Essay on accounting cycle
From: Ronnie H.
Category: thesis publication
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In: Business and Management. The account cycles consist of nine steps. The series of steps are analyze business transactions, journalize business transactions, post a business transaction, prepare a trial balance, journalize-post adjusting entries, prepare an adjust trial balance, Prepare financial statements, closing account, and post closing trial balance. Each steps has its own purpose to allow the accounting cycle to function and be able to prepare financial statements based on this procedure. The accounting cycle can be explained in a series of more steps, but this the account cycle in a nine step series. Accounting Cycle Explained in Nine Steps The Accounting cycle is specified as a series of nine steps used to gather and process financial information during a reporting period.
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Nine Steps of the Accounting Cycle
Nine Steps Of The Accounting Cycle - Words | Cram
Nature of Work Accounting, bookkeeping, and auditing clerks make a number of calculations every day and they must be comfortable using computers to compute and record data. In small firms, bookkeeping clerks and bookkeepers are accountable for accounts. They maintain all transactions and post debits and credits. Bookkeeping clerks prepare financial statements and produce reports and summaries for managers and supervisors. Bookkeepers produce bank deposits by putting data together from cashiers, balancing and verifying receipts, and sending checks, cash or other form of payment to the bank. This means that for every debit to one account, there is also a credit to another. In the accounting world, a journal is a complete and chronological recording of every transaction.
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Please join StudyMode to read the full document. There are ten steps one must follow in the accounting cycle. The first step in the accounting cycle is to analyze and record transactions in the journal using the double entry- accounting system. For each account that is affected by the transaction you have to determine if the account increases or decreases. You will decide if it will be recorded as a debit or credit.
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