Accounting 101 with Jimmy Stewart

14 - An Overview of the Accounting Cycle


Listen Later

Today we will discuss the accounting cycle. This is the process taken each period to record transactions, prepare the financial statements, and to reset the temporary accounts to zero for the next period.

Keep in mind that the steps you may see in your accounting textbook or elsewhere may be slightly different - I have simplified some of the steps:

Step 1 – Record transactions as journal entries in the general ledger;

Step 2 – Prepare an unadjusted trial balance as of the end of the period;

Step 3 – Prepare adjusting journal entries and record on general ledger;

Step 4 – Prepare an adjusted trial balance as of the end of the period;

Step 5 – Prepare the financial statements;

Step 6 – Prepare and record closing journal entries to reset temporary accounts;

Step 7 – Prepare a post-closing trial balance.

...more
View all episodesView all episodes
Download on the App Store

Accounting 101 with Jimmy StewartBy James Stewart

  • 4.9
  • 4.9
  • 4.9
  • 4.9
  • 4.9

4.9

377 ratings


More shows like Accounting 101 with Jimmy Stewart

View all
WSJ What’s News by The Wall Street Journal

WSJ What’s News

4,341 Listeners

Investing Insights by Morningstar

Investing Insights

514 Listeners

Marketplace All-in-One by Marketplace

Marketplace All-in-One

1,377 Listeners

Freakonomics Radio by Freakonomics Radio + Stitcher

Freakonomics Radio

32,182 Listeners

PwC's accounting podcast by PwC

PwC's accounting podcast

182 Listeners

The Investing for Beginners Podcast - Your Path to Financial Freedom by By Andrew Sather and Dave Ahern | Stock Market Guide to Buying Stocks like

The Investing for Beginners Podcast - Your Path to Financial Freedom

1,409 Listeners

The Accounting Podcast by Blake Oliver & David Leary

The Accounting Podcast

340 Listeners

The Indicator from Planet Money by NPR

The Indicator from Planet Money

9,520 Listeners

Small Business Tax Savings Podcast by Mike Jesowshek, CPA

Small Business Tax Savings Podcast

250 Listeners

Think Fast Talk Smart: Communication Techniques by Matt Abrahams, Think Fast Talk Smart

Think Fast Talk Smart: Communication Techniques

805 Listeners

Accounting For Beginners by Stephanie Yefimov

Accounting For Beginners

0 Listeners

Bloomberg Daybreak: US Edition by Bloomberg

Bloomberg Daybreak: US Edition

74 Listeners

The Economics of Everyday Things by Freakonomics Network & Zachary Crockett

The Economics of Everyday Things

1,642 Listeners

HBR On Leadership by Harvard Business Review

HBR On Leadership

162 Listeners

Financial Audit by Caleb Hammer

Financial Audit

715 Listeners