The purpose of this assignment is to select a step in the accounting cycle that is not currently automated at one of our team members ’ organization. The place of business we have selected is an independent financial brokerage firm‚ LPL Financial. The firm places a strong emphasis on the recruiting of established financial advisors throughout the country. When a financial advisor joins LPL Financial‚ so does their clients. One of our team member ’s works in the transfer department. The transfer
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Complete accounting cycle For the past several years‚ Abby Brown has operated a part-time consulting business from her home. As of June 1‚ 2012‚ Abby decided to move to rented quarters and to operate the business‚ which was to be known as Square One Consulting‚ on a full-time basis. Square One Consulting entered into the following transactions during June: June 1. The following assets were received from Abby Brown: cash‚ $30‚000; accounts receivable‚ $7‚500; supplies‚ $2‚000; and office equipment
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Accounting Cycle Description Paper Jennifer Pinegar‚ Stephen Neumann‚ Zachary Galas ACC/340 July 21‚ 2015 Mark Kolesinsky Accounting Cycle Description Paper Riordan Manufacturing is global leader in plastics with a projected annual earnings of $46 million. They operate out of California‚ Michigan‚ and Georgia along with a joint venture in China. Each of the operations has its own finance and accounting system. Their conversion of the accounting cycle has helped them to earn their success. This paper
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Accounting Cycle Paper Every business small‚ medium or large uses an accounting cycle to collect and process transactions from events to prepare financial statements to interested parties. The accounting cycle consist of eight steps (1) analyzing transactions and other events‚ (2) journalizing‚ (3) posting; (4) preparing trail balance‚ (5) adjusting entries‚ (6) preparing adjusting trial balance; (7) preparing financial statements; and (8) closing process (Kieso‚ Weygandt‚ & Warfield‚ 2007‚ p. 93)
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Accounting Cycle 1. Identifying and Recording - The first step in the accounting cycle is analysis of transactions and selected other events. The first problem is to determine what to record. 2. Journalization- chronologically lists transactions and other events‚ expressed in terms of debits and credits to accounts. 3. Posting - The procedure of transferring journal entries to the ledger accounts. 4. Trial balance - lists accounts and their balances at a given time. 5. Adjustments -
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Accounting is a process of obtaining‚ recording‚ classifying‚ summarizing‚ reporting‚ interpreting and presenting financial information or communicating the results of the transactions to users to facilitate making financial decisions. Accounting often uses a term that defines what is happening to make the process easier to understand. For example‚ asset is known as the resources that owned by the company or controlled by the accounting entity for future economic value. Asset can be categorized in
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The accounting cycle refers to the process by which companies produce their financial statements for a specific period of time. It is called a cycle because the steps are repeated each reporting period. The organization at which I am employed completes its accounting cycle monthly. The organization is a privately owned nursing facility licensed and incorporated in the state of Virginia that has been in business since 1966. An explanation of the overall accounting cycle at the organization including
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Receivable Cycle Riordan Manufacturing‚ an industry leader in the field of plastic injection molding‚ has facilities in California‚ Georgia‚ Michigan and China. The accounting functions are carried out in each individual location‚ and consolidated for processing in the corporate offices in California. The Georgia and Michigan locations‚ being newly acquired‚ are using systems that are not completely compatible with the corporate offices. This is causing problems on many levels and within this paper‚ Learning
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The five accounting cycles in an organization are: The revenue cycle‚ expenditure cycle‚ financing cycle‚ fixed assets cycle‚ and the conversion cycle. The revenue cycle is the set of activities in a business bringing about the exchange of goods or services with customers or consumers for cash‚ such as sales orders‚ accounts receivables‚ cash receipts (Hall‚ 2004)‚ and cost of goods sold. The expenditure cycle is an external exchange of information between vendors and the company. The expenditure
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Accounting Cycle Intermediate Financial Accounting ACC/421 July 11‚ 2011 Accounting Cycle An accounting cycle is a sequence of six steps in the processing of financial transactions (from the time they occur to their inclusion in financial statements) pertaining to an accounting period. These steps are: (1) analyzing the transactions as they occur‚ (2) recording them in the journals‚ (3) posting debits and credits from journal entries to the general ledger‚ (4) adjusting the assets with
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