Accounting Cycle acccounting background ONLY plz!
You are to write a 2-4 page paper explaining the accounting cycle and each of the ten steps. Your paper should be in terms that someone without much knowledge of accounting can understand. You should address what information is needed and how it is processed at each step. Be sure to address the consequences of inaccuracies and the ramifications of omitting any of the steps. An introduction and conclusion should be included in your paper.
This assignment should be typed and follow APA guidelines for document format and citations of resources.
The following checklist will assist you with completing this assignment:
1. Introduction – provide background information and an overview of the accounting cycle
2. The Accounting Cycle: 10 Steps – provide an explanation of each of the ten steps, address the information needed and how it is processed at each step, provide information regarding the consequences of inaccuracies or the affect of leaving out individual steps
3. Conclusion – summarizes the accounting cycle and provides a review of the importance of following the steps and providing accurate financial information
the answer is explained in detail.
body preview (171 words)
Accounting xx an information system xxxx measures, xxxxxxxxx xxx communicates xxxxxxxxx xxxxxxxxxxx about an economic entity. xx xxxxxxxx xxxxxx xxx xx x xxxxxxxxx xxxxxxxx or a government body. xxxxx xxxxxx in an economic activity has to have x basic xxxxxxxxx xx xxxxxxxx xx it is xxxxxxxx xx xxxxx xxxxxx
xxxxxxxxxx cycle involves a xxxxxx xx xxxxxxxxxx undertaken xxxxxx xxx xxxxxxxxxx xxxxxx xx xxxxxxx business xxxxxxxxxxxx xxx produce xxxxxxxxx statements. xxx xxxxxxxxxx period xx the period covered xx the heading of the income statement. It can xx a month, xxxxxxxx xxx xxxxxx or a year.
xxThe steps xxxxxxxxxx during xxx xxxxxxxxxx xxxxx xxxxxxxx the xxxxxxxxxx process. xxxxx xxx 3 xxxxxxx xxxxxx xxx xxxxxxxxxx and xxx output. Inputs are the xxxxxx xxxxxxxxx which have the proof xx xxx xxxxxxxxxxxx xxxxxxxx xxx xxx xxxxx invoices, official xxxxxxxxx xxxxxxx xxxxxxxxxxxx invoices etc. The xxxxxxxxxx xxxxx involves analyzing the effects of the xxxxxxxxxxx and recording xxxx in xxxxx of the accounts. xx xxxxxx phase, the xxxxxxxxx xxxxxxxxxx xxx xxxxxx statement, balance sheet and cash xxxxx are xxxxxxxx
file1.docx preview (890 words)
Accounting is xx xxxxxxxxxxx xxxxxx xxxx measures, processes and xxxxxxxxxxxx financial information about an xxxxxxxx entity. xx economic entity xxx be a xxxxxxxxx hospital xx a xxxxxxxxxx body. Every xxxxxx in xx xxxxxxxx activity has xx xxxx a xxxxx xxxxxxxxx of accounts as it is involved as every xxxxxx
Accounting xxxxx xxxxxxxx x xxxxxx xx xxxxxxxxxx xxxxxxxxxx xxxxxx xxx accounting period to xxxxxxx business transactions xxx xxxxxxx xxxxxxxxx statements. xxx xxxxxxxxxx period xx xxx xxxxxx covered in the heading xx the income statement. It xxx be x xxxxxx xxxxxxxx six xxxxxx or a year.
xxx steps undertaken xxxxxx the accounting cycle comprise xxx xxxxxxxxxx xxxxxxxx xxxxx are x xxxxxxx xxxxxx xxx processing xxx xxx output. Inputs xxx the xxxxxx xxxxxxxxx which have the xxxxx xx the transaction. xxxxxxxx xxx xxx sales xxxxxxxxx xxxxxxxx receipts, xxxxxxx supplier’x xxxxxxxx etc. The processing xxxxx involves analyzing xxx xxxxxxx of xxx xxxxxxxxxxx and
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