The accounting cycle for some institutions can be the akin or
different depending on the type of organization. Within a school
district, such as North Merrick Union Free School District, the
accounting cycle is accommodate around the spending per child. It is also a
not for profit organization; this differs from an organization in which
a profit is the goal of the company.
Being employed as a Special Education Teacher Aide I dont
really carry access to the whole accounting process. I do nab a portion
of the process such as the time shroud for my hours worked and the final
result of my paycheck.
Organizations do go through an accounting process in order to
define and pay for their expenses.
The accounting process is a serial of activities that begins
with a performance and ends with the closing of the books. Because this
process is repeated each account period, it is referred to as the
accounting cycle and includes these major steps:
1. Identify the transaction or other recognizable event.
2. Prep argon the transactions source enter such as a buy
order or invoice.
3. Analyze and enlighten the transaction. This step involves
quantifying the transaction in monetary terms (e.g. dollars and cents),
identifying the accounts that are affected and whether those accounts
are to be debited or credited.
4.
Record the transaction by making entries in the appropriate
journal, such as the sales journal, purchase journal, cash receipt or
disbursement journal, or the general journal. Such entries are made in
chronological order.
5. Post general journal entries to the ledger accounts. (2005,
NetMBA.com).
According to the earnings Center for Management and Business
Administration, Inc. the above steps are performed passim the
accounting period as transactions occur or in periodic batch processes
(2005, NetMBA.com). At the end of the accounting...
If you want to press a full essay, order it on our website: OrderessayIf you want to get a full essay, wisit our page: write my essay .
No comments:
Post a Comment