The Accounting Cycle of Canon Inc.

Paper Summary:

This paper discusses the importance of an accounting cycle for an organization. The paper first goes through the basic steps of the accounting cycle and then looks at them in detail with respect to the selected organization, Canon Inc. It describes how Canon Inc., which is a large organization, makes use of computerized accounting methods.

Table of Contents:
The Accounting Cycle
The Steps of the Accounting Cycle
The Accounting Cycle at Canon Inc.

From the Paper:

"The basic purpose of an accounting department in an organization whether it is big (having an independent and separate department) or small (where accounting department is not even a possibility) is to keep a record of accounting data and then process this data into accounting/financial information by preparing financial statements. Keeping in view the basic accounting principles the financial statements should be prepared not only on a regular basis but also on a specific regular time interval (which remains on the discretion of the organization). To meet this objective a proper framework or a series of steps is required that regularizes the whole matter and this is exactly what the accounting cycle is; a series of steps beginning right from the recording of a simple transaction to the compilation of final statements and closing of the accounts."

Sample of Sources Used:

• Weygandt Jerry J., Kieso, Donald E., & Kimmel , Paul D. (Jan 22, 2007). Accounting Principles.
• Robert Libby, Patricia Libby, and Daniel G Short (Nov 30, 2005) Financial Accounting
• Jay L. Jacquet and Jr., William C. Miller (Jun 15, 2002) The Accounting Cycle: A Primer for Nonfinancial Managers

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