ACCOUNTING CYCLE - Accounting Period’ then the summation...

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ACCOUNTING CYCLE No Chart of Accounts Analyze the transaction Journal(ize) the transaction Post to the Ledgers Trial Balance Adjusting Entries Adjusted Trial Balance FINANCIAL STATEMENTS Income Statement Statement of Owner’s Equity Balance Sheet Statement of Cash Flows Closing Entries Post Closing Trial Balance End of Accountin g Period This quick reference shows the entire process of accounting called the Accounting Cycle. The items that appear above the ‘End of Accounting Period’ diamond are the steps that are done on a daily basis as business transactions occur. When it is the ‘End of the
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Unformatted text preview: Accounting Period’ then the summation and reporting phase of the Accounting Cycle begins with the steps below the diamond. Accounting education can be confusing because the accounting logic you will learn really starts with the Balance Sheet down in the Financial Statements box. By using this reference guide you can quickly see where you are in the process as you study. Yes The financial statements must be done in the order presented. The result of the preceding one becomes part of the following statement....
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This note was uploaded on 05/18/2010 for the course AC ACCOUNTING taught by Professor Jgh during the Spring '10 term at Kaplan University.

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