Accounting Cycle is a series of accounting process which begins with the identification of an economic activity or transaction, recording of the economic activity and ends with the prepration of the financial statements. The Accounting Cycle is a repeated process where one cycle ends and another cycle (as above) is repeated again
The steps involve in the Accounting Cycle:
1. Analyse source documents like invoices, receipts, payment vouchers, etc
2. Record transactions in Journals ( sales journal, purchase journals,etc)
3. Post to ledger accounts
4. Prepare Unadjusted Trial Balance
5. Journalize adjusting entries
6. Post adjusting entries
7. Prepare Adjusted Trial Balance
8. Journalize closing entries
9. Post closing entries
10. Prepare post-closing Trial Balance
11. Prepare financial statements like the Income Statement
in backflush accounting the inveniery is not hold.work in process is not involved
How often is the recording process in accounting?
Which accounting principle directs the depreciation process?
real accounting, nominal accounting,personal accounting
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.
Briefly explain the computing process.
hassan
In simple terms Accounting is the process(technique) of identifying, recording, summarizing, analysing and interpreting transactions & events.
fire, water, wind, earth and thunder
Explain the various stages involved in the personal selling process
in backflush accounting the inveniery is not hold.work in process is not involved
There are many ways to briefly describe a process. The best way to briefly describe a process is to put it in steps.
Weathering, Erosion, Deposition, Compaction, & Cementation.
Technological Change in methods and procedures Process change System change Structural change
Blastulation is the process of the cleavage subdividing the mass of the zygote until a cluster of cells known as blastula are formed
what is distinguish between bookkeeping and accounting? what is distinguish between bookkeeping and accounting? what is distinguish between bookkeeping and accounting?
Activities Involved in Accounting are : 1) Identifying 2) Measuring 3) Recording 4) Classifying 5) Communicating 6) Summarizing 7) Analyzing 8) Interpreting 9) Reporting 10) Decision Making