The Traditional Accounting Cycle
Accounting Cycle
The name given to the collective process of recording and processing the accounting events of a company. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements. (Also known as "bookkeeping cycle".)
According to Investopedia.com, "Computerized accounting systems have helped to greatly reduce mathematical errors in the accounting process but the uniform process of the accounting cycle also helps reduce mistakes."
