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define what is the accounting cycle in accounting?
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Asked 1/8/2014 4:30:32 PM
Updated 1/10/2014 12:41:53 PM
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Confirmed by Kaysha [1/9/2014 2:28:45 PM], Unconfirmed by debnjerry [1/10/2014 12:41:52 PM], Flagged by debnjerry [1/10/2014 12:41:54 PM]
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User: define what is the accounting cycle in accounting?

Weegy: Accounting cycle - An accounting information system is a system of collection, storage and processing of financial and accounting data that is used by decision makers.
Expert answered|Butterflybaby|Points 1105|



Question
Asked 1/8/2014 4:30:32 PM
Updated 1/10/2014 12:41:53 PM
1 Answer/Comment
This conversation has been flagged as incorrect.
Confirmed by Kaysha [1/9/2014 2:28:45 PM], Unconfirmed by debnjerry [1/10/2014 12:41:52 PM], Flagged by debnjerry [1/10/2014 12:41:54 PM]
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The accounting cycle is:
recording in the journal, posting to the ledger, preparing a trial balance, preparing the financial statements and closing the books.

Added 1/10/2014 12:41:46 PM
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define the accounting cycle?
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Not Answered
Updated 1/10/2014 5:07:19 AM
1 Answer/Comment
Accounting cycle is the sequence of steps in preparing the financial statements for a given period.
Added 1/10/2014 5:07:19 AM
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what are assets?
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Updated 2/5/2014 11:43:48 AM
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An asset is an economic resource that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset.

Added 2/5/2014 11:43:48 AM
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What is the purpose of closing journal entries?
Weegy: A closing entry is used in accounting. The purpose of a closing entry is to transfer data from the temporary accounts to the permanent data sheet. [ The closing entry is to bring the temporary account journal balance to 0. ] (More)
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Expert Answered
Updated 1/8/2014 9:01:41 PM
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what is the definition of GAAP?
Weegy: GAAP stands for Generally accepted accounting principles. It is the common set of accounting principles, standards and procedures that companies use to compile their financial statements. (More)
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Expert Answered
Updated 1/9/2014 12:42:09 PM
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describe the accounting cycle.
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Updated 1/9/2014 12:37:52 PM
1 Answer/Comment
The eight steps in the accounting cycle are: transactions, journal entries, posting, trial balance, worksheet, adjusting journal entries, financial statements, and closing the books. If you work in accounting, you complete your work by following the steps in the accounting cycle.
Added 1/9/2014 12:37:52 PM
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