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Auditing payroll and personnel cycle - Assignment Example
Finance & Accounting
Pages 4 (1004 words)
Your Name Due Date The Payroll and Personnel Cycle Introduction There was a time when business transactions were as simple as trading tangible goods and services for other tangible goods and services. There was very little need for record keeping and even less need for written paperwork…
There are a lot of elements that need to be considered, organized, and assessed in order to accurately determine a business’s actual financial earnings and expenditures. It requires identifying, collecting and analyzing all the financial documents and performed transactions, the recording of the transactions into journals, then posting the amounts from the journal to accounts in the general and subsidiary ledgers. Then it is necessary to prepare an unadjusted trial balance, perhaps preparing the worksheets, determining and recording adjusting entries, preparing the adjusted trial balance, preparing the financial statements, recording and posting the necessary closing entries, along with preparing a post-closing trial balance, and possibly the recording of any reversing entries. (Averkamp) The accounting cycle was broken into sections in order to simplify, what can be a complex and, often, confusing process, into smaller sections that is are handled by multiple individuals or groups. ...
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