CONCLUSIONS

In conclusions , accounting is the art of classifying , recording and summarising

transactions and business events in monetary terms and interpreting the results to interested
parties to enable them to make decisions . There has seven elements in the accounting
equation , it is assets , liabilities , revenue , owner’s equity expenses , capital and drawings

The accounting process starts with the recording of business transactions . The
transactions are the classified and recorded in the appropriate book of prime entry such as
cash book and journal . After that , the total will be posted to the appropriate accounts in the
ledgers . At the end of accounting period , a trial balance is prepared to check whether or not
transactions have been recorded correctly in the book of accounts

Proper accounting give a lot of benefits to the business as it plays a big role in
business . It help track income and expenditures , know the financial status of organization
whether the business is make a profit or loss , for easier reference and etc.

In my team experiences , making this group assignment helps us know how to handle
the business properly . We get to learn method to posted all the transaction in their right
column . This can avoid from making a mistake in accounting . It indeed hard but this group
assignment give us an experience to make it easier in the future . So , when we have our own
company , we as a boss can take care of our company accounts and give direction to our
subordinates