AC114;Accounting assignment 5 Brenda Russell

AC114;Accounting assignment 5 Brenda Russell - Accounting...

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Accounting Cycle 1 Brenda Russell Section AC114 Accounting July 7, 2011
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Accounting Cycle 2 The Accounting Cycle This paper will discuss these steps in detail. I am not currently involved in any of the steps of the accounting cycle and probably never will cause I’m not taking accounting. The examples I give in this paper will be from learning from the book and various jobs I have held in the past. The accounting cycle consists of the following ten steps: Analyze and classify events. The first step is to analyze and classify events. In order to enter the transactions, the recorder must first decide what needs to be recorded. An event should be recorded "if it is measurable, and is relevant and reliable. Although there are some events that increase the assets of the business, they are not all able to be recorded. Like hiring a skilled person can be seen as acquiring an asset, but there is no way to measure the asset, so it is not recorded. Journalizing the event.
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This note was uploaded on 10/20/2011 for the course BUISNESS ab202 taught by Professor Millazzo during the Spring '11 term at Kaplan University.

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AC114;Accounting assignment 5 Brenda Russell - Accounting...

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