Runtime 1.5 hours; Access period 30 days from registration date; Learners Accounting students, entrepreneurs, non-accountant professionals; Recommended previous course Fundamentals of Accounting; Recommended next course Journalizing.
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Accounting is an organized information system. From the moment a transaction or event occurs to the preparation of financial statements, accounting performs a series of steps to record and summarize financial information and prepare a set of financial statements to show the financial position and performance of the entity. This series of steps is known as the accounting cycle.
The accounting cycle consists of the processes and procedures performed to record transactions and summarize these in an orderly manner for the preparation of financial statements. The steps follow an orderly sequence. Technology has increasingly automated the steps in the process, resulting in faster and more accurate processing of transactions. Whether it is manual, or technology driven the accounting cycle is constant and the same series of steps is observed.