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Accounting Cycle

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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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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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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 provided by:
Edwin Sinclar, MBA
Education
  • MBA, Aspen University
  • Bachelor of Science , Berea College
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