In the general point of view, an accounting cycle refers to certain procedures that must be established by every business unit to provide the data to be reported on the financial statements. The accounting process consists of two interrelated parts: the recording phase and the summarizing phase. Although these phases vary in details depending on the nature of the business, the main purpose is just the same - to be able to provide an accurate …
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showed last 75 words of 1230 total
…Cycle. ". Retrieved on April 006 from http://www.solutionmatrix.com/accounting-cycle.html The Regents of the University of California. (2004). "Accounting: How to Prepare Journal" ". Retrieved on April 01, 2006 from http://acctg.ucsf.edu/OLFS/FAQ/ Trautman, Carl O. (1994-2003). Accounting Cycle/Finance Company. Retrieved on April 01, 2006 from http://www.small-business-dictionary.org/default.asp?term=FINANCE+COMPANY Williams-Smith, Cherryl. University of Maryland. "Opening and Closing Accounts." Retrieved on April 01, 2006 from http://www.fincsvc.umaryland.edu/RF/accounts.cfm