Quick MBA Accounting Cycle - 2018 2019 Student Forum

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Old 7th January 2016, 10:54 AM
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Default 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?
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Old 7th January 2016, 11:20 AM
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Join Date: Apr 2013
Posts: 61,272
Default 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.

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.

Trial Balance
A final trial balance is calculated after the closing entries are made.
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