accounting cycle - The accounting cycle can be defined as...

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The accounting cycle can be defined as collective process which involves identifying, measuring, recording and processing of events which are economic in nature and can be measured in monetary and financial terms. This collective process gives us the final output which we call the financial statements. Therefore we can say that the end result of accounting cycle is the financial statements. In simple terminology an accounting cycle is a recurring process which shows how accounting information is which are measurable in economic terms and financial terms can be identified and processed to give us financial results of an entity so that its performance and growth can be effectively measured. An accounting cycle can also be said as accounting which shows the flow of information from the source documents to the end process where the financial statements are prepared. The steps involved in an accounting cycle are as follows. (1)
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accounting cycle - The accounting cycle can be defined as...

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