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Accounting cycle explains the process of accounting and it shows real picture of accounting process. We at Expertsmind.com offer accounting assignment help, accounting projects assistance and accounting help with homework with online accounting expert’s assistance. We make easy solutions for you in accounting subjects by learning conceptual theory and concepts of accounting, the accounting cycle and process of accounting.

Accounting Cycle

Accounting process is translated into the accounting cycle. The first step is bookkeeping. It is the recording of transaction or it is called the phase of recording of counting transaction.

The entry is first recorded in the journal chronologically

Secondly it is posted in the ledger

Than it is transferred to the trial balance

Trial balance checks the accuracy of the transaction and transfer the information for the preparation of financial statements

• Income statements

• Balance sheet

So it is the whole accounting cycle that is followed for each transaction of monetary

ACCOUNTIG CYCLE

Transaction --->>journal ---->>ledger--- >>trial balance->>financial statements (income statements and profit and loss)

The first step is to identify the transaction and determine its amount and impacts, then record it in the book of original entry. After this, recorded entry is posted in the ledger and the effects are taken to the trial balance.

The trial balance will provide the information to the financial statements. At this stage after the period end adjustment for the accruals and deferrals are made. These are called adjusting entries.

At the period end some closing adjustments are also made in the financial statements and finally a trial balance is made to match both debit and credit effects.