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    Explain the overall accounting cycle for a fast food restaurant. Include a description of the people, processes, and systems that are integral to the cycle.

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    https://brainmass.com/business/the-accounting-cycle/accounting-cycle-422484

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    Activities in accounting begin with a transaction and ends with the closing of books. The accounting activities are repeated each accounting cycle and are therefore termed accounting cycle. Highlighted below is the overall accounting cycles for a fast food restaurant. This description also includes the people, processes, and systems that play a major role in the accounting cycle.

    Steps in Accounting cycle for a fast food restaurant.

    1. Identification of a transaction: This step entails identifying the event that occurred as a transaction. Once the transaction is identified, the accountant must prepare the document that is related to that particular transaction. This document referred to as the source document could be a purchase order or an invoice.

    2. Analysis and classification of the transaction: This entails identifying the transaction in monetary form and figuring out the accounts that are affected by the transaction. Once the ...

    Solution Summary

    This solution explains the overall accounting cycle for a fast food restaurant. It includes a description of the people, processes, and systems that are integral to the cycle.

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