Accounting Assignment Help

Know The in-Depth Accounting Process

The accounting process is known as a set of steps the organization takes to keep a record of its financial transactions that covers identifying, gathering, summarizing, classifying and recording the transactions in the company books accounts so that the entity’s financial statements is can be drafted. This helps to identify the financial position of the company.

What are the steps of the accounting process?

Identification of transactions

  • Identification of the transactions in the first stage of the accounting process. During the entire accounting process, the organization will engage in multiple transactions. Each of them has to be in the company’s accounting records.

Record Transactions in a Journal

  • The production of journal entries for each transaction is the second phase in the cycle. While POS technology can assist in combining steps one and two, businesses must also keep track of their spending. When transactions are formally in the record, the option between accrual and cash accounting is created. Keep in mind that accrual accounting requires revenue and cost matching, thus both must be in the record at the moment of sale.

Posting

  • Once a transaction needs to be in the form of a journal entry. It has to be updated to a general ledger account. In the account ledger, all accounting actions are divided by account. This also assists the bookkeeper to keep a record of account financial situations and statuses. The cash account that shows the amount of money us accessible is one of the most frequently cited accounts in the general ledger.

Unadjusted Trial Balance

  • The fourth phase of the accounting cycle helps to calculate a trial balance at the conclusion of the accounting period. A trial balance depicts the company’s unadjusted account balances. The unadjusted trial balance is the fifth phase of analyzing and testing.

Worksheet

  • The fifth phase of the process is analyzing worksheets and determining modifying entries. To ensure that the credits and debits are equal and a worksheet is utilized and prepared. Adjustments might take place if there are any of the entity’s financial statements.

Making Changes to Journal Entries

  • Bookkeeping helps to make corrections in the sixth stage. If it is necessary adjustments need to be there in journal entries.
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Financial Statements

  • In the seventh stage, the corporation takes care of preparing the financial statements after making all required adjusting outputs. A cash flow statement, a balance sheet and an income sheet statement are prepared in most firms’ financial statements.

Closing the Book

  • Finally, in the last stage, the company entirely completes the accounting cycle by closing the book at the end of the day on the stated closure date. The closing statement gives a report that can be useful while analyzing performance over time.

Best Universities for Accounting Courses in the USA

online assignment helps providers say that the USA is a hub for accounting. If you need to find out the best college or university for studying this course then here are some options for you. Take a look at the names jotted here –

  •  University of Pennsylvania
  • Columbia University
  • Cornell University
  • University of Michigan
  • Northwestern University
  • New York University (NYU)
  • University of Texas
  • Boston College
  • Ohio State University
  • Michigan State University

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