Explain the steps in processing transactions and the role of source documents.

UMGC Debits and Credits and Double Entry Accounting Discussion

University of Maryland Global Campus

Question Description

 

Week 2 Forum

 

Please select and discuss one of the following issues:

  • Explain the steps in processing transactions and the role of source documents.
  • Describe an account and its use in recording transactions.
  • Describe a ledger and a chart of accounts.
  • Define debits and credits and explain double-entry accounting.
  • Explain the use of a trial balance.

Your initial post must be in your own words and be supported with a reference.300 words

Adhere to Forum Grading Requirements as detailed below.

Forum Instructions

Students must post a main response to the weekly discussion question by Day 3.

Make sure you are using credible sources in your discussions and assignments. Scholarly journals are the preferred source of credible/quality references. These consist of peer-reviewed articles published in academic journals related to the field, which are found via our Library. Websites such as Investopedia, ask.com, answers.com, or dictionary-type of websites limit the insight to the topics. Wikipedia is not acceptable as it is not a reliable or credible source of reference. The purpose is to bring in new information and how does it apply to our topic from a real-world perspective, instead of extending on definitions that are found in the book.

More information what a credible source consists of can be found here: http://writingcommons.org/evidence/supporting-sources/630-what-might-be-a-more-credible-reliable-source.

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