Acc421

Individual Assignment: Accounting Cycle Paper baffle in a 700- to 1,050-word paper explaining the overall account avowal 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 known and established go that outline the principles used to keep learn accounting magnetic discs and pull in financial statements. There are normally 10 go to the accounting cycle although all(prenominal) company is a human action different and close to of the step may or may not be used. At my company, the following 6 stairs are broadly followed. Step 1 is normally a series of essential steps combined into one. Step 1 involves identifying the works and some other financial events and preparing the associated and indispensable documents such as purchase orders or invoices. After this is accomplished, the performance is analyzed and categorize into the correct syndicate in additions to being quantified in name on fiscal economic quantify. The accounts that are affected are excessively determine as well as it is determined if the proceeding should be accounted as a debit of a consultation first appearance against the accounting records.

In other words, step 1 involves variety the business transactions into an appropriate number of debits and credits 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 en tries into the appropriate journal. Dependin! g 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 subterraneous be posted to the general ledger. Step 3 involves hope 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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