ACC 421 Week 1 Individual Accounting Cycle Paper

May 8th, 2015
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ACC 421 Week 1 Individual Accounting Cycle Paper

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Accounting Cycle ProcessNameDateACC 421Instructor NameCompanies worldwide rely on the use of the accounting cycle to record and process accounts of an organization. The accounting cycle makes sure the financial statements are accurate and also reduces the chance of errors made. The accounting process consists of nine different steps. The beginning of the accounting cycle starts when a transaction occurs and ending in the financial statement. Step one in the accounting cycle is to evaluate the data from transactions and its source. Determining what to record could be a challenge, but there are no rules for what should be recorded. No matter how large of cash sale is made; there should be a record of all cash sales. In the accounting cycle, two events should be on record; external and internal events. An external event is interaction between an entity and the environment (Kieso, Weygandt, & Warfield, 2007). Internal events happen with the entity. If an event affects financial side of an organization, it should be recorded. The second step in the accounting cycle is journalizing. Journalizing allows the credits and debits of transactions and events to be r

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