ACC 290 Week 3 DQ1
ACC 290 Week 3 DQ1
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Date Created: 11/11/15
Week 3 D01 What are the steps in completing the accounting cycle How do the different steps affect the nancial statements What is the effect on the nancial statements of missing a step when completing the accounting cycle The process for completing accounting circuit includes Analyzing business transactions to judge what was purchased and what accounts it affects J ournalizing the transactions place the entries in the correct accounts dr amp cr Post to ledger accounts post to the correct ledger account dr amp cr Prepare a trial balance used to check accuracy J ournalize adjusting entries make adjustments to any unrecognized incomeexpense Post adjusting entries post adjusted entries Prepare an adjusted trial balance to check for accuracy of errors Prepare financial statements construction of the financial statements J ournalize and post closing entries this step is used to prove that the statements are balanced and that any adjustments are brought forward into the new accounting period Prepare a post closing trial balance used to check for the clerical accuracy and only permanent balance sheet accounts will remain open The first three steps might occur daily and steps four through eight are typically done monthly quarterly or annually The last two steps typically take place at the end of a company s annual accounting period Any account could be overstated or understated and inaccuracy can occur References Kimmel P D Weygandt J J amp Kieso D E 2011 Financial accounting Tools for business decision making 6th ed Hoboken NJ John Wiley amp Sons
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