Business, 24.01.2022 01:40 hilario4785

List the accounting cycle and there meaning

Answers: 1

Show answers

Answers

Answer from: Kigarya

Below:

Explanation:

Eight Steps Of Accounting Cycle

1. IDENTIFY TRANSACTION: An organization begins its accounting cycle with the identification of those transactions that comprise a bookkeeping event. This could be a sale, refund, payment to a vendor, and so on.

2. RECORD TRANSACTIONS IN A JOURNAL: Next comerecording of transactions using journal entries. The entries are based on the receipt of an invoice, recognition of a sale, or completion of other economic events.

3. POSTING: Once a transaction is recorded as a journal entry, it should post to an account in the general ledger. The general ledger provides a breakdown of all accounting activities by account.

4. UNADJUSTED TRAIL BALANCE: After the company posts journal entries to individual general ledger accounts, an unadjusted trial balance is prepared. The trial balance ensures that total debits equal the total credits in the financial records.

5. WORKSHEET: Analyzing a worksheet and identifying adjusting entries make up the fifth step in the cycle. A worksheet is created and used to ensure that debits and credits are equal. If there are discrepancies then adjustments will need to be made.

6. ADJUSTING JOURNAL ENTRIES: At the end of the period, adjusting entries are made. These are the result of corrections made on the worksheet and the results from the passage of time. For example, an adjusting entry may accrue interest revenue that has been earned based on the passage of time.

7. FINANCIAL STATEMENTS: Upon the posting of adjusting entries, a company prepares an adjusted trial balance followed by the actual formalized financial statements.

8. ClOSING THE BOOKS: An entity finalizes temporary accounts, revenues, and expenses, at the end of the period using closing entries. These closing entries include transfering net income into retained earnings. Finally, a company prepares the post-closing trial balance to ensure debits and credits match and the cycle can begin anew.

Hope it helps...

It’s Ms-Muska

Answer from: Quest

In edgenuity it's streets and roads.

Answer from: Quest

Ya mom and dad hahahahaa

Other questions on the subject: Business

Business, 22.06.2019 11:40, derrion67

During 2016, nike inc., reported net income of $3,760 million. the company declared dividends of $1,022 million. the closing entry for dividends would include which of the following? select one: a. credit cash for $1,022 million b. credit dividends for $1,022 million c. debit net income for $1,022 million d. credit retained earnings for $1,022 million e. debit dividends for $1,022 million

Answers: 1

continue

Business, 22.06.2019 16:00, leo4687

Advanced enterprises reports year-end information from 2018 as follows: sales (160,250 units) $968,000 cost of goods sold 641,000 gross margin 327,000 operating expenses 263,000 operating income $64,000 advanced is developing the 2019 budget. in 2019 the company would like to increase selling prices by 14.5%, and as a result expects a decrease in sales volume of 9%. all other operating expenses are expected to remain constant. assume that cost of goods sold is a variable cost and that operating expenses are a fixed cost. should advanced increase the selling price in 2019?

Answers: 3

continue

Business, 22.06.2019 16:30, bedsaul12345

Which of the following has the largest impact on opportunity cost

Answers: 2

continue

Business, 22.06.2019 17:00, adrianbanuelos1999

Cooper sues company a in state court in south carolina, where he lives, for negligence alleging personal injury and property damage of $100,000 after a truck driven by an employee of company a rear-ended his pickup truck. company a is incorporated in delaware, has its headquarters in new york, but does a substantial amount of business in south carolina. claiming diversity of citizenship, company a seeks removal to federal district court, but cooper opposes the motion. which of the following is true regarding whether the case may be properly removed to federal district court? the amount in controversy satisfies diversity requirements; and if company a's nerve center is in a state other than south carolina, then the case may be properly removed to federal court. the amount in controversy satisfies diversity requirements; and because company a is incorporated and has its headquarters in a state other than south carolina, the case may be properly removed to federal court. because the amount in controversy satisfies diversity requirements and company a is incorporated in a state other than south carolina, the case may be properly removed to federal court regardless of where company a's headquarters, nerve center, or principal place of business is located. because the amount in controversy satisfies diversity requirements and company a is headquartered in a state other than south carolina, the case may be properly removed to federal court regardless of where company a is incorporated and regardless of the location of its nerve center. because the amount in controversy fails to satisfy jurisdictional requirements, regardless of the location of company a, the case may not be removed to federal court.

Answers: 1

continue

You know the right answer?

List the accounting cycle and there meaning...