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Accounting Cycle Paper
The accounting cycle consists of the following ten steps:
1. Analyze and classify events.
2. Journalizing the event.
3. Posting to the ledger.
4. Taking an unadjusted trial balance.
5. Making adjusting entries.
6. Taking an adjusted trial balance.
7. Prepare financial statements.
8. Complete closing entries and post to the ledger.
9. Take an after closing trial balance.
10. If needed, do reversing entries and post to the ledger.
This paper will discuss these steps in detail. Because I work at home, I am not currently involved in any of the steps of the accounting cycle. The examples I give in this paper will be from various jobs I have held in the past.
The fist step is to analyze and classify events. In order to enter the transactions, the recorder must first decide what needs to be recorded. An event should be recorded "if it is measurable, and is relevant and reliable" (Kieso, Weygant, & Warfield, 2004). Although there are some events that......
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Title: The Accounting Cycle
Approximate Word Count: 977
Approximate Pages: 4 (250 words per double-spaced page)
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