ខួបគណនេយ្យ (Accounting Cycle)

Accounting Cycle:

The accounting cycle is a methodical set of rules to ensure the accuracy and conformity of financial statements. Computerized accounting systems and the uniform process of the accounting cycle have helped to reduce mathematical errors. Today, most software fully automates the accounting cycle, which results in less human effort and errors associated with manual processing.

Cycle:

   1. Invoice

       1.1-Expense Invoice
       1.2-Revenues Invoice

   2. Journal Entries

   3. Ledger Accounts

       3.1-T-Account
       3.2-Special Journal

   4. Unadjusted Trial Balance

   5. Worksheet (Adjusting Entries)

       5.1-Accrual

           -Accrued Expense
           -Accrued Revenues

       5.2-Deferral

           -Prepaid Expense
           -Unearned Revenues
           -Depreciation

   6. Financial Statement

       6.1-Income Statement
       6.2-Cash flow statement 
       6.3-Balance Sheet

   7. Closing Entries 

       7.1-Close Revenues to Income Summary
       7.2-Close Expense to Income Summary
       7.3-Close Income Summary to Capital
       7.4-Close Owner's Draw to Capital

   8. Post Closing Trial Balance

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Accounting Cycle