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- Revenue cycle
o The revenue cycle involves interactions with your customers.
o You sell goods or services and get cash.
- Expenditure cycle
o The expenditure cycle involves interactions with your suppliers.
o You buy goods or services and pay cash.
- Production cycle
o In the production cycle, raw materials and labor are transformed into finished
goods.
- Human resources/payroll cycle
o The human resources cycle involves interactions with your employees.
o Employees are hired, trained, paid, evaluated, promoted, and terminated.
- Financing cycle
o The financing cycle involves interactions with investors and creditors.
o You raise capital (through stock or debt), repay the capital, and pay a return on it
(interest or dividends).

Every transaction cycle:

1. Relates to other cycles.

2. Interfaces with the general ledger and reporting system, which generates information for
management and external parties.

The data processing cycle consists of four steps:

1. Data input
- The first step in data processing is to capture the data.
- Usually triggered by a business activity.
- Data is captured about:
a. The event that occurred.
b. The resources affected by the event.
c. The agents who participated.
- A number of actions can be taken to improve the accuracy and efficiency of data
input:
o Turnaround documents.
o Source data automation.
o Well-designed source documents and data entry screens.
o Using pre-numbered documents or having the system automatically
assign sequential numbers to transactions.
 o Verify transactions.

2. Data storage
- Data needs to be organized for easy and efficient access.
- Let’s start with some vocabulary terms with respect to data storage.
o Ledger
o General ledger
o Subsidiary ledger
o Coding techniques
o Chart of accounts
o Journals
o Audit trail
3. Data processing
4. Information output