Accounting Cycle
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6Accounting Cycle
Created 2007
By Michael Worthington
Elizabeth City State University
Post
Journalize
Journal
Take-off
Transactions
Entries
Trial
Balance
Analyze
Documents
Accounting Cycle
Prepare
and Post
Start over
Adjusting
Prepare
next year
Entries
Prepare
and Post
Financial
Closing
Statements
Entries
Analysis of Business Documents
Transactions involve an ____________
Another Firm
Company
or individual
One part of exchange can be a promise to pay:
Accounts Receivable or Accounts Payable
Must be supported by documents to be “objective”
Documents = “Audit Trail” or “Paper Trail”
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Parent category: Financial