ACC 340 Week 2 Team Assignment - Accounting Cycle Description Paper

May 8th, 2015
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ACC 340 Week 2 Team Assignment - Accounting Cycle Description Paper

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Accounting Cycle Description PaperTeam BUniversity of PhoenixACC/340Professor: Richard CalabriaMay 30, 2011 Accounting Cycle Description PaperIn todays business society, the role of accounting is a vital part of just about every major retail business. This is definitely true of Riordan Manufacturing, Inc.; in fact some of companies success is a direct result of its conversion accounting cycle. Many people overlook the importance of the role of accounting in business. According to Loflin, the five cycles a business may use are the revenue cycle, the expenditure cycle, the financing cycle, the fixed asset cycle, and the conversion cycle (2008). The fact is a companies ability to perform all of the accounting cycles efficiently and effectively can make or break a business.Strengths and Weaknesses of the Internal ControlsSince Riordan Manufacturing has several different plant sites, each site has its own accounting system. This asset can be considered a strength; but only for that particular site. The ability of each plantsite to retrievecritical financial data is easily done at that site, but only forthe one plant site. Integrating the relevant financial information from each site into one financial statementfor Riordan Manufacturingis difficult to achieve. The programs used byeach plant site is not easily integrated into one system nor or the accounting systems compatible with each other. Internal controls are specific for each

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