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Accounting Cycle

For an accounting period, a series of accounting procedures need to be repeated. This is known as Accounting Cycle.

Series of the Accounting Cycle:

There is a particular series that has to be followed in this regard.

  • Recording the details:

All the business transactions during a specific time period is to be recorded.

  • Classifying the details:

A classification is to be made while these are posted to ledger accounts and finally net effect is to be read from that.

  • Summarising details:

This is a final compilation of annual transactions with ledger balances for company. It is based on this that Trial Balance and Final Accounts Balance is made from which profit and loss of a company can be depicted, and further business decisions can be taken.

It is important for a student to follow up this cycle for better understanding of accounting compilations.

 

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