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

Ask an Expert

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

Write your message here..

Related Questions

Transaction loans, These loans are given by the Banker for short periods fo... These loans are given by the Banker for short periods for an exact activity like financing for a civil contract work. As the customer receives payment, the transaction will be repa

Standard costing, meaning standard costing meaning standard costing

Homework, costs/per unit labor ... $ 4 materials ...5 fixed cost... $ 12 ... costs/per unit labor ... $ 4 materials ...5 fixed cost... $ 12 determine the break even point in units if the seeling price is $ 19 determine the break even point in sales at

Explain the break even point pricing, Break even point or B.E.P. pricing me... Break even point or B.E.P. pricing method : Break even point is the volume of sales at which the total sale revenue of the product is equal to its total cost. In other words, it

Explain skimming pricing, Explain Skimming pricing It is one of the mos... Explain Skimming pricing It is one of the most commonly discussed pricing method is the skimming pricing. This pricing method to the firm's desires to skim the market by sellin

#titlCase Study - Labor standards, Case Study Labor standards Geeta & Comp... Case Study Labor standards Geeta & Company has experienced increased production costs. The primary area of concern identified by management is direct labor. The company is conside

#titleCORPORATE GOVERNANCE, Final paper: CAPM and Capital Structure (2500 w... Final paper: CAPM and Capital Structure (2500 words max) Reflect on the course materials with specific focus on the last two papers (Sharpe; Modigliani & Miller). Synthesize the k

What are the features of zero base budgeting, What are the Features of zero... What are the Features of zero base budgeting 1) Manager of a decision unit has to completely justify why there should be at all any budget allotment for his derision unit. This

Comparing between real and planned outcomes , Comparing real and planned ou... Comparing real and planned outcomes and responding to Divergences from Plan The final phases in the process outlined in figure shown below of comparing real and planned outcome

Stock turnover ratio, opening stock 19000 closing stock 21000 sales 200000 ... opening stock 19000 closing stock 21000 sales 200000 gross profit 25% on sales calculate stock turnover ratio