The accounting cycle is a process designed to facilitate the financial accounting of business activities for business owners.
The first step in the eight-stage accounting cycle is to record transactions using journal entries, ending with the eighth stage of closing the books after the preparation of the financial statements.
The accounting cycle usually includes a year or other accounting period.
Accounting software today mostly automates the accounting cycle.
Accountability is the acceptance of responsibility for one’s actions. This implies a willingness to be transparent, allowing others to observe and evaluate their work.
Accounting policies are the procedures a company uses to prepare financial statements. Unlike accounting principles, which are rules, accounting policies are the standard for following those rules.
Acquisition accounting is a set of formal guidelines describing how the acquirer should report the assets, liabilities, non-controlling interests and goodwill of the acquired company.
Performance Based Management (ABM) is a means of analyzing a company’s profitability by looking at every aspect of its business to determine its strengths and weaknesses.