Accounting Cycle Homework Help
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There are many processes related to accounting goes on in a firm or company. The collaboration of all of them including their recording and reporting is called as accounting cycle. All the events starting from the financial transaction to their entry in the financial statement is done in accounting cycle. Studying the topic of accounting cycle provides the interest in students to occupy a job based on accounting areas. The matching of assets with the revenue generated comes under tally and hopefully posses a good future. To help the students in that our accounting cycle homework help initiative has been taken in which our experts from all around the world help the students with their academics.
Introduction to accounting cycle
A financial statement is confirmed by the accounting cycle and hence it acts as a verification parameter. It holds a set of protocols to ensure the accuracy of the financial statement with the expenses and revenue. With technology the computerized accounting systems have reduced the mathematical errors in financial calculations. So ultimately the uniformity in this process is a risk and error reducing benefit. Many accounting software has been invented to overcome the errors and accounting cycle is highly automated. Specific modules have been derived for entering transactions including account payable modules for invoice received for an order. The job of the software is to perform balance check for the entries. In our accounting cycle homework help team we deliver both automated and manual results for the clients who seek accounting cycle homework help.
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Steps of accounting cycle
Our professional writers from the accounting cycle homework help team has materialized and compiled the following activities used in accounting cycles
1. First the transactions made by the firm are recorded using journal entries.
2. The journal entries are based on the receipt generated of the invoice and completion of other monetary activities.
3. These journal entries are further moved to individual ledger accounts to prepare an unadjusted trial balance.
4. These trail balance are made to represent the debits and credits in equilibrium.
5. Adjusting entries are made at the end of the period.
The above activities can be accumulated in the following 8 steps that have been defined for accounting cycle.
2. Journal entries
4. Trail balances
6. Adjusting journal entries
7. Financial statements
8. Closing the books
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Timing of accounting cycle
It is initiated and finished with in an accounting period of time. That accounting period can be either quarterly or half yearly or annually. The transactions are added in this period whatsoever used. There are certain dates provided by governing bodies in which the financial statements are needed to be submitted. So the accounting cycle is rotated around such dates.
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