Accounting

For me accounting is personal. As an immigrant, life has seldom been easy. It has been marked by continuous sacrifice, unfamiliar settings, and unnerving trials. From an early age I witnessed my parents painstakingly keep track of their income and expenses in order to make ends meet. Such trying moments were the early signs of my inclination towards accounting. In essence, these painful experiences stirred something within me, something that culminated into a passion. After exposure to numerous accountants and academic courses, I was firmly convinced accounting was my calling. In pursuing my calling, I attended Miami Dade Honors College and earned an Associate of Arts Degree in Accounting. Afterwards, I transferred to Florida International University, where I hope to acquire my Bachelor of Accounting in April 2018.

An accounting cycle is a process, or a series of activities, that consists of collecting an organization’s transactions at the end of a reporting period to prepare essential financial statements of a business (Fleury, 2015). The accounting cycle is a strict, methodical set of rules used to ensure the accuracy and conformity of financial statements (Investopedia, 2017). The steps involved with an accounting cycle, the roles each of the step facilitate, the impact of omission, and what financial statements are assembled from the accounting cycle data.

Peyton Approved accounting cycle comprises of the following steps– transactions, journal entries, posting, trial balance and worksheet, adjusting journal entries, financial statements and closing of the books (Tarver, E, 2106). As a new company up and coming we have to make sure our payables, receivables, bank recs and all sales have been noted. Also making sure that wages or expenses that are accrued are recorded. We have found that these steps are instrumental as a company when it’s time to prepare our

Prepare the adjusting journal entry(s) necessary for uncollectible accounts expense using the aging of accounts receivable of accounting for bad debts as computed on the worksheet (these must be handwritten).The entry must be included with your other journal entries to receive credit.

If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting

Unadjusted Trial Balance: This is the third step in the accounting cycle. After all the journal entries are posted to the T-accounts, the unadjusted trial balance can be prepared and the purpose is to be sure that the total amount of debit balances in the general ledger equals the total amount of credit balances.

2.     (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how information from the journal entries get into the ledger accounts (15 points) and (2) provide an example of information that would be transferred. (10 points)(Points : 25)

All of the revenue and expense account balances in the adjusted trial balance will be extended. The statements of retained earning is prepared by entering the net income in the credit statement of retained earning column, and then add that to the beginning of the retained earning

Describe three examples of transactions that would affect a firm's income statement. For each transaction, identify if the transaction has a positive or negative effect on the firm's net income. Revenues is the amount of money a company receives for goods or services rendered. This type of transaction has a positive effect on net income. Expenses are costs that a business obtains through its operations to earn revenue. This has a negative effect on net income. Profit is a financial gain after expenses and revenues are taken into account. This has a positive effect on net income.

II. Main Point #2. Contrary to popular belief, Accountants, and the tasks that they perform, are an important part of most people’s everyday life.

Table of Contents ................................................................................................................................................ 1 Assignment Background .................................................................................................................................. 2 Bigg-Glowbell Overview ...................................................................................................................................... 3 The Company History ...................................................................................................................................... 3

To gain an understanding of the month-end closing process, I interviewed staff in general ledger, fixed assets, tax, accounts receivable, accounts payable and payroll (all in the above list). I reviewed their duties’ checklist to better understand some details with potential high risks. Also, I interviewed director of the process to get an overview of the process.

Accounting can be defined in a number of ways, but I chose the book definition, which is; Accounting is an information system that provides reports to stakeholders about the economic activities and condition of business. The person in charge of accounting is called the accountant. The accountant is typically required to follow a set of rules and regulations. These rules and regulations are called the General Accepted Accounting Principles. Throughout these next few paragraphs, I will be giving you the history and evolution of accounting, and I will be explaining who the stakeholders are and what type of information they require, and I will be explaining the role of accounting in business. There will be many examples and type of business