The Accounting Cycle

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The accounting cycle is a six-step process culminating in the preparation and analysis of financial statements like the balance sheet, statement of cash flows, and income statement. Learn about the necessary steps to producing financial statements, as well as the parties involved, in this video.

[@loner1499]

Am one of those kids that study on the exact day of the exam 😪🤧....

[@sonyangarbe1926]

Me too😭😭

[@Miraculous_chimken]

What did you get??

[@nirre4601]

1:30 welcome

[@igbedionfrancisca916]

Thank you. It's always helpful to assure our selves of these accounting fundamentals.

[@dumachavula6883]

Simple and straight to the point. 👏👏👏

[@JRCookOfficial]

I appreciate the video. Going through College accounting, which is like learning another language. I just keep beating into my brain though, it is making sense finally.

[@Alanisbusinessacademy]

Thanks for sharing! You got this!

[@chenixan]

why you beating your head, your head crying right now. :(

[@JRCookOfficial]

Yeah I ended up passing the class and am glad to be on to different aspects of business. Thanks again for the video.

[@JRCookOfficial]

@@chenixan it was a figure of speech. My head was very thankful because I ended up getting the good grade lol.

[@chenixan]

@@JRCookOfficial oh oki :D

[@stephaniewilkerson6444]

Excellent explanation! Thanks so much!

[@lamoilewars9967]

Thanks for this video🙏🏽

[@urah12cury]

thank you so much it is really helpful

[@smithstoneware]

Great video! Super helpful. Thank you :)

[@Alanisbusinessacademy]

You're so welcome!

[@chenixan]

you know what's super helpful too, going to school LOL.

[@jordanpower5568]

very helpful thank you my friend you helped me pass

[@chenixan]

but I am your friend :(

[@dezval6964]

Thank you for this video, it has been a great help. Would the accounting cycle be the same for all businesses?

[@Alanisbusinessacademy]

It should. It's fundamental to accounting.

[@x9nafnaf919]

OK,I love this channel!

[@chenixan]

gurl- why LOL

[@smiglebru2367]

a bit late but this was a huge help for my exam

[@mrcount6655]

thanks

[@walaalahaoffical7017]

Thanks

[@ceboketwa7565]

I can now I understand.

[@chenixan]

what I don't understand is your typing LOL

[@marishamadison]

I am wondering if the “accounting system” can be used in the first steps of “accounting cycle”?

[@E_S_Book]

Great video, but some pics could be useful to this video too.

[@chenixan]

EXACTLY

[@HappyCoralReef-ht3nr]

Good 👍

[@mohibqureshi391]

According to my teacher....:
1_ Journal
2_ Leader
3_ Trial balance
4_ Adjustment
5_ Financial statement :-
( - Income statement
- Balance sheet )
Explain...its so confusing ...how is your's and my teacher's points are different?
On same topic...

[@dinoclasher4129]

Like are u asking what they mean I'll give I a definintion btw I'm not the best perosn at this so dont take it really seriously
1)journel were all accounts and transactions recorded
2)gonna assume u said ledger accounts in a nutshell it is each account individually shown
3)trial balance basically shows all debits and credits
4)adjustment basuacvly If somthimg is incorrect they will correct them if any
5)the main end products of a accounting system and respresnted by a worksheet(basically sheet that had income statement,balance sheet and trial balance) lol worksheet is redundant
Hope this helps

[@JRCookOfficial]

The only difference are the terms. Your teacher is teaching the "trial balances" by calling the step adjustments, which are only achieved by creating a trial balance. Also it looks like your teacher didn't mention the analysis of source docs because it is pretty much a given that you are going to have to look at receipts and invoices to enter the data into journals.

[@mohibqureshi391]

@@dinoclasher4129 it did ...thanks

[@mohibqureshi391]

To:
J.R. Cook
Thank you.....😁..
.but...
what are receipts and invoices?....

[@dinoclasher4129]

@@mohibqureshi391 hey bro ik u didnt ask but I hope this answers ur question
I recepts is a type of source document and basically a source document is evidence of a transaction happening.ex: a fast food receipt it shows that a purchase has been made
And think of an invoice as a transaction between a BUYER and a SELLER.
A sales invoice is when a business SELLs somthing to a PURCHASER.
and a purchase invoice is when a somthing has SELLED sold to the PURCHASER
Hope this helps and good luck

[@santerarchbold1981]

Mhat

[@WotbGamr]

O

[@x9nafnaf919]

1stttt

[@Alanisbusinessacademy]

+I.am. Y You win sir! Nice job.

[@x9nafnaf919]

thank you :')

[@domingo2977]

What did he win & what did he have to do win?

[@x9nafnaf919]

I won the honour to receive a reply saying ive won and if @alanis replies to u, then u have won too

[@dinoclasher4129]

@@x9nafnaf919 oof I guess he did not win

[@NawazzKhan-hx2lc]

I am not gating its very defficult way and lacture is very difficult language

[@Football-bv1ui]

English

[@SABZAMAKASAN]

@@Football-bv1ui 😂😂😂😑

[@chenixan]

I need to know this type of english LOL