Feature of Accounting cycle in the company

. p
9 rea .ly ti
e1
m
scd
tran szeau
n
or .reco rd
2
o ialb
trp st-co cen
n g tr jo
in an
rm
u
scti ln s
. riesto
cl8
en a
gp
n sin eru
.p
j3
gfrm
led
to o
alti
n
. an
7
n
stfi ciltem
r ts
p . sted
j4
d
n
u
trialb r
cp
lan
ad ju
sted
r riale en
.p
c6
aln
b . triesju
5
ad gp
n
ti
a

1. Collect, analyze, measure and record all transactions including: buying and selling of
goods (in cash or deposits, internal or external)

2. Record details of transactions in the journal including transaction date, debit and credit
accounts, detailed information notes

3. Post all transactions from the journal to the ledger, the ledger displays all the analyzed
accounting information
4. Check the debits and credits in the ledger to make sure they are balanced by keeping
track of the total number of debit and credit columns that match. The unadjusted trial
balance shows the balance of each accounting account at the end of each reporting period

5. Identify errors and omissions in the ledger including: unpaid products and services,
time and amount

6. Prepare trial (adjusted) balance to make sure all information is correct

7. Prepare financial statements including

Income statement

Accounting balance sheet

Equity statement

Statements of cash flows

8. Transfer balances such as revenue, expenses, dividends from temporary account to

permanent account to update the company's current financial position and prepare for the
next accounting period.

9. Balance debit and credit accounts to determine balances (including perpetual accounts
such as assets, liabilities, and equity). If debit and credit are in balance, the journaling and
closing entries are correct.