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- The Accounting Cycle
- Hey Mr. Johnson! So for our test tomorrow on the accounting cycle, how much do we need to know?
- I don't have any notes on the accounting cycle. I've been absent for a few days.
- Okay. Thank you Mr. Johnson. Have a good day.
- Well you should know the steps for the accounting cycle and everything we have talked about in class. Go over your notes.
- Emily, we've gone over the accounting cycle for at least two weeks. Go over the PowerPoint and videos, and take notes on the accounting cycle.
- Go over the PowerPoint and videos? And then take notes? I don't feel like doing that. I prefer going to the mall!
- I don't have any cash right now. I'll stop by the bank first and then go to the mall!
- Okay, well how is school?
- No, don't worry. The accounting cycle is a process of analyzing and recording the accounting events of a company.
- Well the accounting cycle is not that difficult. It consists of eight simple steps.
- It's alright. I just have a test tomorrow on the accounting cycle and I don't feel like studying.
- What do you mean?? The accounting cycle is hard to learn!
- The first step of the accounting cycle is to identify transactions. Once the transactions are identified, the accountant must record them. Step two is to record transactions. That information is then posted to an account in the general ledger. The general ledger provides a breakdown of all accounting activities. And that was step three!
- Step four is the trial balance, where the accountant makes sure that the total debits and total credits balance out. The fifth step is to create a worksheet and make sure there are no errors. Step six is when accountants go back and adjust the journal entries. Step seven is to prepare the financial statements and the last step of the accounting cycle is to close the books.
- Yup! That's it! That's the accounting cycle!
- It's not hard at all! Thank you so much! I'll just go back home and study some more!
- That's it?!
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