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The Accounting Cycle
Tekst Storyboardowy
- Bridget is the CEO of "Bridget's Newspapers".She wants to know more about the finances of her business, however, she isn't sure where to start.She decides to ask her friend, Sam, who's a personal finance accountant, for help. Her friend told her about the "Accounting Cycle"
- Sam said, "The accounting cycle is like a routine for accountants full of steps that need to be accomplished in order for an accountant to be successful in accounting. There are 7-8 steps that need to be followed."
- Step 1: Identify your transactionsStep 2: Record transactionsStep 3: Post to a General LedgerStep 4: Perform your unadjusted trial balance Step 5: Analyze your worksheetStep 6: Perform your ADJUSTED journal entry. (There may be multiple of these so don't stress yourself out too much. Think of it like a rough draft, you can make as many adjustments as you need until you feel you have perfection.)Step 7: Financial statementsStep 8: Close the books
- Wow! So many steps! What do they mean? How do I follow them?
- Calm down. We'll get there in a second.
- - Identifying and recording your transactions helps you keep track and know what transactions you've made.- Posting to aa general ledger means to take the information and place it onto a microsoft document (spreadsheet) to keep up with everything.- Then, you'll perform your unadjusted trial balance. A trial balance just means your first or other attempts to balance the balance sheet.
- - After your unadjusted trial balance is complete, analyze the worksheet to see if both sides are balanced.- Create an adjusted journal entry. You will most likely post this for the public to see and/or turn it into a higher up for them to analyze and make decisions based on the numbers.- The four financial statements are the cash-flow statement, the owners equity statement, revenue/income statement, and the balance sheet.- When all of these are completed, you'll finally be able to "Close the Books"!Congratulations! You've completed the "Accounting Cycle".
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