Series of steps in recording an accounting event from the time a transaction occurs to its reflection in the financial statements; also called bookkeeping cycle. The order of the steps in the accounting cycle are: recording in the journal, posting to the ledger, preparing a trial balance, and preparing the financial statements.
Its is an cycle because when the financial statements are made at the end of the year and after the closing of the financial year u have to start ur business again for the new financial year. So everything u do repeats again. Hence, it is a cycle. Hope it answered the question.
accounting is the systematic representation
From an accounting perspective, short-term investments have a life cycle of less than 12 months; long term investments have a life cycle of 12 months or longer.
Explain discounting of accounting policies
Accounting cycle comprises all of the accounting activities, from the recording of transaction up to the preparation of financial statements, which are repeatedly performed in every accounting period.
The sequence of activity which are followed in an organization,where accounting is pratise.the sequence of accounting procedure used to record classify and summarize accounting information is known as ACCOUNTING CYCLE/PROCESS.
Accounting cycle comprises all of the accounting activities, from the recording of transaction up to the preparation of financial statements, which are repeatedly performed in every accounting period.
An accounting cycle is basically all of the accounting procedures. This starts with journal entries and ends with the financial statements and closing of temporary accounts.
There is not a way to give you the answer to the comprehensive problem one on accounting cycle. You will have to study to answer this question.
focal point of accounting cycle
Explain cost center in the context of cost accounting
explain the destination life cycle explain the destination life cycle
It is a process to record business transactions in ledger accounts and then generating useful financial information for example income statement, balance sheet.