The Aleks Accounting Cycle Questions is a very common accounting problem that challenges accounting students taking an Aleks Accounting course. The accounting cycle, however, is a common problem that faces students not just in the Aleks program. It is important to understand the accounting cycle as it encompasses the entire accounting process and all the other processes that are crucial to completing the accounting processes.
Details of the Accounting cycle
So what exactly does the accounting cycle encompass?
The accounting cycle is the process the entire process that encompasses identification, analyzing, and the recording of the accounting information regarding a particular company. The process is made of 8 steps that start with the transaction itself until the eventual inclusion of the transaction in the financial statements.
The 8 steps of the Accounting Cycle include:
- Transaction: this is the actual transaction, such as purchasing a good.
- Journal Entries: either debiting or crediting a transaction in the journals
- Posting: posting the recorded transaction to the general ledger
- Trial Balance: the totals for the journal entries are calculated at the end of the period
- Worksheet: corrective errors from the trial balance are recorded in the worksheet
- Adjusting Entries: adjusting entries for accruals and deferrals
- Financial statements: includes balance sheets, income statements and the cash flows.
- Closing the Books: revenue and expense accounts closed and readied for the next accounting period
The Aleks Accounting cycle answers are demanded from the questions asked regarding any part of the accounting cycle. For any accountant worth their salt, the accounting cycle needs to be on their fingertips. Therefore the Aleks accounting questions will seek to determine whether the student is ready for the accounting profession by asking questions regarding a part of the accounting cycle. Students, therefore, are required to study and understand all the parts of the accounting cycle. Studying the accounting cycle in details and understanding all the 8 steps innately will give a student the confidence of tackling the Aleks accounting questions and getting all the Aleks Accounting cycle answers correctly. Needless to say, the more accurate the Aleks Accounting cycle answer you get as a student, the better the accounting grade you will get at the end of the day.
Importance of the Aleks Accounting Cycle
The importance of the accounting cycle is as listed below:
- This process ensures that the accounting process for businesses is easier for the business owners.
- The process begins at the very beginning of the transaction itself ending with the closing of the accounting books in readiness for the next accounting period.
- Generally, the accounting process will take a year or any other period that a business may wish to use. However, an annual period enables a business to compare itself with competitors as well as determine its performance in its industry.
- Traditionally, all these processes were done manually. However, accounting software have taken over and automated most of these processes enabling automated financial statements.
- The accounting cycle is different compared to the budgeting cycle. The accounting cycle targets external users while the budget cycle targets internal users/management.
Understanding the accounting cycle perfectly is synonymous to being a good accountant. Students are often examined on all the steps of the accounting cycle as they are equally important. Posting the wrong figures to the general ledger affects the financial statements and, therefore, the financial statements will not show a true and fair value of the business.
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