Accounting Process, Business & Finance Assignment homework Help

Anonymous
timer Asked: May 19th, 2016
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Question Description

Shorty summarize the Accounting process

150-200 words paper with reference

Tutor Answer

Professor Brown
School: Rice University

Hello my friend?Here is the complete work

Beginning of Period Processing
Verify that all transactions designated as reversing entries in preceding periods have
actually been reversed. Doing so ensures that transactions are not recorded twice in the current
period. These transactions are usually flagged as being reversing entries in the accounting
software, so the reversal should be automatic. Nonetheless, examine the accounts at the
beginning of the period to verify the reversals. If a reversing flag was not set, an entry must be
reversed manually, using a new journal entry.
Individual Transactions
The steps required for individual transactions in the accounting process are:

1.

Identify the transaction. First, determine what kind of transaction it may be.

Examples are buying goods from suppliers, selling products to customer...

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