Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

What is the definition and explanation of accounting cycle?

What is the definition and explanation of accounting cycle?

user-image
Question added by Mohammed El Tahir Mohammed Yousif , Finance Manager , Factory of Golden Block Company for Cement Products
Date Posted: 2017/09/02
Yajna Sapkota
by Yajna Sapkota , Manager , Cooperatives organization

it refers to recording and processing of financial transactions.

Soliman Abd  ALmalak Gendy
by Soliman Abd ALmalak Gendy , مدير ادارة مراقبة حسابات , الجهاز المركزى للمحاسبات

It is the collective process of recording and processing the accounting events

Mohammed El Tahir Mohammed Yousif
by Mohammed El Tahir Mohammed Yousif , Finance Manager , Factory of Golden Block Company for Cement Products

Accounting Cycle, also known as “accounting process” or “Book-keeping Process” is the start-to-end process to be followed sequentially, or at times, simultaneously for recording the financial and accounting events occurring in any organization.

 

In earlier times, these steps were followed manually and sequentially by an accountant. But these days, many softwares, like Tally, SAP, ERP, etc complete all the steps involved in accounting process simultaneously, and the user is just required to initiate the process by providing the relevant financial data.

More Questions Like This