Accounting Cycles
Accounting Cycles
Every business utilizes accounting cycles to record transactions and prepare financial statements. There are eight basic steps in which an enterprise will use in order to create its financial statements: "(1) identifying and measuring transactions and other events; (2) journalizing; (3) posting; (4) preparing an unadjusted trial balance; (5) making adjusting entries; (6) preparing an adjusted trial balance; (7) preparing financial statements; and (8) closing." (Kieso, Weygandt, & Warfield, 2007, p. 93) It is important for any company to follow each of these steps appropriately in accordance with GAAP guidelines. In this paper I will be explaining the overall accounting process and describe the people, processes, and systems that are integral to this process.
Transactions.
"The first step in the accounting cycle is analysis of transactions and selected other events." (Kieso, Weygandt, & Warfield, 2007, p. 68) Some of the transactions and selected other events......
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Approximate Word Count: 985
Approximate Pages: 4 (250 words per double-spaced page)
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