Accounting Cycles

Paper Summary:

The paper discusses how an accounting cycle refers to certain procedures that must be established by every business unit to allow data to be reported on financial statements. The paper relates that the accounting process consists of two interrelated parts: the recording phase and the summarizing phase. The paper offers Dann & Berns, Inc. as an example. The paper examines how Dann & Berns is using an advanced accounting system that is linked to all departments where it can generate all kinds of reports it will need in a fast and efficient way. The paper completes the accounting cycle of the finance firm. The paper reveals that the cycle is quite similar to other firms in conformity with the governing accounting standards.

From the Paper:

"To clearly illustrate the complete accounting cycle of a finance company, let us take as an example Dann & Berns, Inc. The company is engaged in providing business analysis including credit investigation, a thorough study of the company profile, review of the client's financial statements, and providing an overall rating of the clients, whom we will call as subjects in this example. Among Dann & Berns' subjects include big companies who are applying for accreditation as a distributor of another firm; applicant verification for banks and other financial institutions offering various types of loans, as part of their pre-approval requirements; outsourcing companies and other headhunting firms for hire-right purposes; and others from different industries."

Sample of Sources Used:

• AllBusiness.com Publishers. (1999-2006). "Accounting Basics: The Accounting Cycle.". Retrieved on April 01, 2006 from http://www.allbusiness.com/articles/FinanceAccounting/1258-32-1791.html
• Accountz.com Ltd. (2006). Glossary of Accounting Terms. Retrieved on April 01, 2006 from http://www.accountz.com/glossary.html
• Arkansas State University. (2006). ACCT3003 Intermediate Accounting I , Spring "Temporary Accounts". Retrieved on April 01, 2006 from http://www.clt.astate.edu/Lmoore/tutoria/closing.htm
• Bizzer Professional Training. (2003). TheAccounting Process. Retrieved on April 01, 2006 from http://bizzer.com/Tools/SGuide/SGuide1.htm
• Bodnar, George H. (2003, May 31). ). Accounting Cycle. Retrieved on April 01, 2006 from http://www.gbodnar.com/problems/tutorial.html

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