Acc 201 Accounting Cycle Report Part I_A.M_2.2.5.18.docx

Acc 201 Accounting Cycle Report Part I_A.M_2.2.5.18.docx -...

Info icon This preview shows pages 1–3. Sign up to view the full content.

ACC 201 Final Project Part I Accounting Cycle Report ACC 201 Final Project Part I Accounting Cycle Report A.M. Southern New Hampshire University
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

ACC 201 Final Project Part I Accounting Cycle Report 2 The purpose of this paper is to describe the accounting cycle and the steps businesses need to follow to keep its accounting records in an orderly manner that allows them to report accurate financial information about their businesses and keep track of their profit or losses and perform prices adjustment as needed. The accounting cycle should consist of a sequence of ten key steps to complete a full cycle within a given period of time (Person, 2014, p. 199). Each step in the accounting cycle plays an important role in creating accurate business transactions and recordings for proper financial analysis throughout the accounting cycle and leading up to the preparation of financial statements. It is very critical to complete every step carefully and accurately to avoid errors and making sure nothing is left out or omissions of steps or transactions are done. The accounting cycle starts with the beginning account balances. A business event or transaction happens and the first four steps are where the transactions are analyzed and recorded in the general journal with a journal entry as they occur. Meaning, posts of debits and credits from the journal to each individual account where the unadjusted balance for each account is processed and an unadjusted trial balance can be prepared. After the balances and the unadjusted trial balance is analyzed, the business can make the end of period adjustments, these adjusted journal entries are posted to the trial balance turning it into an adjusted trial balance. All these are covered by the next three steps of the accounting cycle, where adjusting entries, journalize and post adjusted entries take place to prepare the adjusted trial balance.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern