Posted by Brian on Tuesday, September 11, 2007 at 12:24am.
The two steps as follows:
Stage 1 Transaction Processing
Transactions which describe business events are recorded and posted during the period. Each transaction affects the company's financial position.
Stage 2 Period Processing
Period processing is performed periodically to summarize transactions that have been recorded during the accounting period. Period processing updates the accounting records and prepares financial statements that reflect net income for the period and financial position at the end of the period. This processing 'closes the books' for the period.
Related Questions
accounting - List the following steps of the accounting cycle in their proper ...
accounting - List the following steps of the accounting cycle in their proper ...
English - Section Five describes process analysis in detail. What is the main ...
account. question - Is this correct are the steps correct for the accounting ...
com/156 - what is the main point of process analysis in writing? Why are four ...
Math (Finance) - Why are adjusting entries necessary?
acct. correction - can someone correct these for me thanks. for the accounting ...
accouting class - Is this order correct for the accouting cycle: 1. Analyzing ...
math - You have 2 floors, and there are 14 steps inbetween the two floors. you ...
Math - I am stuck on trying to figure out how to do this question. Could someone...
For Further Reading
