2023 2024 Student Forum > Management Forum > Entrance Exams > Quick MBA Accounting Cycle

Thread: Quick MBA Accounting Cycle Reply to Thread
Your Username: Click here to log in
Title:
  
Message:
Trackback:
Send Trackbacks to (Separate multiple URLs with spaces) :
Post Icons
You may choose an icon for your message from the following list:
 

Additional Options
Miscellaneous Options

Topic Review (Newest First)
7th January 2016 10:50 AM
Kiran Chandar
Re: Quick MBA Accounting Cycle

I would like to tell you about the Quick MBA Accounting Cycle with step by step, as you want.

Here I am telling you about it, as you want;

The Accounting Cycle
The sequence of activities beginning with the occurrence of a transaction is known as the accounting cycle.
This process is shown in the following diagram:

Steps in The Accounting Cycle
Identify the Transaction
Identify the event as a transaction and generate the source document.

Analyze the Transaction
Determine the transaction amount, which accounts are affected, and in which direction.

Journal Entries
The transaction is recorded in the journal as a debit and a credit.

Post to Ledger
The journal entries are transferred to the appropriate T-accounts in the ledger.

Trial Balance
A trial balance is calculated to verify that the sum of the debits is equal to the sum of the credits.

Adjusting Entries
Adjusting entries are made for accrued and deferred items.
The entries are journalized and posted to the T-accounts in the ledger.

Adjusted
Trial Balance
A new trial balance is calculated after making the adjusting entries.

Financial Statements
The financial statements are prepared.

Closing Entries
Transfer the balances of the temporary accounts
(e.g. revenues and expenses) to owner's equity.

After-Closing
Trial Balance
A final trial balance is calculated after the closing entries are made.
7th January 2016 10:24 AM
Unregistered
Quick MBA Accounting Cycle

I want to get information about the Quick MBA Accounting Cycle. So here can you provide me information about it with step by step?

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT +5. The time now is 08:58 PM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
SEO by vBSEO 3.6.0 PL2

1 2 3 4