Why our Accounting Cycle assignment help process is best for the students?
The common reference of accounting cycle is accounting process also. Accounting cycling is a series of procedures in the collection, communication of financial information and processing whereas accounting involves recording classifying, summarizing and interpreting financial information. its involves very hard basics, concept and fundamentals so students need understand it with full concentration therefore students looks for accounting cycle assignment help, accounting cycle homework help and accounting cycle numerical help service like us.
Some of the people think accounting cycle is a cycle of financial statement whereas financial statement is presented in report. But before they can be prepared it needs to gather information about business transactions, record and collect them up with the values to be presented in the reports.
The cycle does not end with the presentation of financial statements. Several steps are needed to be done to prepare the accounting system for the next cycle. Accounting always seems to be tough for various students therefore once try our best accounting cycle assignment help, accounting cycle homework help, accounting cycle numerical help.
Accounting cycles includes ten steps
- Identification and canalization of business transactions
Transactions and event which are pertaining to the business entity are entered in to the accounting system and the process start with identification and canalization of business transaction.
- Journals entry record keeping
Transactions which are recorded on paper or electronic device are known as journal entry book keeping. So the first step includes the record of transaction in the journal book.
- Double entry book keeping.
Journal book consist of two accounts (debited and credited) is known as double-entry book keeping it’s simplify the recording process.
- Posting to the ledger.
Also known as books of final entry.
- Unadjusted trail balance
A trail balance is prepared to test the equality of all the debits and credits.
- Adjusting entries.
Adjusting entries are prepared as an application of the accrual basis of accounting.
- Adjusted trail balance
An adjusted trail balance may be prepared after adjusting entries are made and before the financial statement prepared.
- Financial statement.
When the accounts are already updated and equality between the debits and credits has been tested, the financial statement can now be prepared.
- Closing entries.
Temporary or normal accounts that are income statement accounts are closed to the system foot the next accounting period.
- Post–closing trail balance.
In the accounting the last step is to prepare a post-closing trail balance. It is prepared to test the quality of debits and credits after closing entries are made.
- Reversing entries.
Reversing entries are optional.
Notes: The ten steps are just an overview of the accounting process.
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