The Accounting Cycle Presented to Ms. Aisha Meeks Department of Business Management College of Business Administration Alabama State University In Partial Fulfillment of the Requirements for the Course ACT.214.04 By Krystal Hall January 26‚ 2013 Memo: To: Ms. Aisha Meeks From: Krystal Hall Date: 2/26/2013 Re: The Accounting Cycle Every company has an accounting cycle. An Accounting cycle is the process that begins with analyzing and journalizing transactions and it ends with
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Accounting Cycle Description Paper DeDe Gearhardt‚ Jen Walker‚ Neal Hennessy ACC/340 02/02/2015 Joyce Williams Accounting Cycle Description Paper Currently we see that Riordan has three operating locations‚ each of these locations have their own accounting departments that each keep their own records. These records are all combined in the corporate office at the end of each period. Each accounting department contains the following system components‚ General Ledger‚ Accounts Payable‚ Accounts Receivable
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The purpose of this assignment is to select a step in the accounting cycle that is not currently automated at one of our team members ’ organization. The place of business we have selected is an independent financial brokerage firm‚ LPL Financial. The firm places a strong emphasis on the recruiting of established financial advisors throughout the country. When a financial advisor joins LPL Financial‚ so does their clients. One of our team member ’s works in the transfer department. The transfer
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Complete accounting cycle For the past several years‚ Abby Brown has operated a part-time consulting business from her home. As of June 1‚ 2012‚ Abby decided to move to rented quarters and to operate the business‚ which was to be known as Square One Consulting‚ on a full-time basis. Square One Consulting entered into the following transactions during June: June 1. The following assets were received from Abby Brown: cash‚ $30‚000; accounts receivable‚ $7‚500; supplies‚ $2‚000; and office equipment
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The accounting cycle refers to the process by which companies produce their financial statements for a specific period of time. It is called a cycle because the steps are repeated each reporting period. The organization at which I am employed completes its accounting cycle monthly. The organization is a privately owned nursing facility licensed and incorporated in the state of Virginia that has been in business since 1966. An explanation of the overall accounting cycle at the organization including
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Running head: ACCOUNTING CYCLE PAPER Accounting Cycle Paper ACC/421 Intermediate Financial Accounting I University of Phoenix January 10‚ 2011 Accounting Cycle Paper When making decisions‚ businesses must provide and be able to gather relevant and accurate financial information. Being able to gather and understand this information helps companies make the best informed decisions for business operations‚ which can only benefit the company. When it comes to gathering the information
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Accounting Cycle Intermediate Financial Accounting ACC/421 July 11‚ 2011 Accounting Cycle An accounting cycle is a sequence of six steps in the processing of financial transactions (from the time they occur to their inclusion in financial statements) pertaining to an accounting period. These steps are: (1) analyzing the transactions as they occur‚ (2) recording them in the journals‚ (3) posting debits and credits from journal entries to the general ledger‚ (4) adjusting the assets with
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Accounting Cycle Paper Every business small‚ medium or large uses an accounting cycle to collect and process transactions from events to prepare financial statements to interested parties. The accounting cycle consist of eight steps (1) analyzing transactions and other events‚ (2) journalizing‚ (3) posting; (4) preparing trail balance‚ (5) adjusting entries‚ (6) preparing adjusting trial balance; (7) preparing financial statements; and (8) closing process (Kieso‚ Weygandt‚ & Warfield‚ 2007‚ p. 93)
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Accounting Cycle Paper Abstract The purpose is to discuss the accounting cycle in my organization. Describe the accounting cycle from identifying the transaction to the after-closing trial balance. Identify the Transactions Accounts Payable receives invoices from various sources including the inter-office mail‚ U.S. mail‚ facsimile‚ etc. A review is made of each invoice to identify the invoice number‚ purchase order number‚ date of invoice‚ amount of invoice‚ and whether taxable or non-taxable
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Accounting is a process of obtaining‚ recording‚ classifying‚ summarizing‚ reporting‚ interpreting and presenting financial information or communicating the results of the transactions to users to facilitate making financial decisions. Accounting often uses a term that defines what is happening to make the process easier to understand. For example‚ asset is known as the resources that owned by the company or controlled by the accounting entity for future economic value. Asset can be categorized in
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