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Accounting Cycle - Term Papers

Accounting Cycle

Individual Assignment: Accounting Cycle Paper Prepare a 700- to 1,050-word paper explaining the overall accounting cycle at your organization. Include a description of the people, processes, and systems that are integral to the cycle.
Accounting is a financial information system designed to record, classify, report, and interpret financial data. The accrual concepts states that accounting income is measured by matching the expenses incurred in a given accounting period with the revenues earned in that period. The accounting cycle is 6 steps.
The accounting cycle is a logical series of steps that accountants follow to keep necessary accounting records and prepare financial statements. ...

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of each month which is preparing trial balance. If no journal is maintained, transactions would simply be posted to the ledger as they occurred.
Step 4 in the accounting cycle involves making what are called adjusting entries to the general ledger.
Step 5 close and balance ledger
Step 6. prepare financial statements.
To aid in the preparation of financial statements, some companies will prepare a trial balance before they prepare financial statements. The trial balance is a list of all active accounts and each account’s debit or credit balance. The accounts are listed in the order they appear in the ledger assets first, then liabilities, stockholders’ equity, revenues, and expenses. By organizing accounts in this manner, the trial balance serves as a useful tool in preparing the financial statements.

Prepare the financial statements.

Adjusting entries are normally prepared at the end of each quarter or at the end of the year, although many firms prepare monthly ...

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PAPER DETAILS
Added: 4/27/2011 11:50:36 AM
Submitted By: smwanik
Category: Business
Type: Premium Paper
Words: 721
Pages: 3

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