Acc 201 Module Two Short Paper: The Accounting Cycle

Accounting Cycle The accounting cycle is one of the essential functions for all businesses. This cycle allows all of the transactions that occur during business operations to be recorded and processed in a way that is accurate and fully reflects the nature of the business. If the organization is able to complete the accounting cycle reliably, then it will have an accurate set of records that reflects exactly what events occurred during its operations and can account for any profit or loss that ensued over any given time period. Most accounting systems that organizations used today have been standardized relative to an approved system so that accounting processes from different companies are...