Accounting Cycle Assignment

Accounting Cycle Assignment-11
Through accounting, a company is able to generate its income statement, also known as the Statement of Financial Performance, which shows if the company is earning money or losing it.

Through accounting, a company is able to generate its income statement, also known as the Statement of Financial Performance, which shows if the company is earning money or losing it.

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Nominal or temporary accounts are the accounts normally seen in the income statement, such as the income and expense accounts.

Real accounts or permanent accounts – those that appear on the balance sheet – are not subject to closing entries.

In short, it is a means of communicating information about the business.

In this guide, we explore 1) what is accounting, 2) what is the accounting cycle, and 3) the major steps of the accounting cycle.

Providing advise on taxation matters is also another.

Evaluating the feasibility of potential projects or business ventures also falls under accounting.Businesses with many transactions may also make use of Subsidiary Ledgers, which are basically breakdowns of the General Ledger.The ending balances of the accounts in the ledger are extracted and placed in one financial report, which is the unadjusted trials balance.Businesses make use of the accrual method of accounting, which upholds the matching principle, where the expenses are matched with the corresponding or related revenue or receipts.The accrual method also maintains that expenses must be recorded when they are incurred rather than when they are paid, and revenue must be recognized when they are earned, regardless of when they are received in cash.If we discuss anything related to business, we could never omit or altogether overlook the inclusion of accounting.Accounting, after all, is said to be the “language of business”. Well, that is because accounting aids members of the organization (internal) and even the external parties, understand what exactly is going on with the business.There are five financial statements that are prepared, and will make up the financial reports of the company.The figures that will be presented in these financial statements will be lifted or extracted from the Adjusted Trial Balance.It also shows the current balances of the accounts.Journalized transactions are posted in their respective account ledgers, showing increases, decreases, and the current ending balances.

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