Interesting facts of accounting cycle Part 2

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Accounting Cycle Part 2

• By Best Accounting firm in Singapore

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There are 8 steps in the accounting cycle

• We are going to understand remaining 4
  accounting cycles in short in this presentation

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These 8 steps of an Accounting Cycles is
intimately interconnected with each other

• As you know that opening or closing of an
  financial transaction is known as accounting.

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Full cycle of Accounting
3. General Ledger
 4. Trial Balance
1. Transactions
2. Journal Entries
6. Worksheet
5. Adjusting Entries
7. Financial Statements
8. Closing
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5. Adjusting Entries

• At soon the companys accounting period ends,
  adjusting entries must be posted to account for
  accruals (interest earned on an investment in a
  government bond) and deferrals (payment that was
  made in one period).

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6. Worksheet

• The Role of bookkeeper or accountant is to insure
  that the report prepared is error free, so he
  make corrective adjustments that are tracked on a
  worksheet

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7. Financial Statements

• Financial statements include
• Income statement
• Balance sheet
• Cash flow statement

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8. Closing

• Income statement accounts are lastly closed for
  the next accounting period but Balance sheet
  accounts are not closed.

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So here Ends our Journey. Hope Youve liked it.

• For detailed information on Accounting cycle you
  can visit our website. We provide reliable
  Accounting services in Singapore.

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