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Essay / Research Paper Abstract
This 2.5 page paper discusses the use of the accounting cycle and analyzes each step in the cycle. The paper also discusses the rationale for the cycle as a whole. Bibliography lists 1 source.
Page Count:
2 pages (~225 words per page)
File: D0_MTacccyc.rtf
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Unformatted sample text from the term paper:
steps when it comes to this cycle. For purposes of this paper, well rely on a six-step method as offered through the Mount San Jacinto Colleges business department. This method
offers the most logical sequence when it comes to accounting activities. Why is such a cycle useful? Accounting is a practice of
numbers and accurate reporting; both of which can change frequently. If numbers are not reported accurately and justified accurately, a company would be in real danger not only from the
government, but from competitors as well. A companys management would not know if it had enough money to pay for supplies, or even to pay its employees. Nor would a
companys management know where money was coming from. For this reason, accounting cycles are in wide use not only to record figures but to justify why the figures are as
they are. The first step of any transition is to analyze and journalize transactions - in other words, to record the transactions
as they take place (Mount San Jacinto College, 2003). What this step does is describe what is being sold and how much money is being received for the sale.
The second step is to post the transactions to the General Ledger (Mount San Jacinto College, 2003). The General Ledger is a companys
repository of accounting information; in its most basic sense, it describes income versus expenses; and is necessary so the accountant can do precise calculations.
The next step is to develop a trial balance and worksheet (Mount San Jacinto College, 2003). This step is necessary to determine if the original figures issued to
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