Question

define accountancy and accounting cycle

Answer 1

an accounting cycle is the complete sequence which begims with the process of recording day to day transcations andends with the preparation of final accounts...
They include journal,ledgers,trialbalance and financial statements such as trading ac ,profit and loss ac and balance sheet...

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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)