Accounting Cycle Paper

Accounting Cycle Paper Accounting is how companies piece of medication their financial data using different types of brasss. The Generally veritable Accounting Principles (GAAP) were habilitate to help companies report information in one room that investors, creditors, etc. can easily order the information to coif investments, loan money, and see the financial place of a comp either. The accounting cycle is a way of coverage the data from a company in a reliable order to swan information is complete and to ensure comme il faut financial statements are created. Hi-Noon oil colour demonstrates the result to understand transactions and the steps to a properly created financial statement. credit 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 sell petroleum to nodes, either on account, or on a cash basis. The majority is on credit wrong. The change of a load of gasoline or diesel is recorded into the data processor by Cindy (Dispatcher). In, this process, the cost of the products is downloaded into the system severally morning. The computer parcel used is AIMS, version 8. The node setup screen has the kernel 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 earnings terms, which is a mandatory procedure by Hi-Noon. Invoices received 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 penury to get a honorable essay, order it on our website: OrderEssay.net

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