Accounting cycle is the collective process of recording and dealing out the accounting procedures of a company. The cycle of steps begin when a transaction occurs and end with its addition in the financial statements that is called accounting cycle.
Understanding an accounting cycle can be one of the most interesting things in the basic accounting. The workflow of accounting is always circular so it is recommended to understand the accounting cycle to implement effectively at your own business. The first step in this
Bookkeeping: After studying this chapter you should be able to: Introduction: The need for a system by which man might keep a record of his business transactions with his fellowmen was felt early in the history of civilization. Many and varied methods were used
Accounting Cycle Learning Objective: Define and explain accounting cycle. Accounting cycle refers to a complete sequence of accounting procedures which are required to be repeated in same order during each accounting period. Accounting cycle includes: Recording: First, all transactions should be recorded in the