Acc 201 Final Project Part 1 Accounting Cycle
ACC 201 Final Project Part I Accounting Cycle Report Vanessa Ann Williams Southern New Hampshire University The accountant cycle has really impacted me to gain insight on the financial side of Peyton Company. In the accountant cycle, there are many particular directions involve determining the growth of the company such as steps, role, omission and financial statements. It’s important to apply every step from the accountant cycle to make a financial critical decision in the long run. This report will have a breakdown of how to apply the accountant cycle for Peyton Company to be aware of future financial decisions to keep the company holding strong. The life accountant life cycle has 10 steps involve to acknowledge Peyton financial strengths and …show more content…
Financial statement begins when receiving the balance from the adjusted trial . The very last of an accounting time frame is the financial statement. There is a lot of different financial statements that would come from this step such as statements of retained earning, balance sheets, cash flow statement, and income statement. This would be the output of the accounting process (edunote (2016). The eighth step involves recording closing entries. Closing entries purpose is to end the accounting period to data in the temporary accounts to the ever-lasting income statement accounts and balance sheet. Transferring the balances of the nominal or temporary accounts to owner equity or retained earnings accounts is used because this account only affect one accounting time frame (edunote (2016). The ninth step is “Preparing a close trial balance “. This step is needed to make sure that debits amount to credit. The success of this role is having the temporary accounts close from this session. Although the permanent accounts will display on the closing trial balance to make certain that debits equal the credit (edunote
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