Acc421

Individual Assignment: Accounting Cycle Paper scram in a 700- to 1,050-word paper explaining the overall account line of reasoning 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 known and established go that outline the principles used to keep collect accounting al-Qurans and pull in financial statements. There are normally 10 go to the accounting cycle although each company is a human action different and slightly of the step may or may not be used. At my company, the following 6 move are slackly followed. Step 1 is normally a series of positive steps combined into one. Step 1 involves identifying the works and former(a) financial events and preparing the associated and unavoidable documents such as purchase orders or invoices. After this is accomplished, the performance is analyzed and categorize into the correct division in additions to being qu antified in name on fiscal economic observe. The accounts that are affected are excessively place as well as it is determined if the operation should be accounted as a debit of a consultation entrance against the accounting records.

In other words, step 1 involves assortment the business transactions into an appropriate number of debits and trusts 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. Depending on the type of transaction, it can be record in the sales journal , the purchase journal, cash receipt or disb! ursement 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 believe 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: OrderEssay.net

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