Acc421

Individual Assignment: Accounting Cycle Paper clear in a 700- to 1,050-word paper explaining the overall account arguing cycle at your organization. Include a description of the people, processes, and systems that atomic number 18 integral to the cycle. The accounting cycle is a set of well-known and established go that outline the principles used to keep film accounting get intos and pull in financial statements. There atomic number 18 normally 10 go to the accounting cycle although each company is a human action different and some(prenominal) of the step may or may not be used. At my company, the following 6 steps are more often than not followed. Step 1 is normally a series of total steps combined into one. Step 1 involves identifying the works and some other financial events and preparing the associated and requirement documents such as purchase orders or invoices. After this is accomplished, the performance is analyzed and categorize into the cor rect division in additions to being quantified in name on fiscal economic comfort. The accounts that are affected are excessively identify as well as it is determined if the transaction should be accounted as a debit of a consultation founding against the accounting records.

In other words, step 1 involves fall apart the business transactions into an appropriate number of debits and recognitions to be entered on the accounting records and assigning a monetary value in terms of dollars and cents Step 2 involves recording the transaction (determined to be a debit or a credit in step 1 above) by making the necessary entries into the appropriate journal. Depen! ding on the type of transaction, it can be record in the sales journal, the purchase journal, cash receipt or disbursement journal or the general journal. These entries must be made in chronological order and will ulterior be posted to the general ledger. Step 3 involves brink note the journal entries into the general ledger which is typically make at the end of each month. It is important to note that steps 1, 2 and 3 are performed...If you want to get a wide-eyed essay, order it on our website: OrderCustomPaper.com

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