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Title: Subject: ACC 111 – Financial Accounting and Reporting
Description: Accounting topics for 1st-year Topic: The Accounting Cycle
Description: Accounting topics for 1st-year Topic: The Accounting Cycle
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ACC 111 – Financial Accounting and Reporting
Topic: The Accounting Cycle
THE ACCOUNTING CYCLE
1
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3
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Identify the transaction from the source documents
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Using the debit and credit rule, determine whether the account is to be credited
or to be debited to record for each increase or decrease
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Identification of Events to be Recorded
Transaction Analysis
- The transactions are analyzed in four basic steps
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- This also considered as the starting point of the accounting cycle
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- This is also the steps in which the transactions are recordable or not
- This step is the decision on recognition or non-recognition of the transactions
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Step 2
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Step 3
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Step 4
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Step 5
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Step 6
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Step 7
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Step 8
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Step 9
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Step 10
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- This cycle is repeated each accounting period of the company
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Title: Subject: ACC 111 – Financial Accounting and Reporting
Description: Accounting topics for 1st-year Topic: The Accounting Cycle
Description: Accounting topics for 1st-year Topic: The Accounting Cycle