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URL:https://www.learndesk.us/class/6613772330336256/lesson/749e9b1f3baab9ec66ede63f86b9602d?ref=outlook-calendar
SUMMARY:9.3 Analyzing and Recording Transactions
DTSTART;TZID=America/Los_Angeles:20260407T190000
DTEND;TZID=America/Los_Angeles:20260407T200000
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DESCRIPTION: The accounting cycle
The accounting cycle is a step-by-step process bookkeepers use to record, organize, and classify a company’s financial transactions. It helps to keep all accounting uniform and eliminate mistakes.
The cycle works as an aid to organize workflow into a cyclical chain of steps that are designed to reflect the way assets, money, and debts have moved in and out of a business. It progresses through nine different steps, in the same order each time, and restarts as soon as it has finished. The cycle can be based on any length of time, which is known as an accounting period, and usually lasts a month, a quarter, or a year. Accounts that deal with revenues and expenses return to zero at the end of each financial year, while accounts showing assets, liabilities, and capital carry over from year to year.
1. Analyze transactions - Any type of financial transaction, from buying or selling an asset to paying off debts, can start the accounting cycle
2. Journalize -...

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