{"id":69,"date":"2016-12-05T20:00:37","date_gmt":"2016-12-05T20:00:37","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/?post_type=chapter&#038;p=69"},"modified":"2016-12-05T20:00:37","modified_gmt":"2016-12-05T20:00:37","slug":"the-accounting-cycle","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/tc3-accounting1\/chapter\/the-accounting-cycle\/","title":{"raw":"The Accounting Cycle","rendered":"The Accounting Cycle"},"content":{"raw":"<p>The following video briefly explains key components of the accounting cycle.\n\nhttps:\/\/www.youtube.com\/watch?v=ckVVKkUXR7E\n\nIn the next 2 units we will learn the components of the accounting cycle.\u00a0 In the video, it discussed:\n<\/p><ul><li>Capture activity of a business:\u00a0 we will do this with a journal entry<\/li>\n\t<li>Organize into groups and edit:\u00a0 this will be accomplished by organizing the information into account and posting journal entries<\/li>\n\t<li>Publish the story:\u00a0 in accounting, our story is the financial statements<\/li>\n\t<li>Archive: this will be the closing process to prepare the books for the next period<\/li>\n<\/ul>\nTo give you a picture and quick reference for all you will learn in the accounting cycle.\u00a0 We begin on the right hand side and move around the cycle.\u00a0 Click <a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/664\/2016\/02\/22203512\/Accrual-World.pdf\">Accrual World<\/a>\u00a0for a printable copy.\n<div id=\"watch-uploader-info\"\/>\n<div\/>\n<div><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/664\/2015\/07\/22203513\/accrual-world.jpg\"><img class=\"aligncenter wp-image-1501 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1263\/2016\/12\/05195818\/accrual-world.jpg\" alt=\"accrual world\" width=\"931\" height=\"658\"\/><\/a><\/div>\n\u00a0","rendered":"<p>The following video briefly explains key components of the accounting cycle.<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"What is the Accounting Cycle? (Conceptual)\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/ckVVKkUXR7E?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>In the next 2 units we will learn the components of the accounting cycle.\u00a0 In the video, it discussed:\n<\/p>\n<ul>\n<li>Capture activity of a business:\u00a0 we will do this with a journal entry<\/li>\n<li>Organize into groups and edit:\u00a0 this will be accomplished by organizing the information into account and posting journal entries<\/li>\n<li>Publish the story:\u00a0 in accounting, our story is the financial statements<\/li>\n<li>Archive: this will be the closing process to prepare the books for the next period<\/li>\n<\/ul>\n<p>To give you a picture and quick reference for all you will learn in the accounting cycle.\u00a0 We begin on the right hand side and move around the cycle.\u00a0 Click <a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/664\/2016\/02\/22203512\/Accrual-World.pdf\">Accrual World<\/a>\u00a0for a printable copy.<\/p>\n<div id=\"watch-uploader-info\">\n<div>\n<div><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/664\/2015\/07\/22203513\/accrual-world.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1501 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1263\/2016\/12\/05195818\/accrual-world.jpg\" alt=\"accrual world\" width=\"931\" height=\"658\" \/><\/a><\/div>\n<p>\u00a0<\/p><\/div>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-69\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Accrual World. <strong>Authored by<\/strong>: Debra Porter. <strong>Provided by<\/strong>: Tidewater Community College. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/cc0\">CC0: No Rights Reserved<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">All rights reserved content<\/div><ul class=\"citation-list\"><li>What is the Accounting Cycle?. <strong>Authored by<\/strong>: Accounting WITT. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/ckVVKkUXR7E\">https:\/\/youtu.be\/ckVVKkUXR7E<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t 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