The accounting cycle prompts bookkeepers to record and process any accounting events a company incurs during a period. These events range from when a transaction occurs to the final representation of ...

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At the end of an accounting period, certain accounts are closed so they have a zero balance at the beginning of the new accounting period. The act of zeroing these accounts is called closing entries.

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The accounting cycle involves a number of steps that are repeated in each reporting period as they correspond to the business processes. They verify the transactions and are implemented to prepare ...