The Accounting Cycle Steps - Research Paper Example

Only on StudentShare

Extract of sample
The Accounting Cycle Steps

Some of the financial statements prepared during the accounting cycle include the balance sheet, the income statement, statement of shareholders equity, as well as the cash flow statement (Agtarap-San, 2007). The accounting cycle may take place with regard to time in which the organization prepares its financial statements. For example, a business may prepare its financial statements on a yearly, quarterly, or monthly basis (Warren, 2010). This paper will discuss the steps of the accounting cycle right from the recording of transactions to preparing of financial statements. The Ten Steps of the Accounting Cycle Step 1-Analyzing Transactions There are ten steps involved in the accounting cycle; step one to three take place during the entire accounting period whereas the other steps from four ten occur in the end of an accounting period. The first step includes the analyzing of transactions. In this step, an organization look at the source documents, which include the description of the events and transactions. Source documents can either include electronic sources or hard copies. Some of the source documents that the organization analyzes during this step include cheques, bank statements, as well as purchase orders. ...Show more

Summary

The Accounting Cycle Steps Author Institution The Accounting Cycle Steps Introduction Accounting cycle details the steps that the preparation and recording of business transactions follows. All the activities involved in the recording and preparation of financial statements during a certain accounting period is what is referred as the accounting cycle…
Author : jaymoen
The Accounting Cycle Steps essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the research paper on your topic
"The Accounting Cycle Steps"
with a personal 20% discount.
Grab the best paper

Related Essays

Property Cycle
The aim of this paper is I) to review various property cycles developed over past decades, ii) various issues and factors affecting its movements, iii) significant variables governing its movement iv) Methods or frameworks commonly adopted in these studies and v) finally could a simple model predict property cycle movement
30 pages (7500 words) Research Paper
Financial accounting Research Paper
Accounting gives a clear picture of the performance of an organization and enables these stakeholders to make informed decisions. Generally Accepted Accounting Principles are the set of broad and specific rules and concepts that govern financial accounting practices (Wild, 2005).
6 pages (1500 words) Research Paper
Accounting
The field of accounting has received quite a good deal of significance in the last decade or so. This is because accounting has come out as a force to reckon with in the recent past. It
3 pages (750 words) Research Paper
THE ACCOUNT CYCLE
A journal has specialized format containing debit and credit column. At the end of each transaction posting in journal, a short note is also entered which describes the transaction
3 pages (750 words) Research Paper
Accounting Cycle
The nine steps of the accounting cycle are: The accounting cycle provides accountants a clear system that allows these professionals to convert raw data into information that can be used to make
3 pages (750 words) Research Paper
Define our approach to developing a Lifce Cycle Cost for the RRRP - to help prime develop logical path to developing and fielding technical solutions
The supporting costs associated with the operation and maintenance of the systems have been shown to be 2 to 20 times greater than the initial procurement costs. Each department would seek to minimize its own costs; for
4 pages (1000 words) Research Paper
Accounting
On top of shortening the lead-time, it has also improved overall accuracy and efficiency of the delivered information. Its biggest impact on accounting in the past five years has been the ability of organizations to
3 pages (750 words) Research Paper
Accounting
8). This comprehensive information has been important in cost accounting, permitting accountants to embed function-based costing systems. These new
5 pages (1250 words) Research Paper
Economic Cycle
In the normal operations, modern industrial economies tend to experience swings in economic activity; sometimes ups and downs in terms of employment, spending and income among others, which influence the demand and
5 pages (1250 words) Research Paper
Effects of emerging technologies in Accounting Information Systems- focusing on XBRL
XBRL (extensible business reporting language) is an XML (extensible markup language) supported standard for the electronic communication of accounting and business information. The primary objective of XBRL is to ease the preparation, publishing,
10 pages (2500 words) Research Paper
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT