a series of steps completed during each reporting period
to record, store, and report accounting information contained in the recorded transactions. In the past, many
companies used manual systems to record, classify, summarize, and report accounting information. Because
of technological advancement, most companies now use computers as an integral part of their accounting
systems. The following are the steps in the accounting process:

a. Transactions are identified and documented

b. Transactions are analyzed and recorded in a journal
c. Entries are posted to the ledger
d. Preliminary trial balance is prepared
e. Adjusting entries are journalized and posted
f. Adjusted trial balance is prepared

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g. Financial statements are prepared

h. Books are closed
i. Post-closing trial balance is prepared
j. Reversing entries are journalized and posted.

Note that steps (a) – (c) are part of the recording phase while the remaining steps are part of the summarizing
phase. A more detailed discussion of the steps in the accounting cycle can be found on the next pages.

Figure 2. The accounting cycle

Accounting Equation

The relation of assets, liabilities, and equity are shown in the accounting equation. The accounting equation
applies to all transactions and events, to all companies and organizations, and to all points in time (Wild and
Shaw, 2018)

Assets = Liabilities + Equity

We can break down equity to get the expanded accounting equation.

𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴 = 𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿 + 𝑂𝑂𝑂𝑂𝑂𝑂𝑂𝑂𝑟𝑟 ′ 𝑠𝑠 𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶 − 𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷 + 𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅 − 𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸

o Assets are economic resources that are expected to benefit the business in the future. These are something
the business owns that has a value which includes cash, merchandise inventory, furniture, land, etc.
o Liabilities are the debts payable to outsiders who are known as creditors. Examples include accounts
payable, notes payable, and salary payable.
o Owner’s capital consists of the owner’s investments and other net assets from owner contributions, which
increase equity.
o Drawings are outflows of cash and other assets to owners for personal use, which decreases equity.
o Revenues are the gross increase in owner’s equity resulting from business activities entered into to earn
income. Examples include sales of products, consulting services provided, facilities rented to others, etc.
o Expenses are the cost of assets consumed or services used in the process of earning revenue. These are
the decreases in an owner’s equity that result from operating the business. Examples include salaries and
wages, use of supplies, advertising, utilities, and insurance fees.

Rules of Debits and Credits

The system of analyzing the effects of transactions and recording them in terms of debit and credit is known as
the double-entry bookkeeping. The terms debit (abbreviated Dr., from the Latin word “debere”) and credit
(abbreviated Cr., from the Latin word “credere”) are simply the accountant’s words for “left” and “right” (not for
“increase” or “decrease”). Double-entry bookkeeping is a method of recording business transactions which

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recognize the dual effect of a transaction. This means that for every value received there is a corresponding
value parted with or given up. In double-entry bookkeeping, each transaction is recorded by debiting and
crediting accounts. Since business transactions are recorded following the double-entry bookkeeping system,
the next important lesson that must be learned is determining the account or accounts that will be debited and
credited in the journal entry. A T- account is a very useful tool that is used for illustrations, analyzing transactions,
and problem-solving.

The relationship between the accounting equation and the rules of debit and credit is shown below:

DEBITS = CREDITS
Accounting Owner’s
Assets = Liabilities + + Revenues - Expenses
Equation Equity
Rules of ↑ ↓ ↓ ↑ ↓ ↑ ↓ ↑ ↑ ↓
Debit and DR CR DR CR DR CR DR CR DR CR
Credit
+ - - + - + - + + -
An account’s normal balance appears on the side – either debit or credit – where an increase (+) is recorded in
the account’s balance. For example, assets normally have a debit balance, so assets are debit-balance
accounts. Liabilities and equity accounts normally have the opposite balance, so they are credit-balance
accounts. On the other hand, debit signifies a decrease in liabilities, capital, and revenues, whereas credit
signifies a decrease in assets, expenses, and drawing.

Normal Account Balances of Major Account Categories

Increases Recorded by Normal Balance
Account Category
Debit Credit Debit Credit
Assets  
Liabilities  
Owner’s Equity:
Owner’s Capital  
Withdrawals  
Revenues  
Expenses  

The T-account is a good place to begin the study of the double-entry system. This is a shortened form of
general ledger account and so-called because it resembles the form of the capital letter T. The vertical line
divides the account into three (3) parts (Needles et al., 2014)

Title of Account • A title, which identifies the asset, liability, or owner’s equity account
Debit Credit • The left side, which is called the debit side
(left side) (right side) • The right side, which is called the credit side

Example: Suppose a company had several transactions during the month that involved the receipt or payment
of cash. These transactions can be summarized in the Cash account by recording receipts on the left (debit)
side of a T account and payments on the right (credit) side.
Cash When comparing the totals of the two (2) sides, an account shows a debit
Dr. Cr. balance if the total of the debit amounts exceeds the credits. An account
100,000 70,000 shows a credit balance if the credit amounts exceed the debits. Having
3,000 400 increases on one side and decreases on the other reduces recording errors
1,200 and helps in determining the totals of each side of the account as well as the
103,000 71,600 account balance. The balance is determined by netting the two (2) sides
(subtracting one amount from the other).
Bal. 31,400

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Analyzing Business Transactions

Identifying and Documenting Transactions

Transactions are reportable events and affect the elements of financial statements. To achieve verifiability,
transactions are supported by underlying business documents such as sales invoices, purchase invoices, and
official receipts, among others. These source documents can be used as bases for recording business
transactions in the books. To generate financial reports, business transactions have to be analyzed, recorded,
and summarized. Determine the particular accounts affected or involved in the transaction. There are always
two (2) or more accounts involved in every transaction. Then, determine the effect of the transaction on the
accounts involved in terms of increase or decrease.

Example: Mr. John Lloyd Cruise started his business by investing in P200,000 cash.

Analysis of the above transaction:

Accounts Affected Effect
Cash Increase
J. Cruise, Capital Increase

The business received cash; thus, the Cash account will increase. The amount received by the business
represents an investment by the owner, increasing also the Capital account. Once the effect of business
transaction is analyzed, a journal entry can be made.

Journalizing
For an event to be reportable, it must affect any of the elements of financial statements. The debit and credit
recording are made in the journal which is called the book of original entry. A two-column journal, otherwise
known as the general journal, may be used by companies with only a few transactions. As the transactions of
the entity become numerous, the use of special journals may be necessary. Generally, special journals include
the following:
• Sales journal
• Cash receipts journal
• Purchases journal; and
• Cash payments (or disbursements) journal

Each special journal is intended to record a type of transaction that is usually considered repetitive to the
company. All sales on account are recorded in the sales journal while cash sales and other cash receipts are
recorded in the cash receipts journal. Purchases on account are recorded in the purchases journal while cash
purchases and other cash payments or disbursements are recorded in the cash payments journal. All other
transactions, including adjusting and closing entries, that cannot be appropriately recorded in these special
journals shall be recorded in the general journal.

Example: On January 1, Mr. John Lloyd Cruise invested P200,000 cash in the business.

General Journal Page 1

Date Particulars PR Debit Credit
201A
Jan 01 Cash 101 200,000
J. Cruise, Capital 301 200,000
Owner’s initial investment

Posting to the Ledger

The entries recorded from the journals are then transferred to the ledger or the book of final entry. The ledger
is used to accumulate all the effects of the transactions in specific accounts. To provide the details of the control
account in the general ledger, an entity may use subsidiary ledgers. Theoretically, each account in the general
ledger may be provided with a subsidiary ledger. However, an entity provides subsidiary ledgers only for
accounts that are normally comprised of various details considered necessary by the enterprise.

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To help identify accounts in the ledger and make them easy to find, the accountant often numbers them. A list
of these numbers with the corresponding account titles is called a chart of accounts. This chart is a table of
contents for the ledger. Typically, it lists accounts in the order in which they appear in the ledger, which is usually
the order in which they appear in the financial statements. The numbering scheme allows for some flexibility.
Account numbers usually have two (2) or more digits. Assets are often numbered beginning with 1, liabilities
with 2, owner’s equity with 3, revenues with 4, and expenses with 5. The second and third digits in an account
number indicate where the account fits within the category. When numbers are used, all accounts are numbered
by this system. However, each company chooses its account numbering system.

Using the example above, the journal entry shall be posted to the ledger as follows:

General Ledger
Cash No. 101
Date Particulars PR Debit Credit Balance
201A
Jan 01 GJ1 200,000 200,000

General Ledger
J. Cruise, Capital No. 301
Date Particulars PR Debit Credit Balance
201A
Jan 01 GJ1 200,000 200,000

Posting should be performed in chronological order. That is, the company should post all the debits and credits
of one (1) journal entry before proceeding to the next journal entry. Postings should be made on a timely basis
to ensure that the ledger is up-to-date. The post reference (PR) column of a ledger account indicates the journal
page from which the transaction was posted. The particulars space of the ledger account is used infrequently
because an explanation already appears in the journal (Weygandt et al., 2018).

Alternatively, T-accounts can be used in the replacement of the formal ledger. Each account must have a T-
account.

Preparing a Trial Balance

To determine the equality of the debits and credits in the general ledger, a trial balance is prepared. The trial
balance is a list of open accounts in the general ledger. The total of the trial balance provides no meaningful
amount, but the trial balance summarizes the net effect of the transactions in each account in a general ledger
for a particular period. However, it still cannot be used as the basis to prepare the financial statements, since
some accounts still need to be adjusted and updated.

Adjusting Process

The cash basis of accounting recognizes revenue when cash is received and recognizes expenses when cash
is paid. For instance, under the cash basis, services rendered in 201A for which cash is collected in 201B will
be treated as 201B revenues. Similarly, expenses incurred during 2019 for which cash is paid in 201b would be
treated as 201B expenses. Because of these, the cash basis of accounting is generally unacceptable. There is
no need for adjusting entries under the cash basis,

On the other hand, the accrual basis of accounting recognizes revenues when sales are made or services are
performed, regardless of when the cash is received. It also recognizes expenses as incurred, whether or not
cash is paid. For instance, when services were performed for a customer on credit, the revenue shall be
recorded at the time the service is rendered, even though cash has not yet been received. Later, when the
company received cash, no revenue is recorded because it has already been recorded. Under the accrual basis,

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adjusting entries are prepared to bring the accounts up-to-date for transactions that have taken place but have
not been recorded.

After the preparation for the trial balance, the next step in the accounting cycle is the compilation of data for
adjustments. Adjusting entries are entries prepared at the end of an accounting period to update or adjust the
balances of accounts. Adjustments must be made correctly so that the company’s income for the period be
measured properly and its related assets and liabilities be brought to their correct balances.

All adjusting entries are prepared to affect at least one (1) balance sheet account which is a real account; and
one (1) income statement account, a nominal account. This means that an adjusting entry must always involve
an asset or liability account and revenue or expense account.
The following are the types of adjusting entries:
1. Accruals
2. Deferrals
3. Depreciation of property, plant, and equipment (PPE)
4. Uncollectible accounts/Doubtful accounts/Bad debts

1. Accrued Expenses (Liability account)

These are expenses already incurred but not yet paid, and is, therefore, still unrecorded at year-end.
Examples include taxes payable, interest payable, utilities payable, salaries payable, rent payable, and
advertising payable, among others.

The adjusting entry for an accrued expense always involves a debit to the appropriate expense account
and a credit to a liability account.

Expense xxx
Payable xxx

2. Accrued Revenues (Asset account)

These are revenues already earned for which no cash has been collected yet. Normally, accrued revenue
is not recorded yet since it has not been received. Examples include rent receivable and interest receivable.
The adjusting entry for an accrued revenue always involves a debit to accrued income or receivable and a
credit to an appropriate revenue account.

Receivable xxx
Revenue xxx

ILLUSTRATION: Accruing Interest on Notes

Assume that on November 1, ABC Company issued a 90-day 12% note for 10,000 to DEF Company in
settlement of an account. The entries on the books of ABC Company and DEF Company are as follows:

ABC CO. (Maker) DEF CO. (Payee)

Nov 1 Accounts Payable 10,000 Notes Receivable 10,000
Notes Payable 10,000 Accounts Receivable 10,000
Issued promissory note in Received a promissory
settlement of an account note from a customer.

ADJUSTING ENTRY
Dec 31 Interest Expense 200 Interest Receivable 200
Interest Payable 200 Interest Revenue 200
To take up accrued interest To take up accrued interest
on notes payable on notes receivable.

The Interest Payable account shows the interest expense not yet paid. It is reported as a current liability in the
balance sheet. Interest Expense will be reported in the income statement. Interest Receivable account shows

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the interest earned not yet collected. It is reported as a current asset in the balance sheet. Interest revenue is
reported in the income statement.

The amount of accrued interest as of December 31 is computed as follows:

Face Value of Note P10,000
Multiplied by: Interest Rate 12%
Interest for one year 1,200
Multiplied by: Days covered from Nov 1 to Dec 31 over 360 days 60/360
Accrued interest on notes as of Dec. 31 P200

3. Prepaid Expenses or Deferred Expenses (Asset account)

These are expenses paid in advance. Since the benefits will be received in the future, they are recorded as
assets. They are expected to become expenses over time through use and consumption. It is the exact
opposite of accrued expenses. At the end of the period, it is necessary to determine the portion of such
expenses that applies to the subsequent period and the portion used up during the current period. The
used-up portion is an expense while the unused portion is an asset. Examples include prepaid rent, prepaid
insurance, and prepaid interest.

The adjusting entries for prepaid expenses depend upon the method used to record them. The two (2)
methods are:
1. Asset Method – Under this method, the account debited upon payment is an asset account. Upon
adjustment, an expense account is debited with a corresponding credit to an asset account; thus,
it recognizes the expense and decreases the previously recorded asset for the used portion.
2. Expense Method – The account debited upon payment is an expense account. Upon adjustment,
an asset account is debited and an expense account is credited. Thus, it recognizes the asset
account and decreases the previously recorded expense for the unused portion.

The entry to record the advance payment is:

ASSET METHOD EXPENSE METHOD

Prepaid Expense xxx Expense xxx
Cash xxx Cash xxx

The adjusting entry at year-end would be:

ASSET METHOD EXPENSE METHOD

Expense xxx Prepaid Expense xxx
Prepaid Expense xxx Expense xxx

4. Unearned Revenues or Deferred Revenues (Liability account)

These are revenues collected or received in advance for the future sale of inventory or performance of
services. These revenues are not yet earned but already collected by the business.

The adjusting entries for unearned revenues depend upon the method used to record them. The two (2)
methods are:
1. Liability Method – Under this method, the account credited upon collection or receipt of cash is a
liability account. Upon adjustment, such a liability account will be debited and an appropriate
revenue account is credited; thus, the earned portion is recorded.
2. Revenue Method – The account credited upon collection or receipt of cash is a revenue account.
Upon adjustment, such a revenue account is debited and a liability account is credited; thus, the
unearned portion is recorded.

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The entry to record the advance collection is:

LIABILITY METHOD REVENUE METHOD

Cash xxx Cash xxx
Unearned Revenue xxx Revenue xxx
The adjusting entry at year-end would be:

LIABILITY METHOD REVENUE METHOD

Unearned Revenue xxx Revenue xxx
Revenue xxx Unearned Revenue xxx

After appropriate adjustments are made in both methods, the Unearned Revenue account shows a balance
representing the amount of revenue applicable to subsequent periods while the revenue account shows an
amount representing the amount earned during the current period.

5. Depreciation of Property, Plant and Equipment (PPE)

Property, plant, and equipment are physical resources used by the business which are relatively fixed or
permanent. Examples include land, equipment, building, furniture and fixtures, and vehicles. Charges to
operations for the utilization of long-lived assets must be recorded at the end of the reporting period using
an adjusting entry.

The adjustment recognizes depreciation expense and decreases the cost or carrying value of the asset.
The decrease in PPE is recorded by crediting a contra-asset account, Accumulated Depreciation, which is
reported in the statement of financial position as a deduction from the related PPE. Using the straight-line
method, the formula in computing depreciation expense is:
𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶 − 𝑆𝑆𝑎𝑎𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙 𝑉𝑉𝑉𝑉𝑉𝑉𝑉𝑉𝑉𝑉
𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷𝐷 𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸 =
𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸 𝑈𝑈𝑈𝑈𝑈𝑈𝑈𝑈𝑈𝑈𝑈𝑈 𝐿𝐿𝐿𝐿𝐿𝐿𝐿𝐿

The adjusting entry to record depreciation is:

Depreciation Expense – (name of the asset) xxx

Accumulated depreciation – (name of the asset) xxx

6. Uncollectible Accounts/ Doubtful Accounts/Bad Debts

Many companies make a significant proportion of their sales on credit. Regardless of the collection effort
expended, a company is likely to experience a certain amount of bad debts. At year-end before the
preparation of the financial statements, the enterprise has to ensure that no asset on the statement of
financial position is presented beyond its recoverable amount. Uncollectible accounts relate to the
company’s receivables which might not be collected. The proforma adjusting entry to take up provision for
uncollectible accounts is:

Uncollectible Accounts Expense xxx

Allowance for Uncollectible Accounts xxx

Allowance for Uncollectible Accounts has a normal balance of credit, it is a contra asset account that is
deducted from the accounts receivable balance to get the net realizable value.

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A sample of T-account for Allowance for Uncollectible Accounts is shown below:

Allowance for Uncollectible Accounts

Debit balance Credit balance
Write-off Recovery
Provision for
Uncollectible
Accounts (Expense)
Ending Balance

Completing the Accounting Cycle

Preparing the Adjusted Trial Balance

The adjusting entries, which are recorded in the general journal, are posted to the ledger. An adjusted trial
balance is then prepared which reflects the updated balances of the accounts. However, this step is optional
with the use of the worksheet.

Preparing the financial statements

The financial statements are the end product of the accounting process. They present the effects of the
transactions completed by an entity during the reporting period. A complete set of financial statements include:
• Statement of Comprehensive Income (Income Statement) reports the revenues and expenses for a
specific period (For the month ended xxx). The income statement lists revenues first, followed by
expenses. Finally, the statement shows net income (or net loss). Net income results when revenues
exceed expenses. A net loss occurs when expenses exceed revenues. Note that the income statement
does not include investment and withdrawal transactions between the owner and the business in
measuring net income.
• Statement of Changes in Owner’s Equity reports the changes in owner’s equity for a specific period.
The period is the same as that covered by the income statement. The first line of the statement shows
the beginning owner’s equity amount (which was zero at the start of the business). Then come the
owner’s investments, net income (or loss), and the owner’s drawings. This statement indicates why the
owner’s equity has increased or decreased during the period. If the owner makes any additional
investments, the company reports them in the owner’s equity statement as investments.
• Statement of Financial Position (Balance Sheet) shows the financial position of a business on a
certain date, usually the end of the month or year. For this reason, it is often called the statement of
financial position. It’s important to note that the date on the balance sheets is a single date, whereas
the dates on the other three (3) statements cover a period, such as a month, quarter, or year. The
balance sheet presents a view of the business as the holder of resources, or assets, that are equal to
the claims against those assets. The claims consist of the company’s liabilities and the owner’s equity.
• Statement of Cash Flows provides information on the cash receipts and payments for a specific period.
The statement of cash flows reports (1) the cash effects of a company’s operations during a period, (2)
its investing activities, (3) its financing activities, (4) the net increase or decrease in cash during the
period, and (5) the cash amount at the end of the period.

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Figure 3. Financial statement relationships

Closing Entries
Closing entries are journal entries at the end of the accounting period necessary to bring the balances of each
temporary or nominal accounts to zero so that they will be ready to receive data for the next reporting period.
These temporary accounts are revenues, expenses, and drawing accounts.

These accounts are closed at the end of each period so that balances may be identified by the year of their
occurrence. Hence, we say the sales of 201B must not include the sales of 201A.

Post-Closing Trial Balance

A post-closing trial balance is prepared after preparing the adjusting and closing entries. This lists only the
accounts found in the statement of financial position. These are called real accounts. The amounts listed in the
post-closing trial balance serve as the beginning balances of assets, liabilities, and equity for the succeeding
reporting period. This step is also optional.

Reversing Entries
After the accounting records have been adjusted and closing entries have been prepared and posted at the end
of the reporting period, reversing entries may be made on the first day of the next period. A reversing entry, as
the name implies, is the exact reverse of adjusting entry. The following is a summary of guidelines for reversing
entries:
1. Reverse adjusting entries made on accrual of revenue and expenses.
2. Prepayments, if the initial entry to record the transaction is debited to an expense account.
3. Advance payments made by customers, if the initial entry to record the transaction is credited to the revenue
account.
4. Provision for uncollectible accounts and depreciation are not reversed.

References
Horngren, C. T., Harrison Jr., W. T., & Oliver, M. S. (2012). Accounting (9th Edition). Prentice Hall.
Needles, B. E., Powers, M., & Crosson, S. V. (2014). Principles of Accounting. Cengage Learning.
Robles, N. S., & Empleo, P. M. (2017). The Intermediate Accounting Series: Volume 3. Millennium Books, Inc.
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2018). Accounting Principles. John Wiley & Sons, Inc.
Wild, J., & Shaw, K. (2018). Fundamental Accounting Principles. McGraw-Hill Education.

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