Question

define accountancy and accounting cycle

Answer 1

profession or duties of an accountant is known as accountancy
What is 'Accounting Cycle'

An accounting cycle is the collective process of identifying, analyzing, and recording the accounting events of a company. The series of steps begins when a transaction occurs and end with its inclusion in the financial statements. Additional accounting records used during the accounting cycle include the general ledger and trial balance.

Answer 2

ACCOUNTING

Financial Accounting is the art of recording , classifying and summarising in a significant manner in terms of money transactions and events which are in part , at least of a financial character and interpreting the results thereof.

-definition by American Institute of Certified Public Accountants.

ACCOUNTING CYCLE

It refers to a complete sequence of accounting procedures which are required to be repeated in the same order during each accounting period.

Accounting cycle includes

Recording

Classifying

Summarising

The sequential steps involved in an accounting cycle are

Journalising

Posting

Balancing

Trial Balance

Income Statement (Trading and Profit & Loss A/C)

Position Statement (Balance Sheet)