Accounting cycle, Managerial Accounting

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.

 

 

Posted Date: 7/27/2012 1:44:50 AM | Location : United States







Related Discussions:- Accounting cycle, Assignment Help, Ask Question on Accounting cycle, Get Answer, Expert's Help, Accounting cycle Discussions

Write discussion on Accounting cycle
Your posts are moderated
Related Questions
Important steps of budgetary control There are certain steps which are essential for the successful implementation of a budgetary control system. They are as follows: 1) Or

UNCERTAINTY OF DEMAND Demand is the most troublesome variable to predict accurately. Actually, demand may fluctuate from day to day, from week to week or from month to month. T

What value can management derive from a Balance Scorecard? How does the management accountant contribute?

Service time-probability distribution curve A common example is that service times follow an exponential probability distribution i.e. y=e -x Service channels - t

Objectives of the cost accounting The Objectives of the cost accounting are ascertain of costs, fixation of selling prices, proper recording and presentation of cost data to th

Prepare a multiple step income statement, and classified balance sheet for XYZ Corporation for 2013 in good form. The income statement should include the proper earnings per share

Cyclic Chains: In Markov Chains the current state of the system depends on all previous states. It is a stochastic process.  Sometimes transition probability matrices are diff

Explain Zero bases budgeting According to David humdinger According to David humdinger, ZBB is a management tool which provides a systematic method for evaluating all operation

If a company creates sales to a number of customers on credit terms this will have to wait for two or still three months before its debtors pay that they owe. It means that the deb

What is Sealed bid pricing Another from of competition oriented pricing is the sealed bid pricing. In a large number of projects, industrial marketing and marketing to the gove