Accounting Cycle Paper

Accounting Cycle Paper Accounting is how companies piece of harmony their financial data using different types of brasss. The Generally authorized Accounting Principles (GAAP) were habilitate to help companies report information in one room that investors, creditors, etc. can easily shew the information to coif investments, loan money, and see the financial term of a comp for each one. The accounting cycle is a way of coverage the data from a company in a certain(p) order to swan information is complete and to ensure proper(a) financial statements are created. Hi-Noon oil colour demonstrates the result to immortalize transactions and the steps to a properly created financial statement. acknowledgement and Measurement of Transactions and other Events Identifying the transactions that need to be recorded is the first step. Hi-Noon Petroleum is in the business of selling petroleum to nodes, either on account, or on a cash basis. The majority is on credit wrong. The trade of a load of gasoline or diesel is recorded into the computing device by Cindy (Dispatcher). In, this process, the cost of the products is downloaded into the system each morning. The computer computer software used is AIMS, version 8. The guest setup screen has the get along of markup for each product that bequeath be billed to the customer.

When the sale in recorded, the price willing automatically show up calculating the amount collectible Hi-Noon. The invoice is printed and mailed to the customer. The customer is setup on electronic funds transfer (EFT) for compensation terms, which is a mandatory procedure by Hi-Noon. Invoices receive d in the office for office supplies, render! from suppliers, etc. are entered in the accounts payable module by Rebecca (Accounts Payable Clerk). After, the entries are entered; a cash disbursements report is printed to review. This report will show any amounts due and what due dates. Rebecca sets up the accounts payable module for each vendor showing terms along with the addresses and other information...If you expect to get a honorable essay, order it on our website: OrderEssay.net

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