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SOFPAC 02 Accounting Cycle of a Service Business and Bank

SOFPAC 02 Accounting Cycle of a Service Business and Bank

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Published by: teztdummy on Jun 28, 2010
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Prepared by Alexandro Ponteras

y Enter additions, changes, and deletions to the charts y y y y y y

of accounts Enter and correct general journal transactions Enter adjusting entries Display account, journal, ledger, and financial statement reports Generate graphs Complete bank reconciliation Generate and post closing entries

y It includes all accounting activities, beginning with

entering transactions and ending with closing. y It is usually completed each fiscal period.

y A.k.a accounting period y It is a regular interval of time for which a business

analyzes its financial information

y It is a record of the debit and credit parts o each

transactions recorded in date sequence

y It is the process of updating the ledger account

balances with all debits and credits

y Changes entered to update general ledger account at

the end of the fiscal period

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