The ABCs of Accounting: The Matching Concept & the Accounting Cycle

Part of the The ABCs of Accounting Video Series


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This program divides its time between the matching concept and the accounting cycle. First, the cash basis of accounting is compared to the accrual basis of accounting. Next, the five main types of entry adjustments are defined and illustrated.

And then, with suitable fanfare, the accounting cycle is described in detail. Its eight steps include analyzing and journalizing transactions, posting transactions to the ledger, preparing the unadjusted trial balance, assembling and recording adjustments, preparing the financial statements, journalizing and posting adjusted entries, journalizing and posting closing entries, and preparing the post-closing trial balance.

Taking care of business means handling finances both consistently and systematically, and this video shows students exactly how to do it. A Cambridge Educational Production.

Video Segments

1. The Matching Concept Cash basis reporting is the simplest form of income statement. It is not suitable for more complex businesses that must use the accrual basis of income statements.

2. Account Adjustments Accountants make adjustments at the ends of accounting periods for deferrals, accruals, depreciation, and reverse entry. Posting and recording transactions require accuracy.

3. Seven-Step Accounting Cycle Transactions are recorded and posted. A trial balance is prepared prior to generating the final financial report. Adjustments are posted and a post-closing trial balance is prepared.


Grade: 9-12

The ABCs of Accounting: The Matching Concept & the Accounting Cycle (DVD)
© 2002
Time: 15 Minutes

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