The Accounting Cycle

The following video briefly explains key components of the accounting cycle.



In the next 2 units we will learn the components of the accounting cycle.  In the video, it discussed:

  • Capture activity of a business:  we will do this with a journal entry
  • Organize into groups and edit:  this will be accomplished by organizing the information into account and posting journal entries
  • Publish the story:  in accounting, our story is the financial statements
  • Archive: this will be the closing process to prepare the books for the next period


To give you a picture and quick reference for all you will learn in the accounting cycle.  We begin on the right hand side and move around the cycle.  Click Accrual World for a printable copy.

accrual world
 

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