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Individual Assignment: Accounting Cycle Paper take in in a 700- to 1,050-word paper explaining the overall account arguing cycle at your organization. Include a description of the people, processes, and systems that be integral to the cycle. The accounting cycle is a set of well-known and established go that outline the principles used to keep indigence accounting place downs and pull in financial statements. There are normally 10 go to the accounting cycle although each company is a human action different and some(prenominal) of the step may or may not be used. At my company, the following 6 stairs are slackly followed. Step 1 is normally a series of unplumbed steps combined into one. Step 1 involves identifying the works and early(a) financial events and preparing the associated and infallible documents such as purchase orders or invoices. After this is accomplished, the performance is analyzed and categorize into the correct crime syndicate in addi tions to being quantified in name on pecuniary economic determine. The accounts that are affected are excessively determine as well as it is determined if the dealing should be accounted as a debit of a consultation intromission against the accounting records.

In other words, step 1 involves grade the business transactions into an appropriate number of debits and quotations to be entered on the accounting records and assigning a monetary value in terms of dollars and cents Step 2 involves recording the transaction (determined to be a debit or a credit in step 1 above) by making the necessary entries into the appropriate journal. Depending on the t! ype of transaction, it can be record in the sales journal, the purchase journal, cash receipt or disbursement journal or the general journal. These entries must be made in chronological order and will covert be posted to the general ledger. Step 3 involves argot note the journal entries into the general ledger which is typically through at the end of each month. It is important to note that steps 1, 2 and 3 are performed...If you want to get a wide-eyed essay, order it on our website: OrderCustomPaper.com

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