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

Explain the growth, Explain the growth, index, sectoral, gilt and money mar...

Explain the growth, index, sectoral, gilt and money market methods? (i) What are the key variations among the open ended and close ended methods? What are the plus and minuses

Illustration of marginal profit, Illustration of Marginal profit To ill...

Illustration of Marginal profit To illustrate the computations, suppose that the marginal profit or XE in our model is changed from 3 to 3 + δ1, where δ represents either posit

Budgets, Budgets An essential planning component is budgeting. Budgets ...

Budgets An essential planning component is budgeting. Budgets sketch the financial plans for an organization. There are number of budget types. Operating Budgets -- A plan

Standard error of the slope, Std error of the slope (Sb) Correlation co...

Std error of the slope (Sb) Correlation coefficient measures the degree of association between two variables such as the cost and the activity level. The standard error of ‘

Describe the principles of cost accounting, Describe the Principles of cost...

Describe the Principles of cost accounting Principles of cost accounting: The fundamental principles of costing are identical and are given below:   1. Cost is related to

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

Linear Programming, Explain with examples five areas where linear programmi...

Explain with examples five areas where linear programming can be applied in Managerial accounting

Explain the cost accounting, Explain the Cost accounting:         Meani...

Explain the Cost accounting:         Meaning and definition: Cost accounting is the process of accounting for cost which begins with the incurrence of cost and ends with th

Financial manager''s role in inventory management, Financial manager's role...

Financial manager's role in inventory management The techniques of inventory management are very useful in determining the optimum level of inventory and finding answers to the

Explain activity based costing versus traditional costing, Activity based c...

Activity based costing versus traditional costing Following are the main differences between activity based costing system and traditional costing system: Explain  1) Und

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