The Financial Accounting Cycle

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Authors: Ralph L. Benke, Jr., D.B.A., C.M.A.
Robert N. Holt, Ph.D., C.P.A
 
Chapters:  Introduction to Accounting and the Accounting Cycle
Determining Net Income
Completing the Accounting Cycle
Adjusting the Financial Statements
The Work Sheet and End of Period Procedures
Audience: Those individuals who require a thorough understanding of the details of the accounting process, from journalizing transactions to ledger entries, to adjusting and closing entries and statement preparation. Appropriate for managers and staff who participate in the accoutning process. 
Abstract: This course, which has been used successfully at the corporate, graduate, and undergraduate levels, is available to assist accountants, trainers, consultants, and other educators who require a vehicle by which to teach the accounting cycle. 
 
 The text begins with a series of definitions explaining what accounting is, who does it, and why it is necessary. Students are then introduced to the fundamental accounting equation, (Assets = Liabilities + Owners' Equity) and to the accounts typically found in the books of a proprietorship, partnership, and corporation. The text then uses a novel teaching approach, developing the balance sheet as a means of introducing T-accounts, debits, and credits.

In Chapter 2, students learn about the income statement and owners' equity, and are taught the basics of establishing an accounting system. The Appendix to Chapter 2 details the standard-setting process in the American accounting profession.

In Chapter 3, the lessons taught in Chapters 1 and 2 are solidified with a series of transactions which the students must journalize and post to the general ledger and subsidiary ledgers. Chapter 3 also introduces closing entries.

Chapter 4, Defines accrual accounting and integrates adjusting entries into the accounting process.

Finally, Chapter 5, introduces the Work Sheet as an aid to end of period adjusting and closing entries.

The Financial Accounting Cycle requires between twelve and fifteen hours to complete, including text reading and computer time.

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