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The Accounting Cycle. The Accounting Cycle. Steps During the Accounting Period. Transferring information from ledger to day books.

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steps during the accounting period
Steps During the Accounting Period

Transferring information from ledger to day books

Identify the information through an original source document which provides the date, amount, description, and the name and address of other party. Journals are kept in chronological order.

Listing all the accounts and their balances to check the equality of debits and credits

Preparing and posting accrued and deferred items to journals and ledger T-accounts

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Preparing and posting the closing entries to transfer the balances from the temporary accounts such as the revenue and expenses from the income statement to owner’s equity on the balance sheet

Preparing the financial statements for external users

Making final checks on accuracy before preparing the financial statements.

l i m i t a t i o n s
L I M I T A T I O N S

It can only record items that have monetary value.

It uses previous economic activities of the business to form the basis of its accounting records.

Many items on the financial statements are results of estimates.

Accounting policies differ between firms which makes comparison difficult.

thank you

Thank You

The End