Transcription of The Accounting Cycle Completed
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The Accounting Cycle Completed
A. THE BIG PICTURE. The Accounting Cycle Completed . ccountants have come a long way from the old stereotype of bean counter a pale figure with a green eyeshade who tends cloth-bound ledgers and 5. Simply or Peachtree Accounting software. They don't have time to learn how to use it, much less use it correctly. Many also can't afford to pay a full-time accountant to do their books. Enter the new account- ing software consultant. These accountants are form- ing different kinds of relationships with clients, even to the extent of teaching them what has historically been the job of the accountant. For instance, Brian journals in a back room. In fact, today's accountants Price of Price and Associates has built a $600,000.
means that the books are not up to date and ready for the next accounting cycle to begin. For example, the ledger shows $1,200 of prepaid rent (page 94), but the bal-ance sheet we prepared in Chapter 4 shows an $800 balance. Essentially, the work-sheet is a tool for preparing financial reports. Now we must use the adjustment
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