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The Nine Steps in the Accounting Cycle, Essay Example

Pages: 1

Words: 215

Essay

The source document identifies the prime record of entry e.g. an invoice or order document;

It is entered through the journal or day book as a prime record of entry.  This is accomplished before it gets posted to the ledgers and double entry bookkeeping;

Accounting Cycl

The General Ledger records and captures the journal entry postings; (Miller, 2009)

The Trial Balance is the first major control point and is designed to ensure that the sum of all the debit entries equals the sum of all the credit entries.

Adjustments means correcting any errors located in the Trial Balance.  Maths errors, posting errors and recording errors. Adjusted errors should be posted to the ledger accounts and a new adjusted Trial Balance is struck.

Finally the Financial Statements are prepared.  This comprises three elements:

  1. The Income Statement : revenue, expenses, gains and losses
  2. The Balance Sheet : Assets, Liabilities and Equity Accounts
  3. Cash Flow Statement : either direct or direct statements of cash flow forecasts. (Net MBA, 2007)

Works Cited

Miller, M. (2009, 5 31). The Nine Steps in The Accounting Cycle. Retrieved 12 24, 2009, from Suite 101`.com: http://gaap-standard-accounting-practices.suite101.com/article.cfm/the_nine_steps_in_the_accounting_cycle

Net MBA. (2007). The Accounting Process. Retrieved 12 24, 2009, from Net MBA: http://www.netmba.com/accounting/fin/process/

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