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The accounting cycle for some organizations can be the same or different depending on the type of organization Within a school district such as North Merrick Union Free School District the accounting cycle is geared around the spending per child It is also a not for profit organization this differs from an organization in which a profit is the goal of the company Being employed as a Special Education Teacher Aide I dont really have access to the whole accounting process I do see a portion of the process such as the time sheet for my hours worked and the final result of my paycheck Organizations do go through an accounting process in order to define and pay for their expenses The accounting process is a series of activities that begins with a transaction and ends with the closing of the books Because this process is repeated each reporting period it is referred to as the accounting cycle and includes these major steps 1 Identify the transaction or other recognizable event 2 Prepare the transactions source document such as a purchase order or invoice 3 Analyze and classify the transaction This step involves quantifying the transaction in monetary terms eg dollars and cents identifying the accounts that are affected and whether those accounts are to be debited or credited 4 Record the transaction by making entries in the appropriate journal such as the sales journal purchase journal cash receipt or disbursement journal or the general journal Such entries are made in chronological order 5 Post general journal entries to the ledger accounts 2005 NetMBAcom According to the Internet Center for Management and Business Administration Inc the above steps are performed throughout the accounting period as transactions occur or in periodic batch processes 2005 NetMBAcom At the end of the accounting period several other steps occur such as preparing a trial balance correcting discrepancies in the trial balance preparing adjusting entries posting of adjusting entries
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