Details: Library Project
Use the Library, the Internet, or any other resources to help you with this task.
Be sure to use APA style writing. Spell check and proofread your file before posting. Remember to cite your sources.
Please submit your assignment.
# Objective: Explain the steps in the accounting cycle.
Please note: This is a Library project. I expect to 3-4 library references in your work, in addition to the text book, to receive full credit on the APA section of the grading rubric. Here are a couple of databases in the library that I recommend.
Business Source Premier
You can select "business" and gather articles from many different databases as well. However, the two above are more focused on scholarly business articles and will return the best results.
Remember, in our APA discussion about how to scan articles to decide if they are relevant to your topic? No? Review the Live Chat archive . Spend one hour listening to the live chat archive and save yourself hours of time!© BrainMass Inc. brainmass.com June 3, 2020, 10:27 pm ad1c9bdddf
Accounting Cycle Paper
I have taken the company known as ShyamExports. As per quickmba.com, Accounting cycle means "The sequence of activities beginning with the occurrence of a transaction is known as the accounting cycle." As per Netmba.com "The accounting process is a series of activities that begins with a transaction and ends with the closing of the books."
Hence accounting cycle starts from recording of transaction then preparation of financial statements. This involves preparing accounting entries for each transaction and goes through closing the books. Let us understand the steps of accounting cycle:
1) Identify the Transaction
The transactions would be identified from the source documents. Source documents are those documents which provide evidence to the transaction. Few examples of source documents include a receipt, an invoice, check book and a bank statement. The amount of the transaction and accounts of the transaction are identified.
2) Journalize the transaction
This will require recording the accounts either on debit side. For example, a company paid salary. In the Cash Payments Journal, you would debit Salary and credit Cash. Debit ...
Response provides the training handout for non financial managers about the accounting cycle