Accounting Cycle Assignment

Accounting Cycle Assignment-62
After effecting the closing entries, the Post-Closing Trial Balance will then be prepared.

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In short, it is a means of communicating information about the business.

In this guide, we explore 1) what is accounting, 2) what is the accounting cycle, and 3) the major steps of the accounting cycle.

If we discuss anything related to business, we could never omit or altogether overlook the inclusion of accounting.

Accounting, after all, is said to be the “language of business”. Well, that is because accounting aids members of the organization (internal) and even the external parties, understand what exactly is going on with the business.

There is a need to “close” the nominal or temporary accounts to the appropriate capital accounts, in preparation for the next accounting period or cycle.

Closing entries are required because the business will once again start on a clean slate.

To adhere to the accrual basis of accounting, adjusting entries must be prepared.

Effecting the correcting and adjusting entries, you will now be able to prepare the Adjusted Trial Balance.

Businesses with many transactions may also make use of Subsidiary Ledgers, which are basically breakdowns of the General Ledger.

The ending balances of the accounts in the ledger are extracted and placed in one financial report, which is the unadjusted trials balance.

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