The following video briefly explains key components of the accounting cycle.

In the next 2 units we will learn the components of the accounting cycle.  In the video, it discussed:

• Capture activity of a business:  we will do this with a journal entry
• Organize into groups and edit:  this will be accomplished by organizing the information into account and posting journal entries
• Publish the story:  in accounting, our story is the financial statements
• Archive: this will be the closing process to prepare the books for the next period

To give you a picture and quick reference for all you will learn in the accounting cycle.  We begin on the right hand side and move around the cycle.  Click Accrual World for a printable copy.