Accounting Analysis On The Accounting Cycle Process Essay

Introduction Executive Summary [1-3 Paragraphs] Accounting relates to all a business does and is seen in every aspect of a business whether it is small or big and general. Whether one is a customer or has a job in a business, when looking into a company and seeing the steps and procedures a business does whether it be externally interacting, or in the books , I can now see how every decision either the customer takes or the business does affects different aspects of the businesses accounts. The accounting topics covered are the Accounting Cycle; the steps that account for recording all types of transactions in the books. Merchandising Operations; involve the inventorial decisions businesses make on the daily basis and the tracking of inventory. Internal Cash and Control; is the safeguarding of cash, efficiency of operations and reliability of the books. Receivables; the promises of payments on account, the advantages of getting paid or risks of not getting paid in the future. Plant Assets, Natural Resources and Intagibles;†¦ . Summary Concepts of the Accounting Cycle Process (1-2 Paragraphs) In the accounting cycle the main basic equation of accounting is Assets = Liabilities + Equity. These three main accounting categories help split financial statements into a list of more detailed accounts under each main category. The accounting cycle involves multiple steps that that account for business transaction in the accounting period. Briefing the accounting cycle I willShow MoreRelatedThe Full Accounting Cycle And Present A Quick Synopsis Of All Of The Steps1049 Words   |  5 Pagesdiscuss the full accounting cycle and present a quick synopsis of all of the steps along with a brief description on how it can impact a business’s success. The role of each step and why each step is critical in this process will also be explained. The omission of a step, no matter how small, could negatively impact the financial security of a business. The four basic fin ancial statements and why they are important will be the final segment in discussing the full accounting cycle. The point of theRead MoreAcc 201 Project 1 Bank Memo1225 Words   |  5 Pagesgenerated high profits from the sale of our products. We believe that we will see an increase in profit and as a result we are submitting an overview of Peyton Approved financial information, our accounting system and accounting process to request a loan for business expansion. Overview of the Company’s Accounting System Peyton Approved uses a double-entry system to record all daily transactions; using this method not only ensures that a transaction will not be missed, but both the company’s assets andRead MoreManagement Accounting : The Father Of Accounting1415 Words   |  6 PagesIntroduction Accounting has be defined in various ways however almost every definition will describe it as a process that identifies, measures, analysis, and report data. 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