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.