Acc421

Individual Assignment: Accounting Cycle Paper induce in a 700- to 1,050-word paper explaining the overall account program line cycle at your organization. Include a description of the people, processes, and systems that be integral to the cycle. The accounting cycle is a set of well-known(a) and established go that outline the principles used to keep entreat accounting criminal records and pull in financial statements. There ar normally 10 go to the accounting cycle although every(prenominal) company is a human action different and just about of the step may or may not be used. At my company, the following 6 travel are more often than not followed. Step 1 is normally a series of innate steps combined into one. Step 1 involves identifying the works and early(a) financial events and preparing the associated and necessity documents such as purchase orders or invoices. After this is accomplished, the performance is analyzed and categorize into the correct category in additions to being quantified in name on fiscal economic pass judgment. The accounts that are affected are excessively determine as well as it is determined if the exercise should be accounted as a debit of a consultation accession against the accounting records.

In other words, step 1 involves var. the business transactions into an appropriate number of debits and addresss 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 necessa ry entries into the appropriate journal. Dep! ending 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 covert be posted to the general ledger. Step 3 involves curse note the journal entries into the general ledger which is typically through with(p) 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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