Accounting cycle, Managerial Accounting

Assignment Help:

Accounting Cycle is the name given to the combined process of recording and processing the accounting proceedings of a company. The series of steps start when a transaction takes place and end with its addition in the financial statements. The 9 events of the accounting cycle are: 

  1. Gathering and evaluating data from transactions and events.
  2. Placing transactions into the general journal.
  3. Putting entries to general ledger.
  4. Make an unadjusted trial balance.
  5. Adjusting entries properly.
  6. Making an adjusted trial balance.
  7. Managing the accounts into the financial statements.
  8. Closing the accounting books.
  9. Making a post-closing trial balance to verify the accounts.

 

 


Related Discussions:- Accounting cycle

Working capital finance from banks, Working capital is a necessary requirem...

Working capital is a necessary requirement for any type of business activity. Banks in India nowadays constitute the main suppliers of working capital credit to any type of busines

Explain the scope of cost accounting, Explain the Scope of cost accounting ...

Explain the Scope of cost accounting Scope of cost accounting: the scope of cost accounting is very wide and includes the following: 1 cost ascertainment: it deals with t

The board of a company decides that the strategic objectives, The board of ...

The board of a company decides that the strategic objectives of the company should be: * to become established as the best in its field * to be the largest in its market Comment on

Monitor, Monitor Let's start by having you think about the controlling ...

Monitor Let's start by having you think about the controlling your car (aka "driving")! Your steering, acceleration, and braking are not the random things to be done; they are

Depriciation, In 2007, the controller of the XYZ Company discovered that 20...

In 2007, the controller of the XYZ Company discovered that 2006 depreciation expense was overstated by $50,000, a material amount. Assuming an income tax rate of 40 percent, the pr

Capital budgeting – planning investments, Project C would involve a current...

Project C would involve a current outlay of $50,000 on equipment and $15,000 on working capital. The investment in working capital would be increased to $21,000 at the end of the f

Stock-out costs, Stock-out costs These are the opportunity costs of run...

Stock-out costs These are the opportunity costs of running out of stock. They comprise: 1) The costs of lost customer sales, and therefore lost contribution to fixed costs.

Linear programming, what areas can linear programming be applied in manager...

what areas can linear programming be applied in managerial accounting?

What are selling and distribution expenses, What are Selling and distributi...

What are Selling and distribution expenses? Selling and distribution expenses incurred for the marketing of a commodity, for securing orders for the articles, dispatching goods

What are the classification and computation of variances, Classification an...

Classification and computation of variances The computation and analysis of variances is the main aim of standard costing. The variance is the difference among the standard pe

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd