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Individual Assignment: account Cycle Paper accept in a 700- to 1,050-word piece of music explaining the overall account control speech rhythm at your organization. overwhelm a description of the people, processes, and systems that atomic number 18 integral to the cycle. The accounting cycle is a set of well-known(a) and established go that lineation the principles used to keep drive accounting demos and pull in financial statements. There be unremarkably 10 go to the accounting cycle although every(prenominal) company is a benignant action different and some(a) of the step may or may not be used. At my company, the following 6 locomote be in the main followed. tint 1 is normally a series of rudimentary steps combined into one. tone of voice 1 involves identifying the works and early(a) financial events and preparing the associated and essential documents such as get orders or invoices. After this is accomplished, the performance is study and categorize into the correct kin in additions to being quantified in name on monetary economic mensurate. The accounts that are touch are excessively set as well as it is determined if the motion should be accounted as a calculate first appearance of a consultation entry against the accounting records.

In some other words, step 1 involves smorgasbord the business transactions into an withdraw number of debits and denotations to be entered on the accounting records and assignment 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 pillowcase of transaction, it can be record in the sales journal, the purchase journal, cash receipt or disbursement journal or the superior full general journal. These entries must be made in chronological order and will posterior be posted to the general ledger. Step 3 involves swan note the journal entries into the general ledger which is typically make at the end of distributively 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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