Urmia University
Faculty of Administration and Economics
Department of Accounting
Report entitled
((Abstract of the work of the accounting cycle))
submit to
requesting
Summary of the accounting financial cycle (for profit and non-profit
units)
Diagnose and measure
operations and events in the
accounting unit
Making the reverse entries
after the completion of the
preparation of the financial
statements and the end of the
accounting year
Register for daily entries
Make a final trial balance
Post to the general ledger
record
locking restrictions
Temporary account closures
Preparing the trial balance
with balances and totals
Financial Statements
- income list
- List of retained earnings
- Statement of financial
position
Inventory adjustments
- dues
- Prepaid
...etc
- Statement of Cash Flows
Adjusted trial balance
Prepared by the student Inaam Nima Al-Khazraji
The role of the accountant in the accounting cycle:
Through the accounting cycle diagram, we see the main and important role of the accountant in the
accounting units, where his role is as follows:
1- Diagnose and measure the operations that occur in the accounting unit in order to have sufficient
information to start a currency.
2- Recording all transactions in the accounting unit in the journal books, whether they are outside or
entering the accounting unit, where these operations are recorded in what is called double entry
(accounting entry), which consists of two parties, one of whom is a debit and the other is a creditor.
3- These operations are transferred to the ledger’s record, which is known as (T - Account) through
which all balances are posted in the journals.
4- Preparing the trial balance with balances or totals or both, and the purpose of preparing the trial
balance is to ensure the correctness and accuracy of the information carried through the ledger
record (T-Account) Where the matching of the debit and credit balances in the trial balance will show
the correctness of the carried numbers, and show any errors that may occur in the previous stages of
the registration and posting process.
4- Preparing entries for inventory adjustments in all their forms for the purpose of preparing an
adjusted trial balance.
5- Preparing an adjusted trial balance.
6- Preparing financial statements, the most important of which are the income statement, financial
position statement, retained earnings and cash flows list. Some of these lists can be prepared on a
daily, weekly, monthly or annual basis and can be prepared in whole or in part, such as the income
statement, and some of them are prepared at the end of the financial period, whether they are
Monthly, quarterly or annually, such as the statement of financial position (balance sheet), which
shows the strength of the financial position of the accounting unit.
7- Closing all temporary accounts that are closed in the provisions or closed in the profit and loss
account (a.kh).
8- Preparing a final revised audit balance showing the final financial position of the accounting unit.
9- Making reverse entries at the end of the financial period (31/12) for the purpose of preparing and
preparing them for the beginning of a new financial year represented by the beginning of the period
(1/1).
The role of the auditor and the audit process in this accounting cycle:
The auditor has a role in the audit process financial and accounting According to the principles,
standards and rules ofkiss accepting a year, plus to me Correction and discovery mistakes accounting
and how processed, as well knock and procedures to check elements budget and accounts Results to
be achieved and displayed best performance acceptable.
I know the accounting association American checking on it":process organization and methodology
for collecting Evidence and the clues that related to results Activities and events economic calendar
and in a way Objective that to select extent compatibility and matching between this results and
established standards and delivery that to me the parties concerned.
If auditing is to ensure the correctness of the operations and financial statements issued by the
accounting unit and their accuracy and reliability before disclosure and announcement.
Source:
1- The Internet.
2- Personal information.