Accounting Cycle Paper

May 29th, 2015
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Ohio State University
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As per quickmba.com, Accounting cycle means "The sequence of activities beginning with the occurrence of a transaction is known as the accounting cycle." As per Netmba.com "The accounting process is a series of activities that begins with a transaction and ends with the closing of the books."

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Accounting Cycle PaperAs per quickmba.com, Accounting cycle means "The sequence of activities beginning with the occurrence of a transaction is known as the accounting cycle." As per Netmba.com "The accounting process is a series of activities that begins with a transaction and ends with the closing of the books."Hence accounting cycle starts from recording of transaction then preparation of financial statements. This involves preparing accounting entries for each transaction and goes through closing the books. Let us understand the steps of accounting cycle:1) Identify the TransactionThe transactions would be identified from the source documents. Source documents are those documents which provide evidence to the transaction. Few examples of source documents include a receipt, an invoice, check book and a bank statement. The amount of the transaction and accounts of the transa

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