"The steps in the accounting cycle for a merchandising company are different from the accounting cycle for a service company" Essays and Research Papers

Sort By:
Satisfactory Essays
Good Essays
Better Essays
Powerful Essays
Best Essays
Page 1 of 50 - About 500 Essays
  • Good Essays

    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

    Premium Accounts receivable Balance sheet Accounting software

    • 1014 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Steps to the Accounting Cycle The term‚ accounting cycle‚ refers to the steps involved in accounting for all of the business activities during an accounting period. These steps are repeated each reporting period. There are ten steps to the accounting cycle. We will go through each one in detail later. But let’s review the basics. Step one begins with analyze transactions. Step two – journalize. Step three – Post. Step four – prepare unadjusted trial balance. Step five – adjust. Step six – prepare

    Premium Double-entry bookkeeping system Bookkeeping Balance sheet

    • 974 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Accounting Cycle

    • 29411 Words
    • 118 Pages

    THE ACCOUNTING CYCLE LARRY M. WALTHER & CHRISTOPHER J. SKOUSEN DOWNLOAD FREE TEXT BOOKS AT BOOKBOON.COM The Accounting Cycle © 2009 Larry M. Walther‚ under nonexclusive license to Christopher J. Skousen & Ventus Publishing ApS. All material in this publication is copyrighted‚ and the exclusive property of Larry M. Walther or his licensors (all rights reserved). ISBN 978-87-7681-486-1 Download free books at BookBooN.com 2 Contents The Accounting Cycle Contents Part 1:

    Premium Balance sheet Asset

    • 29411 Words
    • 118 Pages
    Powerful Essays
  • Satisfactory Essays

    of unearned revenue would be 1.Prepaid Expense - A year long insurance contract a company paid $12‚000 for at the beginning of the year. Since the insurance company owes the company service‚ the expense prepayment is recorded as an asset Journal Entries: debit Prepaid Insurance and credit Cash). 2. Unearned Revenue - A year long subscription of $12‚000 is received in advance by a magazine company. Because the company owes something‚ the unearned revenue is recorded as a liability. 3. Non-cash: These

    Premium Revenue Income statement

    • 304 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    PHOENIX 9 Steps of the Accounting Cycle XACC/280 1/28/2014 The nine steps of the accounting cycle helps you prepare an accurate closing trail balance. By doing these steps correctly will eliminate recording errors whether they are positive or negative. The first step is to analyze all the transactions made during the period of time the trial balance is for whether it is weekly‚ monthly or quarterly which really depends on how big is the business. The next step is to document

    Premium Revenue General ledger Double-entry bookkeeping system

    • 338 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    The Accounting Cycle

    • 1023 Words
    • 5 Pages

    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

    Premium Balance sheet Revenue Income statement

    • 1023 Words
    • 5 Pages
    Good Essays
  • Good Essays

    Eight Steps of the Accounting Cycle By Lita Epstein 8 of 12 in Series: The Essentials of Accounting Basics As a bookkeeper‚ you complete your work by completing the tasks of the accounting cycle. It’s called a cycle because the accounting workflow is circular: entering transactions‚ manipulating the transactions through the accounting cycle‚ closing the books at the end of the accounting period‚ and then starting the entire cycle again for the next accounting period. The accounting cycle has

    Premium Balance sheet Income statement Expense

    • 520 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Accounting Cycle

    • 1070 Words
    • 5 Pages

    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

    Premium Hedge fund Investment Finance

    • 1070 Words
    • 5 Pages
    Powerful Essays
  • Good Essays

    The Accounting Cycle

    • 760 Words
    • 4 Pages

    The Accounting Cycle Kaplan University AB114-02 Accounting I Professor Richard Franchetti Barbara Kerr April 8‚ 2013 THE ACCOUNTING CYCLE 1 The accounting cycle begins with analyzing and journalizing transactions and ends with preparing the accounting records for the next period. There are ten steps one must follow in the accounting cycle. The first step in the accounting cycle is to analyze and record transactions in the journal using the double entry-accounting

    Premium Generally Accepted Accounting Principles Double-entry bookkeeping system Balance sheet

    • 760 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Accounting Cycle

    • 641 Words
    • 2 Pages

    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

    Premium Accounts receivable Generally Accepted Accounting Principles Balance sheet

    • 641 Words
    • 2 Pages
    Satisfactory Essays
Previous
Page 1 2 3 4 5 6 7 8 9 50