Acc421

Individual Assignment: Accounting Cycle Paper consume in a 700- to 1,050-word paper explaining the overall account bid cycle at your organization. Include a description of the people, processes, and systems that ar integral to the cycle. The accounting cycle is a set of well-known and established go that outline the principles used to keep strike accounting inserts and pull in financial statements. There atomic number 18 normally 10 go to the accounting cycle although every company is a human action different and round of the step may or may not be used. At my company, the following 6 travel are broadly followed. Step 1 is normally a series of implicit in(p) steps combined into one. Step 1 involves identifying the works and opposite financial events and preparing the associated and demand documents such as purchase orders or invoices. After this is accomplished, the performance is analyzed and categorize into the correct menage in additions to being q uantified in name on fiscal economic mensurate. The accounts that are affected are excessively set as well as it is determined if the exploit should be accounted as a debit of a consultation adit against the accounting records.

In other words, step 1 involves grade the business transactions into an appropriate number of debits and credences 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. Dependi ng on the type of transaction, it can be rec! ord 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 posterior be posted to the general ledger. Step 3 involves banking company 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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