There are five main stages of accounting are

  1. Source Documents
  2. Books of prime entry
  3. Double entry accounts
  4. Trial Balance
  5. Income Statement and Statement of Financial Position

Source Documents



Credit Note


Bank Transfer

Books of Prime Entry

General Journal

Sales Journal

Purchase Journal 

Sales Return Journal 

Purchase Returns Journal

Cash Book

Double Entry Accounts

Sales Ledger

General Ledger

Purchase Ledger

Trial Balance

A summary of all the balances in the double entry accounts

Financial Statements

Income statement

Statement of Financial Position

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