ACCOUNTING CYCLE

1.1 Steps in Accounting Cycle

The accounting cycle is a collective process of identifying, analyzing, and recording the accounting events of a company. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements.

Accounting Cycle – 10 Steps of Accounting Process Explained

1.2 Types of Business Documents

Business documents are the physical basis upon which business transactions are recorded. Source documents are typically retained for use as evidence when auditors later review a company's financial statements, and need to verify that transactions have, in fact, occurred.

11 Importance Sources of Accounting