what do you know about accounting cycle? explain properly with diagram.
Answers
Answer:
What is the Accounting Cycle?
The accounting cycle is the holistic process of recording and processing all financial transactions of a company, from when the transaction occurs, to its representation on the financial statements, to closing the accounts. One of the main duties of a bookkeeper is to keep track of the full accounting cycle from start to finish. The cycle repeats itself every fiscal year as long as a company remains in business.
The accounting cycle incorporates all the accounts, journal entries, T accounts, debits, and credits, adjusting entries over a full cycle.
Answer:
The accounting cycle is a process designed to make financial accounting of business activities easier for business owners.The first step in the eight-step accounting cycle is to record transactions using journal entries, ending with the eighth step of closing the books after preparing financial statements.The accounting cycle generally comprises a year or other accounting period.
Explanation:
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